Management of liquidity and risks in the treasury payments system of the Russian Federation

The article presents the theoretical aspects of the payment system, clarifies the definition of the national payment system of a complex and interconnected set of payment and technical elements, each of which contributes to the efficient functioning of both the financial sector and the national economy as a whole. The classification features according to which payment systems are classified are generalized and their types are given. The main tasks of payment systems functioning are outlined. The components of the payment system of Ukraine are considered. It is proved that the non-cash payment system is designed to minimize the cost of issuing cash and reduce the cost of its maintenance, collection, and recalculation. It is highlighted that the main purpose of creating payment systems is to reduce the cash supply. The modern basic requirements to payment systems are defined. The current payment systems in Ukraine are analyzed, among which: the national electronic payment system (EPS), created by the National Bank of Ukraine, the National Payment System “Ukrainian Payment Space”, 10 intrabank payment systems, 2 money transfer systems, 11 money transfer systems, 1 system settlements and 1 card system created by non-banking institutions, as well as 8 money transfer systems and 4 card payment systems created by non-residents, as well as international payment systems, which include 5 money transfer systems created by Ukrainian banks and 4 money transfer systems created by non-banking institutions . The current state of operations of Ukrainian banks with electronic money is studied. The basic requirements for national payment systems are given. Measures to increase the level of security of the national payment system of Ukraine are outlined. Recommendations for the development of the electronic payment system of Ukraine are presented. Special attention needs to be paid to the development of the national payment system of Ukraine, which depends on the effectively implemented innovations, which consist in the application and expansion of non-cash forms of payment and guarantee of the electronic payment system.

The article presents the theoretical aspects of the payment system, clarifies the definition of the national payment system of a complex and interconnected set of payment and technical elements, each of which contributes to the efficient functioning of both the financial sector and the national economy as a whole. The classification features according to which payment systems are classified are generalized and their types are given. The main tasks of payment systems functioning are outlined. The components of the payment system of Ukraine are considered. The modern basic requirements to payment systems are defined. The current payment systems in Ukraine are analyzed, among which: the national electronic payment system (EPS), created by the National Bank of Ukraine, the National Payment System "Ukrainian Payment Space", 10 intrabank payment systems, 2 money transfer systems, 11 money transfer systems, 1 system settlements and 1 card system created by non-banking institutions, as well as 8 money transfer systems and 4 card payment systems created by non-residents, as well as international payment systems, which include 5 money transfer systems created by Ukrainian banks and 4 money transfer systems created by non-banking institutions . The current state of operations of Ukrainian banks with electronic money is studied. The basic requirements for national payment systems are given. Measures to increase the level of security of the national payment system of Ukraine are outlined. Recommendations for the development of the electronic payment system of Ukraine are presented. Special attention needs to be paid to the development of the national payment system of Ukraine, which depends on the effectively implemented innovations, which consist in the application and expansion of non-cash forms of payment and guarantee of the electronic payment system.

The ambit of the National Payment System (NPS) or “payment system” is described in the South African Reserve Bank National Payment System Framework and Strategy 2010 (South African Reserve Bank 2006 (hereinafter “Vision 2010”) as “the entire process of making payment, in other words, it entails the process (including but not limited to) that enables the payer to make a payment, thepayer to issue a payment instruction via a payment instrument or other infrastructure, the institution to receive the payment instruction via clearing or otherwise, the process of clearing and settlement (where applicable), the beneficiary to accept the payment instruction, the beneficiary to deliver the payment instruction to an institution for collection, the institution to receive and deliver the payment collection into clearing and settlement, and the beneficiary to receive the benefit of the payment. Within the described process, banks, third-person payment providers, system operators, PCH system operators (PCH refers to a ‘payment clearing house’) and agents of payers and/or beneficiaries are included”. (The terms “NPS” and “payment system” are used interchangeably to denote the wider payment system and not individual payment streams.) In the first Shrek movie, the ogre described himself as complex and as having many layers, like an onion (see http://www.dreamworks.com). In order to understand the ogre, it is necessary to peel the layers of the onion. It is evident from the above description of the ambit of the NPS that it, like an ogre, is complex and has multiple layers. This note uses the concept of an onion to deconstruct the multiple layers of the NPS. These multiple layers are to the majority of people outside of NPS circles, including lawyers, a mystery. The note is, therefore, an attempt to demystify the legal and regulatory framework pertaining to the NPS by peeling the layers of the “onion”.

