National Payment System Research Articles

Digital Rupiah as An Alternative Digital Transaction in Indonesia

Digitalization in the financial industry revolutionized the transaction system with the emergence of Cryptography-based Digital Currencies. It has recently evolved into digital currencies issued by central banks, known as Central Bank Digital Currency (CBDC). Bank Indonesia responds by developing a plan to release Digital Rupiah as part of the digital transformation initiative in the national payment system. This study aims to determine the authors' interest in discussing Indonesia's CBDC as seen through article publication trends. This research uses the systematic literature review (SLR) method. The results show that there is an increasing trend in the publication of articles on Digital Rupiah. The published articles discuss Digital Rupiah from various sides such as legality, implementation mechanism, challenges opportunities and impacts, to its potential implementation.

Цифровой рубль в финансово-правовом пространстве

Currently, the issues of financial and legal regulation of relations on the issue and circulation of the digital ruble are becoming particularly relevant. This is due to the need for the Russian Federation to resist sanctions that apply to the sphere of international settlements and make them difficult. The study of the financial and legal nature of the digital ruble, the financial and legal mechanisms used in regulating relations, the subject of which is the digital ruble, will contribute to solving the problem of legal support for international settlements in the context of increased sanctions pressure and the possibility of using the digital ruble for these purposes. The conclusion is formulated that Russia currently has prerequisites for further implementation of the digital ruble, including the sphere of international settlements, as well as technological capabilities. This process will require an audit of Russian legislative acts regulating settlement and payment relations, including cross-border ones, and making comprehensive changes to related legislation: currency, budget, tax, AML/FT legislation and the national payment system.

Features of electronic money and financial technology development

The development of financial technologies at the present stage leads to the spread and active use of electronic money in national payment systems, which provide a convenient and secure way to carry out fast financial transactions without the need to use cash. Due to this main advantage, the use of electronic money has become widespread in a short period. Digital payment instruments provide users with the flexibility and access to make transactions anytime and anywhere, but at the same time, the development of electronic money circulation is also associated with some problems and the need to improve their regulation. The era of new payment technologies has presented us with new challenges related to various transactions between entities. The development of trade, including via the Internet, has led to the search for new, fast and effective means of payment, in particular when it comes to paying for goods and services. Nowadays, more and more people are abandoning the use of cash in favor of electronic money, which leads to the popularity of the concept of electronic money. The purpose of the article is to determine the impact and features of new technologies, such as blockchain, digital wallet and cryptocurrency, on the functioning of electronic money in the national payment system. The subject of the study is electronic money and payment technologies used in the national payment system, forming a system of electronic economic relations.

Legal regulation of the monetary system of the Russian Federation in the digital economy: financial and legal problems

The article discusses current problems of digitalization of the monetary system of the Russian Federation. A conclusion is made about the place and content of the sub-growth of the rights of the monetary system in the structure of financial law. It is argued that digitalization does not change the essence of financial relations, the essence of money as a financial and legal category, it only gives them an electronic form. The author’s assessments of the legal nature and qualifying features of new financial payment instruments that are a response to the challenges of the digital economy are given: electronic money, digital currencies, digital ruble. It is argued that they are subtypes of non-cash money circulation along with classic bank money. Proposals for improving the current legislation on the national payment system are substantiated in terms of systemic legal regulation of all types of digital forms of monetary circulation.

A Digital Ruble Platform as an Object of Financial and Legal Regulation

The paper examines the issues of legal regulation of a digital ruble platform, which is considered as an element of the national payment system, information system, and a set of financial technologies. The author analyzes the legal nature of the information platform as a general concept for varieties of digital platforms. The conclusion is made about the need to consolidate the legislative definition of the information platform. The paper also examines the legal status of the platform operator, platform participant and platform users. It is concluded that the platform operator has a special functional function, since he is solely responsible for any processes related to the operation of the digital ruble platform. The author also focuses on the problem of blocking remote banking services due to non-compliance with legislation on combating money laundering and terrorist financing (AML/CFT). It is assumed that the judicial practice concerning challenging the blocking of remote banking services will not change due to the introduction of the digital form of the national currency. It is pointed out that there are no agreements on interaction between the Bank of Russia and Rosfinmonitoring in terms of control measures under AML/CFT in the circulation of the digital form of the national currency, since the relevant risks have not been examined. It is concluded that cross-border money transfers in the form of digital national currencies are promising, but the author determines a number of problems related to the technical feasibility and legal regulation of the processes of opening accounts for non-residents and transferring funds.

