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The Payment System in Russian Federation

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The Payment System in Russian Federation Bankovní institut vysoká škola Praha Banking managment The Payment System in Russian Federation Bachelor´s degree work Author: Kseniia Darganova Banking managment Supervisor: Ing. Marcela Soldánová Prague April, 2016 Declaration I declare that I have elaborated my bachelor´s thesis independently and stated all the literature used. I attest by my signature that the submitted electronic version of the thesis is identical with its printed version, and I am aware of the fact that the thesis will be archived in the library of the BIVŠ, and further, made accessible to third persons through the internal database of electronic university works. In Prague, on 2016 Kseniia Darganova Acknowledgement I would like to express my gratitude to my supervisor Marcela Soldánová for the useful comments, remarks and engagement through the learning process of this bachelor thesis. Also, I would like to thank the participants in my survey, who have willingly shared their precious time during the process of interviewing. Annotation The main purpose of my bachelor´s degree work is to research and characterize payment system of Russian Federation. The object of research is the national payment system. Theoretical and information base of the research was the work of Russian and foreign authors on banking, finance, national statistical data research. The thesis consists of introduction, four chapters, conclusion and bibliography. Key words: Central Bank, National Payment Card System, Payment System. Anotace: Hlavní účel mé bakalářské práce je analyzovat a charakterizovat platební systém Ruské federace. Objektem analýzy je národní platební systém. Teorie a informace použité pro analýzu byly převzaty od ruských a zahraničních autorů zabývajících se bankovnictvím, finančnictvím a statistickým průzkumem. Bakalářská prace obsahuje: úvod, 4 kapitoly, závěr a zdroje. Klíčová slova: Centrální banka, Národní system platebních karet, platební systém. 4 Contents Introduction ................................................................................................................................ 6 Selected method of elaboration .................................................................................................. 8 1 Payment system: Theoretical Aspects ..................................................................................... 9 1.1 National payment system: the history of creation........................................................... 12 2 Characteristics of the payment system of Russian Federation .............................................. 17 2.1 Payment instruments ....................................................................................................... 19 2.1.1 Cash payments ......................................................................................................... 20 2.2 Non-cash payment .......................................................................................................... 22 2.2.1 Credit transfer ........................................................................................................... 24 2.2.2 Direct debit ............................................................................................................... 25 2.2.3 Payment cards .......................................................................................................... 27 2.2.4 E-money ................................................................................................................... 33 3 Payment system of Bank of Russia ....................................................................................... 37 3.1 The main elements of the Bank of Russia payment system............................................ 40 3.2 The functioning of the payment system of the Bank of Russia ...................................... 40 3.2.1 Banking Electronic Speed Payment System (BESP) ............................................... 42 3.2.2 VER Systems ........................................................................................................... 45 3.2.3 MER Systems ........................................................................................................... 46 3.3 The organizational structure of the Bank of Russia ........................................................ 46 4 Trends and prospects of the Russian payment system .......................................................... 48 Conclusion ................................................................................................................................ 52 List of literature ........................................................................................................................ 54 List of images ........................................................................................................................... 60 List of Charts ............................................................................................................................ 60 List of graphs ............................................................................................................................ 60 Annexes .................................................................................................................................... 61 5 Introduction Payment systems play the fundamental role in the economy by providing a range of mechanisms through which transactions can be easily settled. Moreover the term "payment system" has a wide range of meanings. I will research all aspects of this term in my work. Payment systems nowadays play the crucial role in the every day's life of each country worldwide. The functioning of the payment systems are closely connected with the risks that may arise. To facilitate convertibility between different forms of money, central banks support the existence of at least one payment system for their own currency that is widely accessible to banks. Thereupon we will take a close look on the Russian payment systems and the role of the Central Bank of the Russian Federation in its regulatory activity. The current phase in development of the national payment system and its components, based on the systemic legal regulation, is characterized by the generally formed structure of payment services main suppliers in the Russian market. The Bank of Russia cooperates constructively with the National Payment System entities it regulates, what improves the transparency, contributes to meeting the demand for highly reliable modern payment instruments and for the elaboration of a non-cash environment. The development of a reliable and efficient national payment system is significant for the interests of a Bank of Russia in financial stability, monetary policy and general economic improvement. To ensure the strength and development of the domestic financial system and the global financial system in total is extremely essential to bear a sound financial infrastructure that affords services including money transfer. Today the development of the national payment system is especially critical. The relevance of the research Russian payment system is aimed at the foundation of new approaches to the creation of a single electronic payment system in Russia, involving the reduction of the negative impact based on the principles of economic efficiency and safety, determining the competitiveness of the international system. Development of the payment system of the Bank of Russia will be in accordance with the adopted law, the "Concept of development of the payment system of the Bank of Russia 6 through 2015 "and the" Action Plan for the creation of an international financial center in Russian Federation. In a modern world banks are engaged in various types of operations. Banks finance the national economy, provide cash flow and credit relations, trading securities. Financial and credit institutions provide advice, are involved in discussing legislative and economic programs, lead the statistics and carry out the various operations with the individuals and legal entities. The role of payment system as the main mediator in cash flows has enlarged. The aim of my graduate work is to research and characterize payment system of Russian Federation. 7 Selected method of elaboration The main objective of my research is to describe and analyze the payment system of Russian Federation and the stages of its development. For the preparation of this thesis were used the followings methods: classification, analyzing and synthesis. Initially I started to analyze the payment system of Russia with the history of its occurrence. More detailed description of this process is possible to see in the first chapter - Payment system: Theoretical aspects. In the second chapter I have tried to analyze and characterize the current situation of the Russian payment system. The problem of creating national payment system is now very important in the country. International payment systems imposed restrictions due to US sanctions, declared against the Crimea. Russian banks use foreign infrastructure and are unable to control. I have described Russia's actions towards its payment system in connection with those events. In the third chapter, I tried to describe, as fully as possible the main aspects of the Bank of Russia. Also I have used method of classification in this chapter to show that all data of Bank of Russia classify on their own functions. I focused on the main points of the Bank's role in the Russian payment system. In the last fourth chapter I analyzed and synthesized all of
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