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We exploit proprietary information on severed correspondent banking relationships - due to the stricter enforcement of financial crime regulation - to assess how payment disruptions impede cross-border trade. Using firm-level export data from emerging Europe, we show that when local respondent banks lose access to correspondent banking services, their corporate borrowers start to export less. This trade decline occurs on both the extensive and intensive margins and firms do not substitute foregone exports with higher domestic sales. As a result, total firm revenues and employment shrink. These findings highlight an often overlooked function of global banks: providing the payment infrastructure that enables firms in less-developed countries to export to richer parts of the world.

The payment system and infrastructure is a sector that is not given enough attention today in the context of energy efficiency. This sector plays a big role in organizing and ensuring money circulation and funds. It has its value consisting on the one hand of the cost of payment equipment, infrastructure, payment instruments. On other hand, its value consists of the cost of energy for their manufacture and maintenance. The European Commission has proposed raising the target for reducing greenhouse gas emissions, including emissions and removals, to at least 55% by 2030 compared to 1990. The EU's ambitions to improve energy efficiency can be enhanced either by improving the energy efficiency of each sector or by improving some sectors more than others. And there are thousands upon thousands of areas in which energy efficiency can and should be improved: from matchmaking to, in fact, payment transactions. The payment system and money circulation seem to be not the biggest problems in the energy sector. However, this is a very delicate topic, because often people pay in supermarkets the money earned, buying food and basic necessities. They spend their energy in vain, waiting in line for a payment transaction. Modern means of payment and payment methods do not address the problem of reducing the time for servicing payments, which entails the overuse of time, energy, and money. And the latest method of payment using cryptocurrencies can not change the situation for the better today. The use of new and advanced technologies such as new generation data transmission systems, the use of modern computers' computing power, the replacement of means of payment with "faster" ones, the use of more efficient cashiers, or their replacement by functional machines can reduce these indicators.

This paper analyzes competition in the retail banking markets in Latin America. Retail banking services, that is banking products and services for consumers and small businesses, including deposit accounts and related services such as ATMs, direct debit and credit transfers, and credit lines, are an increasingly important segment of the banking business in the region. Yet the provision of banking services in Latin America remains very expensive by international comparison. While many factors contribute to high costs of financial intermediation in the region, restricted or distorted competition may be an important supply-side driver. Based on a survey with competition authorities and financial regulators in seven large Latin American economies (LA-7) combined with publicly available data and information, this paper attempts to shed light on entry and contestability in retail banking services in the region, including access to the financial infrastructure, payments systems and credit reporting systems (CRSs), while discussing the status of competition law enforcement and advocacy initiatives. Given limited antitrust enforcement and advocacy initiatives in the field of retail banking in LA-7, the objective of the paper is to advance knowledge on the status of competition in the retail banking segment while stimulating further country-product specific analysis.

The joint World Bank - International Monetary Fund (IMF) financial sector assessment program (FSAP) of 2018 recommended for the Banco Central do Brasil (BCB) to pursue full interoperability of automated teller machine (ATM) networks in Brazil. Following the FSAP and the policy dialogue with BCB, this note aims to provide key policy options for BCB with respect to achieving interoperability for ATM transactions in Brazil. The note presents: (i) the key concepts that impact interoperability of the ATM network; (ii) an overview of the regulatory framework and retail payment infrastructure in Brazil; (iii) cross country examples of interoperable ATM networks; (iv) issues and challenges to be addressed for achieving interoperability; and (v) the possible policy options that the BCB can consider adopting in Brazil. It elaborates policy options with regards to: (i) interoperability of the ATM network - the feasibility of enforcing interoperability among all financial institutions, (ii) relevance of having an independent authorized ATM network, and (iii) whether to leave the pricing of ATM services to the market or should BCB consider regulating the same.

This paper provides an overview of different regulatory approaches to Fintech and provides guidance for policymakers to understand the benefits and limitations of each. While some Fintech activities can often be covered within existing regulatory frameworks, the majority of jurisdictions are taking or planning to take additional regulatory measures to respond to emerging Fintech services, the scope and scale of which vary substantially including new laws, Innovation Offices, Regulatory Sandboxes and even reskilling to respond to transforming environment. The report provides context on the relative appropriateness of each approach within jurisdictions, including relevant variables for consideration, and uses country case studies where appropriate to showcase and enable policymakers to draw from lessons learned across the globe.

