1. PS includes institutions, legal norms, procedures and technological means used to transfer money, make settlements and settle debt obligations between participants in economic turnover.
2. Being an important element of the infrastructure of the market economy, PS ensures sustainable and safe development of the reproduction process in the country. The main functions of the PS are: timely settlement of payment obligations between the participants of the payment system, ensuring uninterrupted payments and the continuity of the state's monetary circulation, managing and maintaining the liquidity of the PS participants.
3. There are several criteria for the classification of PS:
- depending on the scale of the activity and the size of the payment, a distinction is made between wholesale (for payments in large amounts) and retail PS;
- depending on the role of PS in the functioning of the economic mechanism, systemically significant PS are distinguished;
- according to the method of organizing settlements, PS are gross (gross systems) and with deferred payment (net systems);
- depending on the type of payment messages, PS are subdivided into systems based on a debit or credit transfer (transfer).
4. The main source of financial risks in the PS is the presence of a time lag between the moment of initiation of a settlement operation and the moment of final settlement of settlements and crediting of money to the beneficiary's account. PS are exposed to such key financial risks as liquidity risk, credit and systemic risks. The main factor in the accumulation of systemic risks is the magnitude and duration of the credit and liquidity risks to which the transactions of individual settlement participants are exposed. The more intense these risks, the more likely the onset of a general systemic crisis in the field of settlement transactions.
5. An efficient and reliable PS helps maintain the normal operation of the banking and financial markets and the central bank's monetary policy. The organization of an effective and reliable system presupposes on the part of the central bank control, protection and ensuring its uninterrupted functioning, taking into account all its elements and their interconnections. In doing so, the central bank can act as an operator or provider, catalyst, regulator, oversight body or user of payment services.
Essay Topics for Chapter 1
1. Types of PS and their features. Principles of classification of PS.
2. Methods for assessing the effectiveness and sustainability of PS.
3. PS risks and risk management methods.
4. Methods for reducing operational and systemic risks in the PS.
5. The role of central banks in developing PS and overseeing their performance.
6. Modern SS of France and Canada.
7. Comparative analysis of the PS of the USA, Great Britain and Germany.
8. Principles for monitoring PS (comparison of the recommendations of the CPSS and the Bank of Russia).
1. In economically developed countries, the share of non-cash payments significantly exceeds the share of payments using cash. Cashless payments are economical, more adapted to the automation of operational procedures than cash payments. The organizational foundations of the system of non-cash payments are based on three components: a set of principles for organizing non-cash payments, which are binding on all subjects of economic relations; a system of accounts that allow payments and settlements in non-cash form, and a system of payment forms, documents and workflow rules.
2. Since the systems of non-cash payments play an important role in the effective functioning of the economic mechanism, it becomes necessary to establish general rules and regulations for the regulation of non-cash payments. This task is solved with the help of a set of laws and by-laws (government decrees, regulations of the central bank and other bodies supervising payment systems), which determine the main forms, terms and standards of settlement legal relations.
3. Cashless payments are carried out in certain forms, which are methods of registration, transfer, processing and payment of title and payment documents and payments. There is a wide variety of forms of cashless payments. Their set in different countries is determined by both the level of economic development and traditions, historically established payment customs and stereotypes.
4. Over a quarter of a century, as a result of technological progress, there have been significant changes in the use of different types of payment instruments in the money circulation of developed countries. In countries with a developed check turnover (USA, Canada, France, Italy, Great Britain) checks began to be replaced by alternative payment methods - bank payment cards and transfers in electronic payment systems. The share of debit cards in the card settlement system of European countries is increasing.
5. In Russia, the most popular non-cash payment instrument is credit transfers. Among them, the most widespread are settlements using a payment order. The foreign analogue of the Russian payment order is the giro ticket, and giro payments are actively used in European banking and postal systems, especially in Germany, Belgium, Holland and Switzerland.
6. Credit transfers (payment orders) prevail in the Russian payment circulation. Debit transfers in the form of collection orders are currently less in demand due to a number of reasons (low payment discipline, etc.).
7. In the payment circulation of developed countries, negotiable payment instruments, which are paper means of payment, are widespread. They enter the inter-farm turnover and form the basis of the traditional system of cash settlements. These instruments can be the subject of purchase and sale, they can play the role of collateral, they can freely transfer from one economic agent to another.
8. Depending on the legal relationship of participants in a bill transaction, simple and bills of exchange are distinguished. There are a number of key features of a promissory note versus a bill of exchange. First, a promissory note is not an order, but an obligation to pay. Second, when using a promissory note, the drawer and the payer are the same person. Third, a promissory note does not need acceptance.
9. The main banking operations with bills of exchange are accounting, avalanche, collection and domiciliation of bills. Accounting for a bill by a bank is buying it from the holder before the end of the bill. Under this operation, the right to demand payment of the bill of exchange is fully transferred to the bank. Accounting for a bill of exchange is essentially a lending operation of a bank, since the holder of a bill of exchange receives money ahead of schedule. The bank charges an interest called the discount interest or discount.
10. A check is a bill of exchange issued to a bank. The presentation of checks for payment generates mutual claims of banks to each other. Clearing or clearing houses, as well as correspondent banks and the central bank of the country are used for mutual settlements of the parties involved in check circulation.
