Tkalenko T. O., Jur O. E., Polivyana O. V.

Oles Honchar Dnipropetrovsk National University


The rapid development and transformation of payment systems (the PS) are being witnessed in various countries of the world during the last two decades. Different scales of the payment structures and the nature of service operations of various segments of the payment turnover divided substation into the retail and payment systems for the large amounts. Massive daily cash transactions for small amounts, which are characterized by speed requirements of settlement and risks protection, are referred to retail payments. Large in sum, termal to execute transactions, mediating inter-bank settlement transactions and clearing operations in money and capital markets are included in LVPS (wholesale charges).

Two types of LVPS: gross settlement system in real time (RTGS) and systems based on the deferred net settlement (DNS), are differentiated depending on payment orders processing, its cost and risk characteristics [4].

A distinctive feature of the settlement mechanism DNS is that the financial requirements of settlement participants are collected and recorded in the system within a specified billing period. At the end of the day the clearing of received claims is done and the net position of the participant is determined. Further in accordance with the final result the deposits of net debtors are transferred to the accounts of net creditors. Such a procedure greatly increases the liquidity characteristics of the systems, i.e. it increases the ability of settlement participants to freely conduct operations during the working day. Cash requirements for calculation is reduced, because the money is required for the final payments, left not credited at the end of the day (depreciation calculations). Transfer of the final payment at the end of the billing period increases the risk of default on their obligations due to the lack of liquidity at the time of final settlement.

In RTGS systems processing and final settlement of accounts are performed for each operation separately. Operations follow one after another in a continuous mode during the day. Credit of funds to the beneficiary occurs immediately after the delivery of the payment instructions to the computer center of the system. A prerequisite of the payment transaction is the presence of enough sum on the payer's account in order to make the payment or to have the possibility of obtaining a loan from the system operator.

Calculation scheme in the system allows to minimize settlement risks, as the final payment occurs at the time of each specific operation. Deterioration in the liquidity characteristics of the settlement processes and their appreciation is found with the need of having large sums.

The desire to minimize the risks for fear of serious losses and increase in cash flow in domestic and international economic turnover led to the development of "hybrid" systems that combine the transfer of funds in real-time with mechanism for offsetting savings in liquidity.

In 2007, Ukraine started the country's first gross settlement system in real time (EBUP) – the system of electronic banking urgent payments [4]. The system combines the principles of BESP gross settlement systems in real-time with the mechanism of netting. It provides the possibility of using austerity liquidity, and the chance of recharging the intraday liquidity through payment of bank loans [4].

Retail PS satisfy the needs of both private individuals and companies in the im­ple­mentation of simple economic transactions. At the initiative of the ECB the classification of retail PC according to their importance was introduced. PS are attributed to systemi­cally important, which have one of the following criteria:

- the proportion of PS in the retail payments exceeds 75%,

- PS handle payments in the amount of more than 10% of the total sum,

- the risk of a "domino effect" is present in case of bankruptcy of one of the partici­pants in the calculations. Innovations in retail payments are related to the expansion of the list of payment services offered by using principle, "from card to card"; payments in ATMs, social projects, the production of "virtual cards". Increasingly popular is the use of bank cards[2]. The attractiveness of this payment instrument is in usability, automatic generation of bank credit and deferred loan, receipt of full regular information about the transactions, availability of wide sales network and service organizations that accept the card in payment, ATMs that facilitate payments, deposit and withdraw money from a bank account. The Ukrainian payment transactions dominate in debit cards, accounting for over 90% of the total number of cards issued in the country. This is because of the fact that the market for credit cards in Ukraine has been formed due to "salary" projects, within the framework of which most of debit cards have already been issued [1].

Some of the electronic payment systems in the field of retail sales that reduce the use of cash and checks are automated clearing houses (ACH). It is the system of clearing payment orders electronically exchanged between the financial institutions. ACH function as normal clearing houses, but the paper-based payment information is replaced by electronic storage and transmission of information. They are especially in demand for the implementation of mass recurring payments.

In clearing payment of individuals the role of electronic money is growing. Ukrainian market of electronic money is growing rapidly. The market volume of electronic money in 2011 was about 2.5 billion USD. By 2014, the volume of e-money on the market could grow up to 15 billion grn. [3].

Obviously, creation of solid foundation in order to build modern and efficient national payment system will give Ukraine the opportunity to realize the positive potential of the banking sector and to improve the national economy.

The list of references:

1. Bank of Ukraine. Overview of the Ukrainian market of payment cards in 2009. – K., 2010. – P. 35.

2. Obaeva A. S. National payment system: infrastructure, innovation, prospects / A. S. Obaeva // Money and Credit. – 2010. – № 5.

3. Reshetnikov E. Internet wallet was thicker / E. Reshetnikov // Ukrainian business newspaper. – 2012. – March 23. – № 9 (742).

4. Usoskin V. M. Global trends in payment systems / V. M. Usoskin, V. J. Belousov // Money and Credit. – 2010. – № 11.