Regulation and Risk Assessment of Payment Systems
https://doi.org/10.26794/2304-022X-2019-9-3-40-55
Abstract
The study reveals features of the risk management in the payment system, taking into account the requirements of the Bank of Russia. Particular emphasis is placed on the implementation of practical aspects of organizing risk management systems in conformity with Bank of Russia Regulation No. 607-P dated 03.10.2017 “On requirements for the procedure for ensuring the smooth functioning of the payment system, indicators of the smooth functioning of the payment system and methods of risk analysis in the payment system including risk profiles”. The research uses international standards and approaches to the practical construction of risk management systems. The research suggests methodological recommendations for the construction of a comprehensive risk management system in the payment system. The results of the study can be used in the practical implementation of the Bank of Russia’s approaches to ensuring the smooth functioning of payment systems.
About the Authors
A. V. Larionov
National Research University Higher School of Economics
Russian Federation
Russian Federation
Alexander V. Larionov — Dr. Sci. (Phil.) in Public Administration, Head of the Public Service Improvement Department, Public Service Development Center; Associate Professor, Department of World Economy, National Research University Higher School of Economics
Moscow
E. S. Salina
Lomonosov Moscow State University
Russian Federation
Russian Federation
Elizaveta S. Salina — Graduate student of the Higher School of State Audit (Department), Lomonosov Moscow State University
Moscow
References
1. Geanakoplos D., Dubey P. Credit cards and inflation. Games and Economic Behavior. 2010;70(2):325–353. DOI: 10.1016/j.geb.2010.02.004
2. Giannini C., Monticelli C. Which TARGET for monetary policy in stage three? Issues in the shaping of the European payment system. Review of World Economics. 1997;133(4):657–682. DOI: 10.1007/bf02707407
3. Hasan R. S., De Renzis T., Schmiedel H. Retail payments and the real economy. European Central Bank. Working Paper Series. 2013;(1572). URL: https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1572.pdf?0568b27871896eb01f54b0c4c40a8f63 (accessed on 27.01.2019).
4. Humphrey D.B. Payments finality and risk of settlement failure. In: Saunders A., White L., eds. Technology and the regulation of financial markets: Securities, futures, and banking. Lexington, MA: Lexington Books; 1986:97–120.
5. Humphrey D. B., Willesson M., Bergendahl G., Lindblom T. Benefits from a changing payment technology in European banking. Journal of Banking & Finance. 2006;30(6):1631–1652. DOI: 10.1016/j.jbankfin.2005.09.009
6. Koponen R., Soramäki K. Intraday liquidity needs in a modern interbank payment system: A simulation approach. Bank of Finland Studies E. 1998;(14). URL: https://pdfs.semanticscholar.org/c654/1efe8181a2648f82fa29d2969e31426701fc.pdf (accessed on 27.01.2019).
7. Levando D.V., Sakharov M. Fiat money oligopolistic economy with labor/leisure trade-off and equilibrium default. SSRN Working Paper Series. 2019. URL: https://publications.hse.ru/preprints/233106255 (accessed on 27.01.2019).
8. Levando D.V., Sakharov M. Natural instability of equilibrium prices. University Ca’ Foscari of Venice. Dept. of Economics. Research Paper Series. 2018;(01). URL: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3100363## (accessed on 27.01.2019).
9. Merrouche O., Schanz J. Banks’ intraday liquidity management during operational outages: Theory and evidence from the UK payment system. Journal of Banking & Finance. 2010;34(2):314–323. DOI: 10.1016/j.jbankfin.2009.07.024
10. Rochet J., Tirole J. Controlling risk in payment systems. Journal of Money, Credit and Banking. 1996;28(4 Pt. 2):832–862. DOI: 10.2307/2077924
11. Zandi M., Singh V., Irving J. The impact of electronic payments on economic growth. New York: Moody’s Analytics, Inc.; 2013. 18 p. URL: https://usa.visa.com/content/dam/VCOM/download/corporate/media/moodys-economy-white-paper-feb‑2013.pdf (accessed on 27.01.2019).
12. Tamarov P.A. Issues of ensuring uninterrupted operation and risk management of payment systems. Den’gi i kredit = Russian Journal of Money and Finance. 2012;(4):16–22. (In Russ.).
13. Tamarov P.A., Gruzdeva L.A. Intraday liquidity of a bank and payment system: Indicators and monitoring. Den’gi i kredit = Russian Journal of Money and Finance. 2014;(6):15–23. (In Russ.).
14. Masino M. N., Larionov A.V. Methods for risk management architecture in payment systems. Finansy i kredit = Finance and Credit. 2017;23(31):1832–1849. (In Russ.). DOI: 10.24891/fc.23.31.1832
15. Kukushkina Yu.M., Ostrovskaya E. Ya. International standardization and certification. ISO. In: Zuev V.N., Ostrovskaya E. Ya., Meshkova T.A. et al. Global regulatory institutions. A textbook. Moscow: Magistr, InfraM; 2016:187–198. (In Russ.).
16. Lopatin V.A. Risk management in payment systems. Raschety i operatsionnaya rabota v kommercheskom banke. 2012;(6):44–57. (In Russ.).
17. Tamarov P.A. The strategy of harmonization of payment relations in the framework of international associations. Bankovskoe pravo = Banking Law. 2017;(3):50–55. (In Russ.).
18. Masino M.N. Unsecured intraday credit as a method to manage credit risk in the payment system. Finansy i kredit = Finance and Credit. 2018;24(5):1149–1158. (In Russ.). DOI: 10.24891/fc.24.5.1149
19. Biryukova O.V., Matiukhina A. ICT services trade in the BRICS countries: Special and common features. Journal of the Knowledge Economy. 2019;10(3):1080–1097. DOI: 10.1007/s13132–017–0517–6
Review
For citations:
Larionov A.V., Salina E.S. Regulation and Risk Assessment of Payment Systems. Management Sciences. 2019;9(3):40-55. (In Russ.) https://doi.org/10.26794/2304-022X-2019-9-3-40-55
Views:
984
Email this article 
