OVERSIGHT OF PAYMENT SYSTEMS BASED ON RISKORIENTED SUPERVISION

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OVERSIGHT OF PAYMENT SYSTEMS BASED ON RISKORIENTED SUPERVISION

Journal Title: Науковий погляд: економіка та управління - Year 2018, Vol 2, Issue 60

Abstract

Payment systems are an important component of the financial sector, and the efficiency of their functioning directly impacts the stability of the national currency and the stability of monetary circulation. The main tasks of the payment systems include: maintaining the stability of the money turnover, providing market participants with means of payment and payment instruments, reliable functioning of payment and settlement mechanisms, promoting the dynamic development of the national economy. The current stage of development of payment systems is characterized by an increase in the number and cost of transfers, the creation of “hybrid” systems that combine real-time transfer of funds with the mechanism of netting, increasing the number and proportion of transfers for small amounts that are carried out through wholesale payment systems, as well as the development of cross-border transfers. One of the main tasks of regulating the payment systems activity is the management of the risks arising from the transfer of funds and those inherent to individual participants of payment systems. These risks include: credit risk, liquidity risk, operational risk, environmental risk, settlement risk. The role of central banks in regulation and oversight payment systems is to ensure the stability and efficiency of the payment infrastructure, operational reliability of payment services, as well as in the organization of international cooperation in a field of payment systems oversight. Effective payment systems oversight is based on the principles of transparency, consistency, system approach and adoption of internationally recognized standards. The object of special attention should be systemically important payment systems, retail payment systems, which include domestic and international cards payment systems and money transfer systems, payment systems for transactions with securities, electronic money systems, as well as the activities of members and participants of international payment systems created by non-residents. In order to ensure a consistent application of international oversight standards the National Bank of Ukraine focuses on the objectives of safety and efficiency, adapting risk-oriented approach to the oversight of payment systems.

Authors and Affiliations

S. V. Naumenkova

Keywords

EP ID EP450075
DOI 10.32836/2521-666X/2018-2-60-20
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