An interesting initiative in this area is the United Nations Commission on International
Trade Law (UNCITRAL) model law on international credit transfers, which attempts to provide a
comprehensive body of rules to govern relations between participating parties. Since the model law
parallels in certain respects US legislation, and since the Commission of the European Union is using
the model law as the basis for its own thinking, prospects for more general harmonisation – at least in
some aspects of funds transfers – look relatively good. A good example of the harmonisation of rules
in the financial sector is the introduction of Article 4-A on electronic funds transfers in the US
Uniform Commercial Code. However, this effort is aimed at harmonising national rules, i.e. the laws