Clinical Significance and Resource Burden of Double Duct Sign in Non-jaundiced Patients.

Aim The study aims to determine the incidence of malignancy at presentation and subsequent risk of malignancy (at 12 months follow-up) in a cohort of patients with double duct sign (DDS) on cross-sectional imaging but no visible stigmata of jaundice. The study also correlates malignancy with liver enzyme dysfunction and estimates the resource burden incurred during the investigation of these patients. Methods A search for the key term "double duct sign" was undertaken in the radiological database of a tertiary hepatopancreatobiliary (HPB) centre between March 2017 and March 2022. Radiological reports, clinic letters, blood results, and multidisciplinary team meeting (MDT) outcomes were reviewed during this period and at one year. The national tariff payment system was reviewed to identify tariffs for different investigations required for the cohortand to calculate the total cost incurred. Results Ninety-seven patients with DDS were identified. Sixty-four patients (66%) had a normal bilirubin (0-21 µmol/L) at presentation and were included in the analysis. Seven patients (10.9%) were diagnosed with malignant peri-ampullary tumours, and 21 (32.8%) were diagnosed with benign diseases. In 34 patients (53%) with DDS, the underlying cause remained uncharacterised. Most patients had mild abnormalities of liver enzymes, but two patients (4.3%) were diagnosed with malignant peri-ampullary tumours despite having normal serological values. Patients who had a benign diagnosis and/or who had cancer excluded without a definitive diagnosis did not go on to develop a malignancy at 12 months follow-up. However, in those patients where the underlying aetiology could not be characterised, extended surveillance was required with a total of 80 MDT discussions and multiple surveillance scans (103 CT and 65 MRI scans). Twenty-six patients underwent endoscopic ultrasound (EUS) with three patients requiring more than one EUS examination (29 investigations in total). The cost of these investigations was £38,926.89. Conclusion This study confirms that DDS even in patients without clinical jaundice or with normal liver enzymes requires careful investigation to exclude malignancy despite the resource burden this entails. This supports previously reported results in the literature, and despite the increased use of cross-sectional imaging, DDS remains a clinically significant finding. Large cohort risk stratification studies would be useful to determine clinical urgency and allow the appropriate allocation of resources.

On the issue of contour transformation of international settlements in the context of increasing geopolitical risks and fragmentation of the global financial and economic area

Subject. Given the increasing geopolitical risks, new approaches are needed to organize the contour of the international payment system, which ensures safety and reliability of international settlements Objectives. The article aims to assess the approaches of the Committee on Payment and Settlement Systems to creating models of international payment systems, propose a model for organization of international settlements for the Russian Federation, identify the specifics of the existing models of national payment systems of the Russian Federation and PRC for organization of interaction within the framework of the international payment system, evaluate prospects for joining the international payment system of other BRICS countries. Methods. The study employs general scientific methods. Results. Based on the specifics of restrictions on international operations of residents of the Russian Federation, the optimal solution to the problem is to create a closed international payment system on the basis of the payment system of the Bank of Russia, and gradually connect payment service providers from friendly jurisdictions to it, the most promising of which is the Chinese payment system CIPS. Creating a separate international payment system based on Peer-to-Peer type payment infrastructures, using digital currencies of central banks of BRICS countries is a promising model of the organization of international settlements. Conclusions. Building a closed international payment system on the basis of the Bank of Russia's payment system will enable to significantly overcome the existing problems, provide Russian companies and banks with a reliable and safe settlement mechanism for foreign trade and financial transactions.

