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Regulation of alternative payment systems operated through FinTech platforms Abstract (ENG) The aim of this master thesis is to focus on payment systems, define alternative payment systems, comprehensively summarize the effective regulation in the Czech Republic and then critically evaluate the level of this regulation regarding future technological developments in this area. In the introductory parts of this master thesis the author focuses on the general definition of payment systems, the possibilities of their theoretical division. Different types are afterwards compared to each other and some pros and cons are listed. Subsequently, the author focused on practice-based payment systems in the Czech Republic, namely CERTIS and ABO, and then ones functioning at the European Union level, especially TARGET 2, EURO1, SEPA 1, SEPA 2 and RT1. The next section describes the payment system with settlement finality as an example of a traditional payment system and then discusses three potential alternatives that could be considered as alternative payment systems. These are mobile payments and mobile wallets related thereto, the system on which digital currencies are based, and finally electronic money systems. For each of these options, their operation is explained in detail and then the conclusion is made as to...

61 Abstract The Financial Arbitrator was established on the basis of European legislation to handle consumer's disputes on the financial market fast, efficiently and free. This thesis mainly focuses on its role in payment system sector with regards to new Act on payments and was divided into three main chapters. The chapter one aims at the development of legal regulations in last fifteen years in the Czech republic and explores grounds of separation from the Czech National Bank to establish the independent institution. Handling disputes may even result into achieving an amicable settlement, albeit its natural character does not meet the requirements of Administrative Code resulting as more informal resolution. The range of clients solely entitled to submit a claim was in recent years strictly restricted to consumers although competencies of Financial Arbitrator were extended. The author also analyses rules of the proceedings and educational activities of the Financial Arbitrator to lift financial awareness of consumers. The chapter two describes individual financial services and persons authorized to provide payment services in order to specify competencies of Financial Arbitrator since the law authorizes the Financial Arbitrator to decide disputes between the consumer and payments service provider arisen...

Cizojazyčné resumé The thesis is dedicated to the matter of a bank account. The bank account is considered to be a financial product that serves for depositing of temporarilly free financial funds and primarily for realizing cashless payment system. The aim of this thesis is to provide an analysis of current applicable and effective legislation considering the bank account in Civil Code, where newly contained the bank account legislation as a result of recodification of private law. In some sections of the thesis the analysis of the legislation is accomplished in the context of the antecedent legislation in former Commercial Code. The thesis is divided into seven chapters. The first chapter is dedicated to analyse the basis of the bank account from the point of view of legal doctrine. The second chapter provides fundamental legal charakteristic of bank account contract. This chapter describes the bank account contract as banking contract and focuses on the bank account contract from the point of view of consumer law. This chapter also provides analysis of parties of the bank account agreement. The end of the chapter discusses the general charakterization of banking terms and conditions. Third chapter provides analysis of general legislation of the bank account from the perspective of Civil Code. These legal...

The subject of this bachelor thesis is payment systems. The first part decribes different types of payment systems and risk engangering them. After this chapter, the analysis of CERTIS and EURO1 payment systems follows. Payment systems analysis is focused on participants, operating of the systems, pricing policy and risk control. The last part deals with the comparison of CERTIS and EURO1 payment systems. The comparison consists of different criteria, for example, settlement, currency of settlement, work with liquidity, the number of transactions processed or settlement finality. The result of the comparison is both systems are rather different. This part is author´s own contribution to the bachelor thesis.

Current Account Contract The thesis focuses on the matter of a current account. The aim of the thesis is an excursion to the previous legislation, but primarily an analysis of the current applicable and effective legislation of the Czech Republic. The main goal is a comparison of the regulation of a curent account in the Commercial Code with the regulation in the "Payment System Act", since this act brought significant changes to the adjustment of payment systems. The thesis is divided into ten chapters. The first two chapters provide a general introduction of a current account and describes the importance of a current account in an everyday life. Chapter Three presents general legal characteristic of the Current Account Agreement according to the applicable and effective legislation at the moment of thesis handover and also contains the evolution of the related legislation. Chapter Four is dedicated to the subjects of the Current Account Agreement. This chapter offers a comprehensive view on the subject from the perspective of the Commercial Code and the Payment System Act as well. Chapter Five discusses the requirements of a current account. First subchapter contains obligatory requirements, second subchapter consists of facultative requirements, mainly according to the Commercial Code. Chapter...

