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EFTS-Electronic Funds Transfer systems-are a major evolutionary
leap in the development of the nation's payment processes.
Their introduction, already well underway, has raised and will continue
to raise a wide array of serious, even novel, questions for the
legal order. Some of the issues are technical, going to such problems as
how electronic transfers can approximate the documenting function
of hard-copy checks and drafts, or to how the existing allocation of
payments risks can be retained with the new technology and the
opportunities it will create for losses, thefts, and abuse. These problems
are difficult, interesting, and among the kinds that academic
legal research calls its own. EFTS also raises issues that are explicitly
policy-oriented or value-focused. Legal scholarship has traditionally
embraced these issues as well.

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Electronic Funds Transfer System, technology