This article considers the transformative potential of blockchain technology and digital currencies in revolutionizing national and international payment systems. The study employs a comprehensive analysis of existing literature, real-life cases, and current trends in blockchain and digital currency adoption. It assesses the impact of blockchain on international trade and financial transactions, focusing on its potential to reduce costs, enhance security, and improve transparency. The research reveals that blockchain offers promising solutions for cross-border payments by eliminating intermediaries, reducing transaction costs, and increasing the efficiency of supply chains. Central bank digital currencies are gaining traction as central banks strive to modernize payment systems and mitigate risks associated with legacy clearing systems. The study also highlights the emergence of regional payment systems and country-specific associations driven by blockchain adoption, enabling autonomous payment transactions independent of traditional regulatory mechanisms. The article emphasizes the importance of exploring alternative channels for international transactions and embracing these technologies to navigate the evolving landscape of cross-border payments. Ultimately, the potential of blockchain to accelerate transactions, reduce costs, and enhance security makes it a transformative force in reshaping the future of international and national payment systems.

Bank Indonesia has established the Quick Response Code Indonesian Standard (QRIS), a national payment system standard based on QR codes, to integrate various digital payment instruments into the National Payment System. The purpose of this policy is to improve transaction convenience and the security of the payment system, especially for UMKM. The aim of this research is to examine how QRIS is regulated and implemented from the perspective of Indonesian economic law, as well as its legal impact on legal certainty, consumer protection, and healthy business competition. A normative juridical research method is used, employing legislation and conceptual analysis. The research results show that QRIS is a powerful economic legal tool with a strong legal basis. Additionally, it serves as a tool to reduce chaos in the payment system. However, there are still issues with personal data security, transaction security, and oversight efficiency. As a result, to ensure the national digital payment system continues to operate smoothly, regulatory strengthening and harmonization between regulators are needed.

This article is dedicated to study of peculiarities of legal regulation of the work of operators of foreign payment systems and foreign providers of payment services within the framework of national payment system of the Russian Federation. The object of this research is the public relations that emerge in the process of rendering payment services by foreign providers, their provision of electronic payment means for financial transfers on the territory of the Russian Federation, functionality of the operators of foreign payment systems, and supervision by the Bank of Russia. The subject of this research is the legislative norms on national payment system. The scientific novelty consists in the fact that based on the positions of the legislation on national payment system conclusions are made on peculiarities of carrying out supervision over the operators of foreign payment systems and foreign providers of payment services. This supervision is also indirectly carried out through Russian operators of financial transfers. In a case of failure by a foreign organization to meet the requirements established by the legislation on national payment system, the operators of financial transfers loses its right to take part in international payment systems and render financial services associated with transfer of funds using electronic payment methods rendered by foreign providers. The corresponding rules were set to ensure stability of national payment system, increase the quality of payment services, protect the rights and lawful interests of payment service consumers, and finally, ensure financial security of the Russian Federation.

The article discusses the issues of developing mechanisms of implementation of lines set by the legislator in the risk management system. The author puts forward her own vision of the mechanism of risk management in the national payment system. Specific features of this mechanism functioning were shown, it includes components aimed at enhancing the methodological basis for risk management in the national payment system. The article systematizes and shows targets of risk management mechanism, sets tasks, identifies principles of risk management, describes functional responsibilities for managing risks of entity structure of the mechanism of risk management in the national payment system, proposes parameters of continuous functioning of the national payment system and possible methods and tools of managing the key types of risks with regard to their specificities.