В статье рассмотрено содержание и основные этапы развития платежной системы «МИР». Охарактеризованы различные модификации платежных карт системы «МИР». Показана экономическая эффективность использования платежной системы «МИР». Охарактеризованы проблемы, возникающие при функционировании системы «МИР». Предложены меры по совершенствованию функционирования национальной платежной системы «МИР».The article considers the content and main stages of development of the "MIR" national payment system. Various modifications of payment cards of the "MIR" system are characterized. The economic efficiency of using the "MIR" payment system is shown. The problems that arise during the operation of the "MIR" system are described. Measures of improving of the functioning of the "MIR" national payment system are proposed.

Nowadays, nearly 2 billion people of working age worldwide do not use official financial services. Making the access to finance easy is a necessary component to increase the human welfare. Wider access to financial services for individuals and companies can reduce the income inequality and boost the economic growth. Foreign interpretations of the financial affordability concept as well as factors affecting it are analyzed with a focus on the role of retail payment services in its improvement. The authors’ definition of the financial affordability of retail payment services is provided.

Empirical studies about Financial inclusion remain vital, especially in developing countries like Nigeria, where little research studies have been conducted since the introduction of the Cashless economy policy. Review of relevant literatures reveals lack of comprehensive empirical research regarding the relationship between the Cashless economy policy and financial inclusion in Nigeria. In this study, results showed that Awareness, Consumer/User Value Proposition, and Infrastructure were found to have strong significant relationship with Financial Inclusion while Business Model of Financial Service Providers did not show any significant relationship with Financial Inclusion.

This report aims to deepen the understanding of barriers to and incentives for the acceptance and use of electronic payments, from the perspective of micro, small and medium retailers (merchants). Developing and accelerating acceptance of electronic payments by these merchants is essential to expanding financial access. A basic transaction account for payments and deposits is considered an entry point to the formal financial system, and can act as a gateway for individuals to adopt other relevant financial services they need to smooth their consumption and manage income shocks. However, equipping individuals with only basic transaction accounts is not sufficient. The use case for payment services becomes increasingly effective as individuals gradually move to a cashless economy, where electronic payments are widely accepted for regular and frequent purchases. The report highlights important dimensions to consider in the efforts to expand electronic payments for merchants.

Myanmar’s financial system is undergoing a rapid transformation. A history of economic isolation has left Myanmar with small and underdeveloped financial institutions and very low access to financial services. Since 2011, however, demands on the financial system have grown exponentially with increased trade and investment, growing household income, and expanding government operations. While recent reforms have stimulated financial sector growth, much more needs to be done to establish a competitive and vibrant financial sector that can meet the needs of Myanmar’s expanding economy, boost incomes, and reduce poverty particularly among those living in rural areas. Increasing access to financial services is critical to achieving shared prosperity in Myanmar.

Jamaica has experienced 30 years of low economic growth and high fiscal deficits, with a significant impact on the development of the financial sector. As part of the overall growth and competitiveness reform agenda, the authorities have embarked on ambitious financial sector legislation reforms to address weaknesses. Lack of access to credit and equity constrain Micro, Small and Medium Sized Enterprise (MSME) operations and growth, and ultimately their contribution to the economy. High interest rates and low penetration of credit to households and MSMEs can be explained by high credit risk as a result of high information asymmetries in the market, as well as limited competition in the banking sector. The authorities should complete the establishment of a regulatory and supervisory framework for deposit-taking institutions proportionate to the risks and the activities they undertake. The impact of public policies has been limited and programs on housing, MSME finance, and agriculture finance would be welcomed to address market gaps, in support of financial inclusion. The financial inclusion agenda also requires a comprehensive strategy on consumer protection regulation and supervision.

