Development of the bank of russia’s fast payment system in modern conditions
The financial market development in Russia and in the world is currently characterized by a number of processes such as emergence of a large number of new products and new formats implementation for their provision, expansion of the geography of financial institutions presence, national boundaries e...
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| Format: | Article |
| Language: | English |
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Publishing House of the State University of Management
2024-10-01
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| Series: | Вестник университета |
| Subjects: | |
| Online Access: | https://vestnik.guu.ru/jour/article/view/5497 |
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| author | S. V. Krivoruchko I. A. Rizvanova A. V. Berdyshev |
| author_facet | S. V. Krivoruchko I. A. Rizvanova A. V. Berdyshev |
| author_sort | S. V. Krivoruchko |
| collection | DOAJ |
| description | The financial market development in Russia and in the world is currently characterized by a number of processes such as emergence of a large number of new products and new formats implementation for their provision, expansion of the geography of financial institutions presence, national boundaries erasure in acquisition and provision of financial services, sales channels improvement for financial products and services, including remote ones, using modern information technologies. The article studies issues related to the current state and prospects of the fast payment system (hereinafter referred to as FPS) development considering the synergetic impact of payment services digitalization and sanctions restrictions. It analyzes the changes taking place in the FPS service in recent years, focusing on innovative business models, new functions implementation, technological transformations, as well as regulatory and risk aspects. The study pays special attention to the financial technology impact on development and functioning of the system as a key element of the payment industry. The potential of FPS in the context of ensuring the Russian payment infrastructure security represents an important direction for strengthening user confidence and system sustainability. The paper considers a number of promising areas for further development of FPSs, including their applicability to cross-border payments. |
| format | Article |
| id | doaj-art-fb84d1bf2ff84be7bcd5402b2a7d8818 |
| institution | Kabale University |
| issn | 1816-4277 2686-8415 |
| language | English |
| publishDate | 2024-10-01 |
| publisher | Publishing House of the State University of Management |
| record_format | Article |
| series | Вестник университета |
| spelling | doaj-art-fb84d1bf2ff84be7bcd5402b2a7d88182025-02-04T08:28:22ZengPublishing House of the State University of ManagementВестник университета1816-42772686-84152024-10-010816317410.26425/1816-4277-2024-8-163-1743189Development of the bank of russia’s fast payment system in modern conditionsS. V. Krivoruchko0I. A. Rizvanova1A. V. Berdyshev2Financial University Under the Government of the Russian FederationFinancial University Under the Government of the Russian FederationFinancial University Under the Government of the Russian FederationThe financial market development in Russia and in the world is currently characterized by a number of processes such as emergence of a large number of new products and new formats implementation for their provision, expansion of the geography of financial institutions presence, national boundaries erasure in acquisition and provision of financial services, sales channels improvement for financial products and services, including remote ones, using modern information technologies. The article studies issues related to the current state and prospects of the fast payment system (hereinafter referred to as FPS) development considering the synergetic impact of payment services digitalization and sanctions restrictions. It analyzes the changes taking place in the FPS service in recent years, focusing on innovative business models, new functions implementation, technological transformations, as well as regulatory and risk aspects. The study pays special attention to the financial technology impact on development and functioning of the system as a key element of the payment industry. The potential of FPS in the context of ensuring the Russian payment infrastructure security represents an important direction for strengthening user confidence and system sustainability. The paper considers a number of promising areas for further development of FPSs, including their applicability to cross-border payments.https://vestnik.guu.ru/jour/article/view/5497fast payment systemfps servicedigitalizationfinancial technologiespayment servicebank of russiacross-border transfers |
| spellingShingle | S. V. Krivoruchko I. A. Rizvanova A. V. Berdyshev Development of the bank of russia’s fast payment system in modern conditions Вестник университета fast payment system fps service digitalization financial technologies payment service bank of russia cross-border transfers |
| title | Development of the bank of russia’s fast payment system in modern conditions |
| title_full | Development of the bank of russia’s fast payment system in modern conditions |
| title_fullStr | Development of the bank of russia’s fast payment system in modern conditions |
| title_full_unstemmed | Development of the bank of russia’s fast payment system in modern conditions |
| title_short | Development of the bank of russia’s fast payment system in modern conditions |
| title_sort | development of the bank of russia s fast payment system in modern conditions |
| topic | fast payment system fps service digitalization financial technologies payment service bank of russia cross-border transfers |
| url | https://vestnik.guu.ru/jour/article/view/5497 |
| work_keys_str_mv | AT svkrivoruchko developmentofthebankofrussiasfastpaymentsysteminmodernconditions AT iarizvanova developmentofthebankofrussiasfastpaymentsysteminmodernconditions AT avberdyshev developmentofthebankofrussiasfastpaymentsysteminmodernconditions |