Tomcat
Professional
- Messages
- 2,695
- Reaction score
- 1,071
- Points
- 113
In the modern economic system, subjects of economic turnover daily carry out a large number of transactions for the exchange of goods, services and financial assets, which, in turn, are mediated by monetary settlements. Payment systems, being an integral part of the economic infrastructure, ensure uninterrupted, fast and safe payments and settlements and thereby guarantee the effective functioning of the national economic mechanism, its individual sectors, economic institutions and business entities.
The transition to a system of market relations in Russia caused a significant restructuring of payment and settlement relations in the country. The forms and methods of settlements have changed, new payment instruments have been introduced into practice, corresponding to modern economic conditions. An important role in this transformation was played by the latest information technologies, which make it possible to increase the speed, reliability and quality of the provision of payment services and to reduce the transaction costs of payment transactions.
At the same time, the use of more complex technological schemes for settlements contributes to the accumulation of systemic risks in the field of payment turnover. Violations of the settlement mechanism can cause disruptions in the circulation of production and financial assets, lead to significant material losses and increase financial contradictions in the economy.
Today, it is becoming increasingly important to improve the structure of the payment system, develop its key components, ensure the legal, technological and financial conditions for its operation and minimize settlement risks. In this regard, the responsibility of central banks and international financial organizations for the reliable operation of national payment systems increases significantly. Central banks perform a number of key functions in the field of monetary settlements, overseeing and controlling the operation of payment systems in their countries.
The relevance of this tutorial is due to the fact that in the available domestic educational literature there is no comprehensive coverage of the problems of development of payment systems and the latest trends in this area. The goal of the authors was to fill the existing gaps, generalize materials on the structure and methods of monetary calculations and equip students with knowledge that meets modern requirements.
In preparing the manual, materials of a lecture course on the organization of payment systems and forms of payment were used, read by V.M. Usoskin at the Faculty of Economics of the Higher School of Economics in 2008-2010, as well as theoretical and methodological developments of the course teachers - V.Yu. Belousova and V.M. Usoskin. This manual uses the results of the research work of V.Yu. Belousova at the International Laboratory for Analysis and Choice of Decisions within the framework of the HSE Fundamental Research Program 2009-2010.
To highlight the current trends in the development of payment systems, the manual analyzes the regulations governing settlements in the Eurozone, the USA and Russia 1 ; summarized the publications of the international [1] native financial institutions: the Committee on Payment and Settlement Systems of the Bank for International Settlements, the International Monetary Fund, the US Federal Reserve System, European central banks and the Bank of Russia. The experience of European central banks in overseeing payment and settlement systems was also taken into account, which was presented as part of the professional retraining program for specialists of the Bank of Russia, organized by the Banking Institute of the Higher School of Economics.
As a result of studying the manual, students will gain the necessary knowledge about the economic nature and basic principles of payment and settlement relations, get acquainted with the documentation used in the practice of settlements, study the specifics of non-cash payments in the retail sector of monetary circulation, as well as the operation of large payment systems operating in real time. ...
The authors would like to thank the HSE Faculty of Economics for financial support, as well as the HSE Banking Institute for materials on the European experience in monitoring payment and settlement systems. V.Yu. Belousova thanks the Institute for Economies in Transition of the Bank of Finland for materials on payment and settlement systems in Western Europe and Scandinavia, and Harry Linonen (Bank of Finland) for valuable advice. The authors are grateful to T.V. Gvelesiani (HSE University) for helpful comments and N.D. Karavaeva, N.A. Kuzmina and N.V. Yurieva (HSE University) for her help in typing.
V.Yu. Belousov and V.M. Usoski
[1] This tutorial was prepared prior to the adoption in Russia of the Federal Law No. 161 "On the National Payment System" dated June 27, 2011. The provisions of this law will come into force in the period from 3 to 18 months from the date of its publication. In subsequent editions of this Federal Law, as well as Federal Law No. 162, which regulates amendments to certain legislative acts of the Russian Federation in accordance with No. 161-FZ, will be taken into account and commented on.
The transition to a system of market relations in Russia caused a significant restructuring of payment and settlement relations in the country. The forms and methods of settlements have changed, new payment instruments have been introduced into practice, corresponding to modern economic conditions. An important role in this transformation was played by the latest information technologies, which make it possible to increase the speed, reliability and quality of the provision of payment services and to reduce the transaction costs of payment transactions.
At the same time, the use of more complex technological schemes for settlements contributes to the accumulation of systemic risks in the field of payment turnover. Violations of the settlement mechanism can cause disruptions in the circulation of production and financial assets, lead to significant material losses and increase financial contradictions in the economy.
Today, it is becoming increasingly important to improve the structure of the payment system, develop its key components, ensure the legal, technological and financial conditions for its operation and minimize settlement risks. In this regard, the responsibility of central banks and international financial organizations for the reliable operation of national payment systems increases significantly. Central banks perform a number of key functions in the field of monetary settlements, overseeing and controlling the operation of payment systems in their countries.
The relevance of this tutorial is due to the fact that in the available domestic educational literature there is no comprehensive coverage of the problems of development of payment systems and the latest trends in this area. The goal of the authors was to fill the existing gaps, generalize materials on the structure and methods of monetary calculations and equip students with knowledge that meets modern requirements.
In preparing the manual, materials of a lecture course on the organization of payment systems and forms of payment were used, read by V.M. Usoskin at the Faculty of Economics of the Higher School of Economics in 2008-2010, as well as theoretical and methodological developments of the course teachers - V.Yu. Belousova and V.M. Usoskin. This manual uses the results of the research work of V.Yu. Belousova at the International Laboratory for Analysis and Choice of Decisions within the framework of the HSE Fundamental Research Program 2009-2010.
To highlight the current trends in the development of payment systems, the manual analyzes the regulations governing settlements in the Eurozone, the USA and Russia 1 ; summarized the publications of the international [1] native financial institutions: the Committee on Payment and Settlement Systems of the Bank for International Settlements, the International Monetary Fund, the US Federal Reserve System, European central banks and the Bank of Russia. The experience of European central banks in overseeing payment and settlement systems was also taken into account, which was presented as part of the professional retraining program for specialists of the Bank of Russia, organized by the Banking Institute of the Higher School of Economics.
As a result of studying the manual, students will gain the necessary knowledge about the economic nature and basic principles of payment and settlement relations, get acquainted with the documentation used in the practice of settlements, study the specifics of non-cash payments in the retail sector of monetary circulation, as well as the operation of large payment systems operating in real time. ...
The authors would like to thank the HSE Faculty of Economics for financial support, as well as the HSE Banking Institute for materials on the European experience in monitoring payment and settlement systems. V.Yu. Belousova thanks the Institute for Economies in Transition of the Bank of Finland for materials on payment and settlement systems in Western Europe and Scandinavia, and Harry Linonen (Bank of Finland) for valuable advice. The authors are grateful to T.V. Gvelesiani (HSE University) for helpful comments and N.D. Karavaeva, N.A. Kuzmina and N.V. Yurieva (HSE University) for her help in typing.
V.Yu. Belousov and V.M. Usoski
[1] This tutorial was prepared prior to the adoption in Russia of the Federal Law No. 161 "On the National Payment System" dated June 27, 2011. The provisions of this law will come into force in the period from 3 to 18 months from the date of its publication. In subsequent editions of this Federal Law, as well as Federal Law No. 162, which regulates amendments to certain legislative acts of the Russian Federation in accordance with No. 161-FZ, will be taken into account and commented on.