Financial infrastructure is the underlying foundation of a country’s financial system. It is comprised of all institutions, information, technologies, rules, and standards which enable financial intermediation. The quality of a country’s financial infrastructure determines the efficiency of intermediation, the ability of lenders to evaluate risk and of borrowers to obtain credit, insurance, and other financial products at competitive terms. This report covers two dimensions of Jamaica’s financial infrastructure: 1) payments, remittances, and securities settlement systems, and; 2) credit reporting systems. This technical note does not provide a detailed assessment of individual payments system in the form of a Report on Observance of Standards and Codes (ROSC), but uses the framework of international standards for carrying out a detailed analysis of the existing systems in Jamaica, including the Committee on Payment and Settlement Systems (CPSS) and International Organization of Securities Commissions (IOSCO) Principles for Financial Markets Infrastructure (PFMIs), the CPSS General Guidance for National Payment System Development, the CPSS-World Bank General Principles on International Remittance Services (GPs), the World Bank General Principles for credit reporting and related methodologies. The information used in the assessment includes relevant national laws, regulations, rules and procedures governing the systems and other available material.

SEPA ali enotno evro plačilno območje je projekt harmonizacije izvedbe in procesiranja plačil malih vrednosti v evrih. Cilj SEPA je narediti plačila v evrih hitra, varna in učinkovita po celi Evropi, kot je to prej veljalo za posamezne nacionalne trge. SEPA tako omogoča izvajanje brezgotovinskih plačil vsakomur, ki se nahaja kjerkoli v Evropi. Izvajanje brezgotovinskih plačil je možno s produkti SEPA. Ti so SEPA kreditna plačila, SEPA direktne obremenitve in SEPA kartice, v pripravi pa so tudi novi, sodobnejši produkti. Pred uvedbo SEPA je bil evropski trg razdrobljen in neučinkovit. Čezmejna plačila so bila počasna in zelo draga v primerjavi s plačili na nacionalnih trgih. Glavni premik k združitvi trgov je predstavljala uvedba skupne valute – evro. A z uvedbo enotnega evro gotovinskega območja potrošniki negotovinskih plačil znotraj skupnega evropskega trga niso mogli izvajati tako preprosto, kot je bilo to v navadi v njihovi državi. Zato je bil obvezen in logičen korav vzpostavitev SEPA, ki omogoča preprosto, hitro, varno in učinkovito uporabo elektronskih plačil malih vrednosti. S projektom SEPA je skupni evropski trg postal veliko konkurenčnejši. V tem delu smo natančneje preučili uvedbo SEPA v dveh državah Evropske skupnosti. Ti sta Slovenija in Belgija. Uvedbo SEPA smo primerjali z vidika organizacije projekta in uvedbe treh glavnih produktov SEPA. Prav tako smo se osredotočili na plačilno infrastrukturo, ki je obvezen pogoj za uspešnost SEPA. Na področju plačilne infrastrukture smo ugotovili največje razlike med obravnavanima državama. Na osnovi primerjalne analize smo ugotavljali, v kateri izmed obravnavanih držav je bila uvedba SEPA hitrejša ter kakšna je bila pri tem pomembnost plačilne infrastrukture in podpora bank. Na osnovi dokumentov Evropske komisije (European Commission) in drugih avtorjev smo pojasnili vzroke za precejšnje časovno zaostajanje uvedbe SEPA in prestavitev končnega datuma. V tem delu smo prišli do zaključkov, da je uvedba SEPA v Sloveniji potekala hitreje kot v Belgiji, kljub razlikam v sami organizaciji projekta, ki je bila v Sloveniji veliko bolj nestabilna in spremenljiva. Iz analize in podatkov je razvidno, da je bančni sektor v Sloveniji zavzet za spremembe in zna zelo hitro odreagirati na področju prilagajanja. Njegova prednost se v primerjavi z belgijskim bančnim sektorjev kaže v majhnosti slovenskega bančnega sektorja. Ugotovljeno je bilo tudi, da sta bili obe obravnavani državi med prvimi, ki sta uspešno zaključili prehod na SEPA na področju SEPA kreditnih plačil in SEPA direktnih obremenitev. Uspešnost projekta SEPA pa je odvisna predvsem od plačilne infrastrukture in podpore bank. SEPA or The Single Euro Payments Area is a project to harmonize the way we implement and process retail payments in euro. SEPA's goal is to make payments in euro throughout the Europe as fast, safe and efficient as it was in particular national markets in the past. SEPA enables customers to make cashless euro payments to anyone located anywhere in Europe, by using SEPA credit transfer, SEPA direct debits and SEPA cards. Also, payment innovations and new, modern products are in preparation. Before the implementation of SEPA European market was fragmented and inefficient. Cross-border payments were slow and very expensive compared to payments in national markets. The main shift to the unification of markets was the adoption of a single currency – the euro. However, with the implementation of the single euro cash area consumers of non-cash payments within the European market could not use it as easily as they could in their country. Therefore, it was mandatory and logical to create SEPA, which allows simple, fast, safe and effective use of electronic retail payments. The European market has become much more competitive with the creation of SEPA. In this master’s thesis, we examined the implementation of SEPA in two countries of the European Union, Slovenia and Belgium. We compared the implementation of SEPA in terms of the organization of the project and the implementation of three main SEPA products. Moreover, we focused on the payment infrastructure, which is a mandatory for the success of SEPA. We also noted a significant difference between Slovenia and Belgium in the field of payment infrastructure. Based on a comparative analysis, we determined the speed of implementing SEPA in the two countries concerned. Also, we determined the importance of the payment infrastructure and support of banks while introducing SEPA in both countries. Based on the documents of the European Commission and other authors, we explained the reasons for the considerable setback of SEPA implementation and the suspense date. We came to the conclusion that the implementation of SEPA was faster in Slovenia, despite the fact that the organization of the project was much more unstable and variable in Slovenia than in Belgium. Analysis and data show that the banking sector in Slovenia is open to changes and adapts. Its advantage in comparison with the Belgian banking sector is its small size. Also, we found that both countries concerned were among the first that successfully completed the migration toward SEPA in the field of SEPA credit transfers and SEPA Direct Debit. It was noted that the success of the SEPA project depends largely on the payment infrastructure and support of banks.

