Jessie Cheng is deputy general counsel at Ripple, a SME Finance Forum member, coauthors a Business Law Today article about the legality around payments for customers and businesses alike.  The authors explain the legal framework for payments including the payment-system laws and customer-protection laws. Three examples are provided, such as person-to-person payment, business-to-business payment and business-to-business payment with distributed ledger.

The legal framework that applies to payments, and that ultimately determines the rights and responsibilities of consumers and businesses when they make and receive payments, is dependent upon a combination of whether the payments begin and end at a bank and, for consumers, the characteristics of the payment service.

Cheng is also vice chair of the Payments Subcommittee of the ABA Business Law Section’s Uniform Commercial Code Committee