The paper is devoted to the issues of the legal regulation of the payment system of the Bank of Russia. The paper highlights that the payment system of the Bank of Russia is the central element of the national payment system, which is predetermined by the total amount of funds transferred through this system, its role in maintaining the stability of the national payment system and provision of cashless payments. On the basis of the study, the author determines the elements (subsystems) that together constitute the payment system of the Bank of Russia. The paper analyzes peculiarities of the payment system organization and functioning that cover the regulatory consolidation of the rules of the payment system, the combination of the functions of the payment system operator, money transfer operator and operator of the payment infrastructure implemented by the Central Bank of the Russian Federation, the use of a whole range of services to transfer funds, etc. Special attention is given to the upcoming changes in the mechanism of the legal regulation of the payment system of the Bank of Russia that are associated with the adoption of the Provision of the Bank of Russia of July 06, 2017 No. 595-P "On the Payment System of the Central Bank of Russia." It is determined that the new Provision is aimed at modernization of the mechanism of funds transfer by means of introducing a new technology platform, improving the categorical apparatus, expanding the circle of participants of the payment system in question, as well as amending the organization and functioning of the payment system of the Central Bank of Russia that will contribute to the stability of both the payment system of the Central Bank of Russia and the national payment system as a whole. In addition, the paper scrutinizes the system of management and powers of structural subdivisions of the Central Bank of the Russian Federation with regard to the management of the payment system of the Central Bank of Russia and the composition of its participants, analyzes the specifics of transfers, examines the types of payment documents used in fund transfers via various services of the payment system of the Central Bank of Russia, provides statistical data that allow to estimate the role of the payment system of the Central Bank of Russia in the national payment system.

Purpose The growing importance of risk management programmes and practices in different industries has given rise to a new risk management approach, i.e. enterprise risk management. The purpose of this paper is to better understand the necessity, benefit, approaches and methodologies of managing risks in healthcare. It compares and contrasts between the traditional and enterprise risk management approaches within the healthcare context. In addition, it introduces bow tie methodology, a prospective risk assessment tool proposed by the American Society for Healthcare Risk Management as a visual risk management tool used in enterprise risk management. Design/methodology/approach This is a critical review of published literature on the topics of governance, patient safety, risk management, enterprise risk management and bow tie, which aims to draw a link between them and find the benefits behind their adoption. Findings Enterprise risk management is a generic holistic approach that extends the benefits of risk management programme beyond the traditional insurable hazards and/or losses. In addition, the bow tie methodology is a barrier-based risk analysis and management tool used in enterprise risk management for critical events related to the relevant day-to-day operations. It is a visual risk assessment tool which is used in many higher reliability industries. Nevertheless, enterprise risk management and bow ties are reported with limited use in healthcare. Originality/value The paper suggests the applicability and usefulness of enterprise risk management to healthcare, and proposes the bow tie methodology as a proactive barrier-based risk management tool valid for enterprise risk management implementation in healthcare.

The article discusses possible ways to improve the application of liability measures provided for by the legislation of the Russian Federation on the national payment system to payment system operators. The criteria provided for in Article 34 of the Federal Law “On the National Payment System” and used by the Bank of Russia to select a measure of coercion for violation of this law are presented by quantitative and qualitative characteristics. Quantitative characteristics are aimed at assessing the impact of a violation on the smooth functioning of the payment system and, according to the Regulation of the Bank of Russia No. 607-P, are measurable (for example, the time to eliminate an information security incident is calculated in minutes). In turn, the qualitative characteristics describe the violation as “affect/ does not affect the services provided to the participants of the payment system and their customers” (parts 1, 2 of Article 34 of the Federal Law “On the National Payment System”). The qualitative characteristics of violations committed by the payment system operator are not entirely specific. Considering that the responsibility of payment system operators is a type of financial legal responsibility, the signs of which are legality, objectivity and fairness, the article proposes an approach to clarifying the qualitative characteristics of violations committed by payment system operators in order to increase the effectiveness of applying liability measures to them.

