Payment Systems in Ukraine and Risks of their Functioning
The article is aimed at defining the main aspects of the development of the current state of electronic payment systems in Ukraine and generalizing the main risks of violation of their functioning. The carried out research systematized information on the functioning of payment systems (both internal...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Research Centre of Industrial Problems of Development of NAS of Ukraine
2021-01-01
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| Series: | Bìznes Inform |
| Subjects: | |
| Online Access: | https://www.business-inform.net/export_pdf/business-inform-2021-1_0-pages-257_263.pdf |
| _version_ | 1819140687659008000 |
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| author | Trusova Natalia V. Chkan Iryna O. |
| author_facet | Trusova Natalia V. Chkan Iryna O. |
| author_sort | Trusova Natalia V. |
| collection | DOAJ |
| description | The article is aimed at defining the main aspects of the development of the current state of electronic payment systems in Ukraine and generalizing the main risks of violation of their functioning. The carried out research systematized information on the functioning of payment systems (both internal and international) and forms of payments in Ukraine (cash, non-cash – electronic). Among more than 80 domestic and international payment systems created by banks and non-bank institutions, the National Bank of Ukraine defines the following categories of importance of payment systems in Ukraine in order to ensure their continuous and stable functioning – systemically important, socially important and important. It is determined that in Ukraine at the legislative level, taking into account world trends, the payment infrastructure is being actively modernized, especially in the direction of protection of the rights of financial services consumers in the online space. Along with the advent of new technologies of electronic banking, opportunities to diversify the product range of remote services, atypical threats to traditional banking activities of both the internal and the external nature arise. The research systematizes the key risks inherent in functioning payment systems: legal, financial (total commercial risk, liquidity risk, commercial risk), settlement, operating, systemic. It is determined that the main risk in the banking and non-banking sectors is operational risk – the risk of loss of profit due to errors in the implementation of daily routine financial transactions. Prospects for further research in this direction are to find and implement effective mechanisms for minimizing or preventing risks of electronic payment systems. |
| first_indexed | 2024-12-22T11:42:31Z |
| format | Article |
| id | doaj.art-efc4c219970d458e94bd8ad2463baec4 |
| institution | Directory Open Access Journal |
| issn | 2222-4459 2311-116X |
| language | English |
| last_indexed | 2024-12-22T11:42:31Z |
| publishDate | 2021-01-01 |
| publisher | Research Centre of Industrial Problems of Development of NAS of Ukraine |
| record_format | Article |
| series | Bìznes Inform |
| spelling | doaj.art-efc4c219970d458e94bd8ad2463baec42022-12-21T18:27:15ZengResearch Centre of Industrial Problems of Development of NAS of UkraineBìznes Inform2222-44592311-116X2021-01-01151625726310.32983/2222-4459-2021-1-257-263Payment Systems in Ukraine and Risks of their FunctioningTrusova Natalia V.0https://orcid.org/0000-0001-9773-4534Chkan Iryna O.1https://orcid.org/0000-0003-3764-8380Dmytro Motornyi Tavria State Agrotechnological UniversityDmytro Motornyi Tavria State Agrotechnological UniversityThe article is aimed at defining the main aspects of the development of the current state of electronic payment systems in Ukraine and generalizing the main risks of violation of their functioning. The carried out research systematized information on the functioning of payment systems (both internal and international) and forms of payments in Ukraine (cash, non-cash – electronic). Among more than 80 domestic and international payment systems created by banks and non-bank institutions, the National Bank of Ukraine defines the following categories of importance of payment systems in Ukraine in order to ensure their continuous and stable functioning – systemically important, socially important and important. It is determined that in Ukraine at the legislative level, taking into account world trends, the payment infrastructure is being actively modernized, especially in the direction of protection of the rights of financial services consumers in the online space. Along with the advent of new technologies of electronic banking, opportunities to diversify the product range of remote services, atypical threats to traditional banking activities of both the internal and the external nature arise. The research systematizes the key risks inherent in functioning payment systems: legal, financial (total commercial risk, liquidity risk, commercial risk), settlement, operating, systemic. It is determined that the main risk in the banking and non-banking sectors is operational risk – the risk of loss of profit due to errors in the implementation of daily routine financial transactions. Prospects for further research in this direction are to find and implement effective mechanisms for minimizing or preventing risks of electronic payment systems.https://www.business-inform.net/export_pdf/business-inform-2021-1_0-pages-257_263.pdfpayment systemelectronic bankingbanking systemremote servicingsecurity of payment systems |
| spellingShingle | Trusova Natalia V. Chkan Iryna O. Payment Systems in Ukraine and Risks of their Functioning Bìznes Inform payment system electronic banking banking system remote servicing security of payment systems |
| title | Payment Systems in Ukraine and Risks of their Functioning |
| title_full | Payment Systems in Ukraine and Risks of their Functioning |
| title_fullStr | Payment Systems in Ukraine and Risks of their Functioning |
| title_full_unstemmed | Payment Systems in Ukraine and Risks of their Functioning |
| title_short | Payment Systems in Ukraine and Risks of their Functioning |
| title_sort | payment systems in ukraine and risks of their functioning |
| topic | payment system electronic banking banking system remote servicing security of payment systems |
| url | https://www.business-inform.net/export_pdf/business-inform-2021-1_0-pages-257_263.pdf |
| work_keys_str_mv | AT trusovanataliav paymentsystemsinukraineandrisksoftheirfunctioning AT chkanirynao paymentsystemsinukraineandrisksoftheirfunctioning |