The thesis aims to specify means of consumer protection in financial services in the Czech legal system, to clarify their structure, assess efficiency and evaluate the extent to which consumer protection is provided. Main topic of interest is restricted within the purview of the financial ombudsman of the Czech Republic. The first chapter focuses on definition of instrument of consumer protection in financial services and their classification from a theoretical point of view. The next three chapters are devoted to a detailed depiction of consumer protection means in three segments of the financial market: payment system, consumer credit and collective investment. Legal provisions concerned with the Czech financial ombudsman are the matter of subject of the last chapter, which is accompanied with a brief analysis of functioning efficiency of this institution. Applied methods are interpretation of Czech legal framework, description of consumer protection instruments and basic statistical methods used for data comparison, which are the basis for general deductive implications. The paper pinpoints deficiencies of the legal provisions and its conclusions consist of suggestions in specific fields. The main output of the thesis includes an emphasis of the need of progress in financial readiness of...

The diploma thesis deals with the new legal legislation on the field of protection of the bank client as a consumer in the legal system of Czech Republic and evaluation of the level set by regulation. The theses itself provides a complex view on particular areas of the protection of the consumer on the field of commercial banking, which has undergone major amendments during last years, such as consumer loans, payments, insurance claims from deposits and financial arbiter. Particular areas of the protection of the consumer are amended by the results of the researches concentrated on financial literacy of consumers, evaluation of the possible impacts on the consumer and banking institution and moreover there is outlined possible development in the stated area.

This thesis focuses on the description of the main principles and instruments of the consumer protection concept on the financial market of the Czech Republic. It aims to justify the legitimacy, assess the efficiency of the concept and evaluate the extent to which consumer protection is provided. An extensive part of the text is devoted to a detailed specification of the legal term "consumer". Czech legal framework is the primary source for the text. Applied methods are interpretation of Czech legal standards and a description of specific selected instruments that are followed by general deductive implications. The conclusions of this paper are suggestions concerning the efficiency of certain instruments and the determination of a sphere, where consumer protection should be strengthened.

Work is focused on the analysis of the current payment system for micropayments. This the payment systems operating through the Internet or whether the mobile phone. The first part focuses on the definition of payments, since payments are based on an understanding of payment systems. Following is mentioned law on payments and analyze changes that occurred with this law in 2009. Further work is focused on principles, analysis, description, types of accounts, advantages and disadvantages mikroplatebních systems. Are mentioned payment systems already extinct.

The outcome of this thesis are the weights of each parameter of payment methods that are used to interpret consumer recommendations and conclusions. The research revealed that consumers mostly used payment method for purchases from online stores is delivery, although it does not seem like a good choice. Instead of delivery, I may recommend credit card payment, which has only one weakness and that is security. This weakness can be put down by purchasing only at trusted sellers. It is also meant to be the fastest way of payment. Also payment through a text message is convenient and easy. The results of my thesis can be used by consumers to help orient themeselves between the payment systems used for online store purchases, as well as the operators themselves.

This thesis deals with the analysis of interbank payment systems in the Czech Republic and the Netherlands. The paper describes the fundamental characteristics of payment systems, including their division by various aspects. The thesis contains an overview of legislation affecting the operation of payment systems in the European Union in both analyzed countries. Furthermore, an analysis of interbank payment systems in the Czech Republic and the Netherlandsis performed, while in the Netherlands, there are two systems, large-value system TARGET2-NL and retail system Equens, the Czech Republic has only CERTIS system that performs both large-value and retail transactions. In the last part of the thesis there is detailed analysis of statistical information on these payment systems for the period from 2005 to 2009.

The diploma work is concerned with the topic of bank client security, as a consumer and an investor, captured in the Czech law, incorporating elements of EU directives. The thesis defines terms of "consumer" and "investor", explains why they are considered bank clients and introduces reasons of their protection. It describes elements of bank clients' protection such as: deposit insurance (including comparison of foreign systems - Switzerland and New Zealand), consumer credits rules, payment system and Bureau of Financial Arbiter, personal information security and bank secret. The last chapter addresses investor protection, falling under European directive MiFID (Markets in Financial Instruments Directive).