This paper focuses on the triumph march of mobile phones that currently are annexing music players, navigation devices, and cameras as separate physical objects. The next target is set on payment. Through synthesizing available literature, we construct a framework for studying digital payment platforms that combines platform, technology and business design aspects. The framework is applied to conduct a comparative case study of digital payment platforms. Four types of market actors are considered: banks, mobile network operators, merchants, and startups, which are incumbents and disrupters in the payment industry. These actors issue four types of payment systems, and we can observe that three of four platforms types can be classified as multi-sided platforms (MSP). All alternatives seek foothold by issuing evolutionary payment instruments, which are intertwined with digital payment platforms. By hosting third-party services, payment instruments are evolving from single-purpose to multi-functional ones. Our research extends existing payment literature from the MSP perspective to emphasize certain digital payment platform components, which impact strategies and complementary products.

Near Field Communication (NFC) is a promising digital payment technology that is expected to substitute cash. However, despite its potential, NFC-based payment has not reached mass adoption on the customer nor on the merchant side. This paper constructs a preliminary framework for studying digital payment systems and analyzing strategies of current market actors, such as banks, mobile network operators, and merchants. These market actors are identified as incumbents or contenders, and they are currently jockeying for digital payment platform leadership. We analyze three different contactless payment systems implemented or planned by different actors in the European market. When synthesizing our observations, we note that all three multi-sided platforms (MSP) can provide fully functional and technically solid NFC payment systems. All three platforms seek to gain a foothold by subsidizing NFC payment instruments to their existing customer base. In addition, they extend their existing platform with other contactless services, thereby transforming existing cards (SIM or debit) from single-purpose to multi-functional cards. Our research extends existing payment literature from the MSP perspective to accommodate technological developments, where technology (NFC) and platform design impact market actor strategies and complementary products.