The article examines the current state and prospects for the development of the banking services market in Ukraine in the context of enhancing digitalization, global challenges, and integration into the European financial space. A thorough study of the banking system reveals significant changes and analyzes fluctuations in key indicators, including assets, loans, and deposits. Furthermore, an assessment is made of the share of non-performing loans, which was 28.3% in May 2025. The research team conducted a comprehensive analysis of prevailing trends in the financial sector. This analysis was based on an exhaustive dataset from leading financial institutions and international organizations, including the National Bank of Ukraine, OECD, and IMF. Additionally, it relied on analytical reports from leading international consulting firms such as PwC, KPMG, and Deloitte. The analysis focused on three key trends: the rising popularity of cashless payments, which reached 70% in 2024; the introduction of digital tools; the development of fintech and open banking. The study examined successful practices of Ukrainian banks, including «PrivatBank», «Oschadbank», and «Ukrgazbank», and drew parallels with the experiences of Eastern European countries (Poland, Romania, Bulgaria, Estonia, and Lithuania), where national payment systems, streamlined digital identification processes, and financial literacy programs have been successfully implemented. The study proposes several pragmatic recommendations to enhance the competitiveness and resilience of Ukraine’s banking sector. These recommendations include the establishment of a national instant payment system, the implementation of a unified digital identification system, promoting concessional lending to small and medium-sized enterprises through the use of EU grants, fostering «green banking», and strengthening cybersecurity measures. The introduction of these measures is reported to have several positive economic effects, in particular, increasing financial inclusion, reducing non-performing assets, attracting foreign investment, and fostering sustainable economic development in the country. The findings of this study are significant from both theoretical and practical perspectives. On one hand, they contribute to the development of a strategy for the banking system. On the other hand, they provide a foundation for forming regulatory policy. Additionally, the study’s results serve as a basis for further scientific research.

Optimal risk and liquidity management with costly refinancing opportunities

The increasingly complex economic and financial environment in which we live makes the management of liquidity in payment systems and the economy in general a persistent challenge. New technologies make it possible to address this challenge through alternative solutions that complement and strengthen existing payment systems. For example, interbank balancing and clearing methods (such as real-time gross settlement) can also be applied to private payments, complementary currencies, and trade credit clearing to provide better liquidity and risk management. The paper defines the concept of a balanced payment system mathematically and demonstrates the effects of balancing on a few small examples. It then derives the construction of a balanced payment subsystem that can be settled in full and therefore that can be removed in toto to achieve debt reduction and payment gridlock resolution. Using well-known results from graph theory, the main output of the paper is the proof—for the general formulation of a payment system with an arbitrary number of liquidity sources—that the amount of liquidity saved is maximum, along with a detailed discussion of the practical steps that a lending institution can take to provide different levels of service subject to the constraints of available liquidity and its own cap on total overdraft exposure. From an applied mathematics point of view, the original contribution of the paper is two-fold: (1) the introduction of a liquidity node with a store of value function in obligation-clearing; and (2) the demonstration that the case with one or more liquidity sources can be solved with the same mathematical machinery that is used for obligation-clearing without liquidity. The clearing and balancing methods presented are based on the experience of a specific application (Tetris Core Technologies), whose wider adoption in the trade credit market could contribute to the financial stability of the whole economy and a better management of liquidity and risk overall.

Pastaruosius kelis dešimtmečius pastebima finansų rinkų plėtra. Šią plėtrą labiausiai lėmė technologijų raida, finansų rinkų reglamentavimo panaikinimas ir naujų finansinių instrumentų atsiradimas. Finansų rinkų plėtra lemia mokėjimo sandorių tarp šalių ir šalies viduje skaičiaus didėjimą. Todėl reikėtų pamąstyti apie mokėjimo sistemas, jų veiklos efektyvumą lemiančius veiksnius, nes šiandienos finansų pasaulis yra neįsivaizduojamas be efektyviai ir sklandžiai veikiančios mokėjimo sistemos.Straipsnio tikslas - išanalizuoti mokėjimo sistemos LITAS svarbą tarpbankiniams atsiskaitymams ir numatyti veiklos tobulinimo kryptis. Naudoti metodai: statistinė analizė ir apibendrinimai, SSGG ir lyginamoji analizė.

After the entry into force on January 1, 2014, in full, of the Federal law No. 161-FZ «On the National Payment System» and the practical application of the norms of the mentioned law, when the payment systems in the Russian Federation, has identified the need to clarify and making some changes in the rules of this law regulating the procedure for the formation of separate structures of the payment system, ensure the effectiveness of its activities. This applies, for example, order of creation and use of the guarantee Fund specific payment system, the order of payment of the COP guarantee fees to ensure the satisfaction of the claims for the obligations. The author has proposed changes on the order of formation of the guarantee Fund of the payment system its participants. A large number of regulatory acts, developed by the Bank of Russia, as the body exercising supervision and control over activities of the payment systems, devoted to questions of protection of information in the process of transfer of funds, including in electronic form, as well as division of responsibility between participants of the payment system for determining the order of protection of information.