Публично-правовые и частно-правовые начала в регулировании цифровой валюты

Introduction. The article discusses issues of interdisciplinary regulation of centralized digital currencies issued by central banks. Attention is paid to the public legal and fair principles of digital currency of the Central Bank. Materials and Methods. The theoretical basis was formed by scientific publications of domestic and foreign authors on research issues. The study is based on the analysis of legal provisions of financial and civil legislation that determine the legal regime of the digital ruble. The formal legal method, as the main method of the research, made it possible to reveal the content of the intersectoral legal nature of digital currency. Analysis. The issues of the legal nature of the Central Bank digital currency are explored. Close attention is paid to the provisions “On the Digital Ruble”, concentrated in the norms of public and private law. It is noted that the lack of a clear conceptual apparatus causes difficulties in the interpretation of basic categories. The dual legal nature of the digital ruble is substantiated. This duality is manifested in the fact that the digital ruble is an object of financial law, as a national digital currency issued by the Bank of Russia, on the other hand, the obligatory nature of the digital ruble, reflected in the provisions of private law and the Federal Law “On the National Payment System”. Results. Central bank digital currencies (CBDCs) are being considered or are in the process of being implemented by many central banks around the world. Despite the importance and potential consequences of such dramatic changes in national currencies, many uncertainties remain.

КЛАСИФІКАЦІЯ ПЛАТІЖНИХ СИСТЕМ В ЕЛЕКТРОННІЙ КОМЕРЦІЇ

The article examines the payment systems used in the world and in Ukraine, their features and components, existing varieties. It has been proven that payment systems based on electronic money include: payment systems based on smart cards; softwarebased payment systems operating on the Internet; payment systems based on mobile communication networks. The existing classifications of payment systems are given according to various characteristics: by the method of execution, by the type of operation, by the form of ownership, by the territory of operation, by the degree of residency of the participants, by the volume of payments made, etc. The article, based on its own long-term experience of working with various electronic payment systems, offers its own classification of payment systems by the scope of coverage: a) global payment systems; b) local (national) payment systems. The main global payment systems of the world and local payment systems of the United States, Canada, Great Britain, the countries of the European Union and Ukraine are indicated. A general scheme of the entire system of electronic payments has been built. The mechanism of making payments through LiqPay, WISE and PAYONEER payment services and the features of the functioning of these payment systems are described. The nuances of the acquiring payment transaction processing process, as well as the procedure for introducing an international bank account number (IBAN) in Ukraine, were traced and indicated. Facilitation of greater integration of the Ukrainian payment space with the European one due to savings on bank commissions and speed of operations was revealed. The dependence of the development of electronic commerce on the perfection, volume and convenience of payment systems is singled out.

Why the real sector of the economy needs digital financial assets: risks and prospects

The fourth industrial revolution predetermined the digitalization of all spheres of life from the emergence of the Internet of things and 3-D printing to the creation of a single digital economic space. It is no coincidence that one of the priority areas of the Strategy for the Development of the National Payment System for 2021—2023 is the active introduction of innovative payment technologies and the expansion of the scope of electronic means of payment. Another confirmation of the dynamic development in this direction is the introduction of an additional digital ruble into the Russian economy, along with cash and non-cash forms of the national currency, legalized from August 1, 2023. Pilot projects on the use in the real sector of the economy of a qualitatively new financial instrument — a digital financial asset-turned out to be quite effective. The use of new digital financial instruments inevitably entails the need to form a new vector for the development of law, new legal relations formed under the influence of digital technologies. However, the legal nature of a digital financial asset is still not fully defined, the legal regulation is very contradictory, which significantly slows down the practice of its use and creates additional risks. This article discusses aspects of the positive impact of the use of digital financial assets in the real sector of the economy, prospects, as well as the risks of large-scale use of this financial instrument.

Improving of the G2C Payment Mechanism as the Part of the Development of the Social Treasury Project Using the Russian National Payment System

The purpose of the study is to consider the possibility of improving the G2C payment mechanism in the context of the digital transformation of the social sphere, as well as to develop a methodological concept for a model for implementing a centralized payment service in the social sphere. The authors reviewed the proposals of Russian and foreign researchers to standardize forms of interaction between citizens and the state. Approaches to understanding the effectiveness of the social security model have been studied; the possibilities for improving state programs for the development of the social treasury and the national payment system have been analyzed; recommendations have been proposed based on the best payment solutions in the field of social security. Based on the results of the study, the authors developed a model of the centralized payment service “SBP ZH”, integrating SBP into the unified state information system for social security (USISSS), which simplifies the “client path” due to simple and convenient identification of beneficiaries of social assistance by phone number. The results of the implementation of the model will be: an increase in the number of recipients of social assistance among residents of populated areas of the country who do not have access to the Internet, and the population of new constituent entities of the Russian Federation (in the context of a lack of payment infrastructure), as well as an increase in the share of non-cash money turnover by 5–6%. The proposed measure for the implementation of the G2C payment mechanism works within the framework of such areas as the Social Treasury project and the Development Strategy of the National Payment System for 2021–2023.

