is expected that the creation of a Single European Payments Area (SEPA) will spur consolidations and mergers among …

receipt of payments. Payments executed include "international remittance transfers" ("IRTs"), which are cross-border, person …-to-person payments of a relatively low value. An IRT is likely to involve a "settlement chain" consisting of a series of separate … payments. This paper examines the suitability of the UNCITRAL Model Law on International Credit Transfers 1992 ("MLICT") to …