Electronic Payments9 Clause Samples

Electronic Payments9. 1. Noting the rapid growth of electronic payments, in particular, those provided by new payment service providers, Parties agree to support the development of efficient, safe and secure cross border electronic payments by fostering the adoption and use of internationally accepted standards, promoting interoperability and the interlinking of payment infrastructures, and encouraging useful innovation and competition in the payments ecosystem. 2. To this end, and in accordance with their domestic legislation, Parties recognise the following principles: (a) Parties shall make regulations on electronic payments, including regulatory approval, licensing requirements, procedures and technical standards, publicly available in a timely manner. (b) Parties agree to take into account internationally accepted payment standards to enable greater interoperability between payment systems. 7 For greater certainty, “separate” does not mean a specific facility or lane. 8 Notwithstanding this Article, a Party may assess customs duties, or may require formal entry documents, for restricted or controlled goods such as goods subject to import licensing or similar requirements.