MARKETING STRATEGY INNOVATION IN THE FRAMEWORK TOWARDS EXPANSION OF DIGITAL BANK ACCESS AROUND STUDENTS (A CASE STUDY ON BLU BCA)

Blu is a mobile banking service from BCA Digital which is designed and developed to make it easier for its customers to make financial and non-financial transactions via mobile phones. Currently, Blu already has a BI Fast Payment system for its services. BI Fast Payment is infrastructure. A national retail Payment System that can facilitate retail payments in real-time, safe, efficient, and available at any time. With the BI Fast Payment system, customers can make inter-bank transfers more efficiently and effectively than usual, which is IDR 2,500 per transaction. Not only can it be used to make payments, Blu can also be used for various purposes related to banking with various features such as: Blu Account for making purchases and withdrawals, Blu Saving for saving, Blu Gether which can plan finances with other users, and Blu Deposit opens a time deposit service of at least IDR 1,000,000. Due to the Covid-19 pandemic, the use of digital banks is increasing in Indonesia due to the cashless system when making payments. Therefore, Blu is here to support the system. Blu still has many systems and features that need to be developed to make users more comfortable.

A Digital Ruble as an Object of Financial Law Regulation

The paper is devoted to the study of the issues concerning legal regulation of the digital ruble circulation — a Russian national digital currency. It is noted that public relations arising in the process of the digital ruble circulation are included in the subject matter of several branches of law, mainly financial and civil law. At the same time, a binding nature of the digital ruble is important for civil law that affects the rights and obligations of participants of civil turnover, and for financial law because of a state law nature of the digital ruble. It is the state power command (expressed in forms of financial law rules) that gives the digital ruble the status of a legal means of payments. The paper emphasizes that, although the «form of money» is primarily an economic concept, it is important for law, since it reflects the essential differences between types of money, manifested, inter alia, in the peculiarities of legal regulation of the circulation of different monetary funds. Based on the comparison of the Russian national digital currency with other types of non-cash funds, it is concluded that the digital ruble is a third form of money. In addition, the digital ruble is compared with digital currencies and electronic money. It is established that the digital ruble platform can be considered as a product subsystem of the national payment system, an information system, as well as the space within which the emergence, change and termination of legal relations related to the circulation of the digital ruble occur. Attention is focused on the transformation of the legal position of the Bank of Russia in connection with the assignment of the functions of the operator of the digital ruble platform. In addition, the paper reveals the features of the legal status of other participants of legal relations arising in the process of circulation of the digital ruble — participants and users of the digital ruble platform.

Implementations of an evidence-based assertive case management intervention for suicide attempters: Post-ACTION-J Study (PACS).

An assertive case management intervention program, ACTION-J, proved effective for preventing suicide attempters from reattempting suicide within 6 months. The ACTION-J randomized trial was conducted as part of the "National Strategic Research Projects." The program has been covered by the national medical payment system of Japan since 2016. The aim of the Post-ACTION-J Study (PACS) was to examine the current implementation status of assertive case management in a real-world clinical setting. PACS was a prospective, multicenter registry cohort study. The participants were suicide attempters admitted to the emergency departments of 10 participating medical facilities from October 2016 to September 2018. The assertive case management intervention developed by the ACTION-J Study was offered to all patients, and the primary outcome was the duration and frequency of use of the intervention at 6 months. A total of 1159 patients were admitted to emergency departments after a suicide attempt during the study period, 144 of whom were included in our analysis. The proportion of participants who received the intervention for 6 months was 72.2% (104/144), and 63.9% (92/144) of the patients completed ≥7 case management interviews within 6 months. The findings of this study indicate successful implementation of an assertive case management intervention program based on the ACTION-J Study in a real-world clinical setting, following its integration with the national medical payment scheme in Japan. The study provided the useful information that could improve the implementation of assertive case management interventions in future.