Essay Topics for Chapter Two
1. Forms of payments (concept, advantages and risks).
2. Collection form of settlements in the Russian Federation: advantages and risks.
3. Promissory note as an instrument of settlements and lending. Banks' bill transactions.
4. The system of fat accounting in Germany and Finland (participants, accounts, payment methods).
5. The scale of bill and check circulation in Europe, USA and Canada.
6. Comparative analysis of payment instruments used in the USA and Germany (types, share in payment turnover).
7. Types of electronic money and their impact on the central bank's control over money circulation.
1. In international banking practice, three main forms of settlement are used: bank transfer, collection and letter of credit settlement forms. The regulation of international settlements is carried out on the basis of the rules developed by the ICC.
2. The most reliable type of letter of credit is an irrevocable confirmed letter of credit, since it cannot be revoked or changed without the consent of the seller of the goods and implies a guarantee of payment from two banks (the issuing bank and the executing bank). In the case of documentary collection, the functions of a commercial bank are limited to control over the transfer of title documents and their issuance to the payer in accordance with the instructions of the principal. The minimum degree of participation of commercial banks is observed when making a bank transfer.
Essay Topics for Chapter Three
1. Letter of credit form of settlements in international trade (advantages and disadvantages of various types of letters of credit).
2. Features of documentary collection in comparison with documentary credit.
3. Transfer of banking information via the Internet or through the SWIFT system: pros and cons.
1. Retail PSs serve non-urgent consumer payments for small amounts. In this area, there is an active process of replacing cash payments of the population and small entrepreneurs with non-cash forms of payments.
2. Retail payment systems, like gross systems, are subject to systemic risks, when failure to fulfill obligations by one of the participants in a transaction in the retail system can lead to negative consequences for other participants. In this regard, it is customary to distinguish systemically important retail payment systems, retail systems of significant importance, and others. Given the importance of retail payment systems, national central banks regulate their activities: they develop rules, requirements, standards for systems, monitor their implementation, issue licenses to payment service providers and monitor these systems.
3. Among non-cash forms, the role of check circulation has been decreasing in recent years, giving way to electronic clearing through automated clearing houses and card payment schemes.
4. A bank credit card, unlike a bill of exchange or check, is not legal evidence of a debt or a debt claim. Bank cards can be used as a settlement tool (debit cards) and / and lending (credit cards). K. PRS offers a more detailed classification of bank cards in terms of their functional characteristics: cash cards, debit cards, cards with a credit function, cards with deferred debit and cards with an electronic money function.
5. In the field of card payments, the use of debit cards is growing with a relative stability of credit card transactions. Along with the country preferences of the population, the rapid expansion of the network of ATMs and payment terminals in retail outlets plays a role here.
6. Remote forms of payments using the Internet and mobile telephony are becoming more widespread.
Essay Topics for Chapter Four
1. Trends and problems in the development of non-cash payments in retail turnover.
2. European experience in monitoring retail payment systems.
3. Types of bank cards (comparison of the classifications of the Bank of Russia and CPSS).
4. Risks of card payment systems.
5. Comparative characteristics of international card systems (Visa and American Express; MasterCard and Diner Club).
6. Modern payment card systems of European countries.
7. Russian market of payment cards (structure, types of cards, development trends).
8. Characteristics and features of Russian card systems (Sberkart, Zolotaya Korona, STB, etc.).
9. Electronic clearing systems in the retail sector of payments (American and European experience).
10. Electronic money systems and prospects for their development.
11. Foreign experience in regulating remote forms of banking services.
12. Review of the Russian market of Internet payments.
13. Mobile banking in Russia: scope and development prospects.
1. In the area of large-value payment systems, real-time gross settlement (NTSB) systems have been central to interbank settlements, while the use of “clean” netting schemes has declined significantly. This trend reflects the desire of PS developers and users to increase the speed and reliability of settlements and reduce settlement risks.
2. An important design feature of the evolution of wholesale PS is the combination of the principle of instant completion of a payment transaction with a liquidity saving mechanism. This is related to the popularity of the so-called hybrid PS, where the gross settlement scheme is supplemented by offsetting counter payment instructions that are in the centralized queue of the system during the operating day. This significantly speeds up the calculations and at the same time allows you to reduce operating costs.
3. In recent years, the circle of settlement participants wishing to use the services of the VTSB has been expanding. In this regard, in the payment turnover of these systems, the number and share of small payments, which were previously carried out through other channels, is increasing.
4. Strengthening the integration processes in the world economy contributes to the rapid development of cross-border money transfer systems used for settlements in foreign currencies on a bilateral and multilateral basis.
Essay Topics for Chapter Five
1. The mechanism of settlements in SLB.
2. Methods of settlement for pending transactions in net systems.
3. Institutions and forms of cross-border transactions.
4. Mechanisms for saving liquidity in RTGS.
5. Main features of TARGET 1 and TARGET 2.
6. Comparative analysis of US real-time gross settlement systems (Fedwire and CHIPS).
7. Comparative analysis of BESP (Russia) and Western gross settlement systems in real time.
8. Payment system of Russia: characteristics of the structure and operations.
9. Modern settlement systems for securities transactions.