History of Formation and Development of Legal Regulation of the National Payment System of the Russian Federation

The paper examines the history of the formation and development of legal regulation of the national payment system. The author highlights that, despite the fact that the concept of the national payment system at the legislative level has been consolidated quite recently, it began to form long before the relevant law was passed. The development of the national payment system is mediated by the formation of a system of financial institutions responsible for payments (settlement (clearing) chambers, credit institutions, etc.), the evolution of payment forms, as well as the introduction of technologies capable of processing mass payments. It is noted that the rapid economic growth characteristic of the beginning of the 20th century resulted in the appearance of the first forms of relatively mass non-cash payments during the pre-revolutionary period, which was also facilitated by the development of bank offices and the emergence of telegraphic communications. In the early years of the Soviet government, the payment infrastructure was nationalized, which became an important factor in strengthening the administrative and command economy. The modern period of development of the legal regulation of the national payment system is characterized by the adoption of the fundamental law regulating the relevant sphere of public relations, as well as the presence of an extensive system of subordinate regulatory legal acts, differentiation of approaches to legal regulation of various payment systems, taking into account the best foreign practices in this area, an effective system of supervision and supervision of the participants of the national payment system.

Screening of antibiotic residues in raw bovine milk in Lombardy, Italy: Microbial growth inhibition assay and LC-HRMS technique integration for an accurate monitoring

Antibiotic residues in food of animal origin is a great concern for public health worldwide in terms of antibiotic resistance development, potential allergic reactions and disruption of intestinal flora equilibrium. In this study the presence of antibiotic residues in raw bovine milk samples collected from farms located in Lombardy region in Italy from 2018 to 2022 was assessed in the context of the national milk quality payment system. Samples were screened with microbiological growth inhibition test Delvotest ® SP NT and a very low positivity rate ranging from 0.1% to 0.07% over the four years was determined. A total of 79 positive samples were further analysed by LC-HRMS screening technique to confirm positivity and detect the specific antibiotic compound contaminating the sample. The β-lactam antibiotics resulted to be the most frequently detected, with the penicillin G being the most abundant compound. The data suggested that low levels of antibiotic contamination are consistently maintained over the last four years and the integration of the techniques used in this study is a valuable tool for a deep and precise monitoring of antibiotic residues in milk.

Retail two-tier Model of the Digital Ruble (Model D) — the Way to the Appearance of a single-tier Banking System in Russia

The article examines the changes that will be made to the legislation of the Russian Federation in connection with the introduction by the Bank of Russia of the retail model of the digital ruble (model D). The legal analysis was carried out on the basis of two concepts of the digital ruble (2020 and 2021) developed by the Bank of Russia, as well as a package of bills on amendments to the Civil Code of the Russian Federation, Federal Law No. 161-FZ of June 27, 2011 “On the National Payment System” and a number of other laws. As a result of the analysis of the retail two-tier model of the digital ruble with the role of financial institutions as settlement participants (model D), it was concluded that, according to the proposed mechanism, the Bank of Russia is forced to enter into contractual legal relations not only with credit institutions, but also directly with their clients — individuals and legal entities. It is reasonable to distinguish the levels of the banking system depending on what kind of clientele the respective bank serves. If a bank provides banking services to customers who do not have the status of a credit institution, then this is a second-tier bank. If the bank serves clients with the status of a credit institution, then this is a first-tier bank of the banking system. The introduction of Model D in the form in which it is described in the Concept of the Bank of Russia for 2021 and in the package of bills will actually erase the differences between the two levels of the banking system.

Comparative Analysis of the Implementation of Open Banking Systems for Indonesia's 2025 National Payment System Vision

Industri keuangan telah dikelilingi oleh teknologi digital yang dikenal dengan FinTech. Tren saat ini memiliki pengaruh signifikan yang mempengaruhi cara masyarakat berinteraksi dengan industri perbankan. Konsekuensinya, pasti ada kebelakang dan keuntungan yang mengikuti situasi ini. Namun apakah hal tersebut akan menjadi ancaman atau peluang tergantung pada masa depan bank dalam menghadapi situasi baru tersebut. Dalam tulisan ini akan menguraikan pilihan bank untuk mengakuisisi atau bekerja sama dengan perusahaan fintech dalam menyesuaikan posisi mereka dalam gangguan keuangan dan mempertahankan permintaan persaingan. Perbankan terbuka merupakan awal penyesuaian atas kendala Fintech. Indonesia akhir-akhir ini mulai membangun visi masa depan pembayaran digital untuk mendukung keseimbangan antara sistem pembayaran keuangan disruptif yang didominasi oleh fintech. Beberapa negara telah berupaya menerapkan perbankan terbuka, namun tampaknya negara lain lebih memilih mengikuti Australia dibandingkan Inggris yang telah memulainya lebih awal. Yurisdiksi lain seperti Kanada, Singapura dan India sedang mempertimbangkan pendekatan Australia dibandingkan pendekatan yang kurang ekspansif seperti yang awalnya dilakukan di Inggris (Australia menunda peluncuran rezim ‘perbankan terbuka’). Oleh karena itu, merupakan upaya yang tepat bagi Indonesia untuk mengambil pendekatan yang tepat yang mungkin dapat diterapkan berdasarkan strategi Australia dan kerangka peraturan yang dibuat khususnya dalam tinjauan makalah Open Banking, mengingat Indonesia masih dalam tahap tersebut. Tulisan ini bertujuan untuk menganalisis bagaimana Indonesia (bank sentral Indonesia) harus menerapkan sistem perbankan terbuka, dengan mempertimbangkan pendekatan dan penerapan Australia Open Banking dalam bidang perlindungan data, mekanisme transfer data (standar keamanan) dan proses transformasi ke dalam sistem perbankan terbuka.

The Analysis of Blockchain Technologies Usage in Global Financial Markets

This article considers the evolution of the blockchain financial technology, approaches to its regulation and verification, conceptual approaches to verifying new high-tech solutionsrelated to financial instruments and practical recommendations based on the prospect of integrating blockchain financial technology into national payment systems and international clearing and calculations. The following questions are analysed in the article: practical applications of the blockchain technology in global financial markets; the digital currencies introduction in different countries; current and modern blockchain projects; assessing the financial effectiveness of modern blockchain projects; fintech risk in the financial era. In addition, the author analysed the modern trends in the global financial market digitalization through the introduction of decentralized blockchain database networks into financial services as well as identified ways to improve them.

ТЕНДЕНЦІЇ РОЗВИТКУ ГЛОБАЛЬНОГО ПЛАТІЖНОГО ПРОСТОРУ ТА ЙОГО ВПЛИВ НА СУЧАСНІ ВІТЧИЗНЯНІ ПЛАТІЖНІ СИСТЕМИ

The article is devoted to the consideration of current trends and development vectors of the payment space in the global aspect and the state of payment systems’ development of in Ukraine. Acceleration of the role of non-cash circulation in society and growth of the role of payments makes the payment systems’ development a dominant feature of economic growth, innovation and integration. A specialised element of almost all economic transactions that take place in the market economy, which concerns the transfer of monetary value in exchange for some goods, services or financial assets, is one of the approaches to the definition of the payment system in which it is necessary to add the payment infrastructure. The latter ensures smooth, reliable, prompt and efficient payment transfers. The last mentioned exactly that aspect that has now fuelled the growth of payment services’ digitalisation. Given the vectors of development of the payment industry, the payment systems can become a leader, in the sphere of financial services. Having considered the main directions of development in the international economy, we have highlighted the trend of globalisation of national payment systems into a common world payment space. However, this process is complex and requires working out many differences between different national payment systems and co-operation of states, regulators, enterprises and population (consumers). This approach to the development of payment systems promotes economic growth and job creation. However, the creation of a global world space is a complex task, which begins with the development and improvement of national payment systems to adapt to further integration into the global payment space. It is mentioned that there is a restructuring of the payment space, including the evolution of payment instruments (instant payments, payment cards, e-wallets, etc.) and revolutionary structural changes in the combination of classical payment technologies and technological innovations (cryptocurrencies, development of national e-money, distributed ledger technologies, blockchain networks that offer interoperability solutions, etc. The results of the analysis of existing trends, summarised by the above-mentioned scientists and experts, determine further directions for transforming the domestic payment space.