This paper focuses on the triumph march of mobile phones that currently are annexing music players, navigation devices, and cameras as separate physical objects. The next target is set on payment. Through synthesizing available literature, we construct a framework for studying digital payment platforms that combines platform, technology and business design aspects. The framework is applied to conduct a comparative case study of digital payment platforms. Four types of market actors are considered: banks, mobile network operators, merchants, and startups, which are incumbents and disrupters in the payment industry. These actors issue four types of payment systems, and we can observe that three of four platforms types can be classified as multi-sided platforms (MSP). All alternatives seek foothold by issuing evolutionary payment instruments, which are intertwined with digital payment platforms. By hosting third-party services, payment instruments are evolving fromsingle-purpose to multi-functional ones. Our research extends existing payment literature from the MSP perspective to emphasize certain digital payment platform components, which impact strategies and complementary products., This paper focuses on the triumph march of mobile phones that currently are annexing music players, navigation devices, and cameras as separate physical objects. The next target is set on payment. Through synthesizing available literature, we construct a framework for studying digital payment platforms that combines platform, technology and business design aspects. The framework is applied to conduct a comparative case study of digital payment platforms. Four types of market actors are considered: banks, mobile network operators, merchants, and startups, which are incumbents and disrupters in the payment industry. These actors issue four types of payment systems, and we can observe that three of four platforms types can be classified as multi-sided platforms (MSP). All alternatives seek foothold by issuing evolutionary payment instruments, which are intertwined with digital payment platforms. By hosting third-party services, payment instruments are evolving from single-purpose to multi-functional ones. Our research extends existing payment literature from the MSP perspective to emphasize certain digital payment platform components, which impact strategies and complementary products.

Mongolia's economy has embarked on a very high, long-term growth trajectory. To realize fully its economic potential, Mongolia needs to build a diversified, efficient and stable financial system, capable of intermediating both on a large scale and in specific market segments. Access to financial services in Mongolia is relatively high when measured by the demographic penetration of branches. The aim of this technical note is to assess the level of access to finance in Mongolia, and especially for Micro, Small and Medium Enterprises (MSMEs), to identify key obstacles to improving access, and to provide recommendations to overcome these obstacles. The technical note is organized as follows. Section one provides a broad overview of the macroeconomic environment and is followed by section two on the status of access to finance in Mongolia. Section three discusses products and market segments. Section four examines the supply of financial services by analyzing the role of key market players. Section five examines the demand for financial services by drawing on enterprise surveys to assess firms perceptions of their access to finance, and analyzes financing conditions for MSMEs. Section six examines obstacles in the regulatory, supervisory framework, and financial infrastructure for access to finance. Section seven describes the main government programs related to access to finance. In conclusion, section eight provides policy recommendations for overcoming obstacles to enhancing access to finance.

V Sloveniji še nismo dobro pozabili prehoda na evro, ko smo se že začeli intenzivno pripravljati na uvedbo enotnega območja plačil v evrih imenovanega SEPA. Temeljni kamen za delovanje enotnega evrskega plačilnega prostora je bil postavljen z Lizbonsko startegijo leta 2000. Ključni element nove strategije je vzpostavitev enotnega plačilnega prostora s spremljajočo zakonodajo in mehanizmi, ki bodo omogočili enake pogoje, preglednost in visoko konkurenčnost poslovanja za vse gospodarske subjekte in državljane Evrope. Območje SEPA lahko opredelimo regionalno in vsebinsko. Regionalno obsega 31 evropskih držav, in sicer 16 evrskih držav, 11 držav EU, ki še niso prevzele evra, ter Švico, Norveško, Liechtenstein in Islandijo. Z vidika storitev pa SEPA obsega kreditna plačila, direktne obremenitve, bančne kartice in gotovino. SEPA prinaša znatne ekonomske učinke in priložnosti, saj bo pospešila konkurenco in inovacijo ter izboljšala pogoje za potrošnike. Potrebno je prilagoditi prakso bančništva ter spremeniti navade udeležencev plačilnega prometa v vseh državah območja SEPA. Cilj SEPA bo dosežen, ko bodo občani, poslovni subjekti in drugi uporabniki plačilnih storitev v bankah plačevali in prejemali plačila v evrih enako učinkovito, enostavno in varno, ne glede na to, ali se bodo taka plačila izvajala znotraj posamezne države EU ali med državami EU. Končni cilj je torej, da postane Evropa do leta 2011 najbolj dinamično in najbolj konkurenčno, na znanju in inovativnosti temelječe gospodarstvo na svetu. SEPA je do leta 2011 živ proces, ki je v nenehnem spreminjanju in dopolnjevanju. Po letu 2011 pa tudi ne bo miru: eSEPA, mobilna plačila, e-račun.. In Slovenia we haven't yet fully forgot the transition to euro when we already started to prepare for introduction of single euro payment area called SEPA. The foundation stone for single payment area was set with Lisbon strategy in year 2000. The key element of new strategy was the setup of single euro payment area together with laws and mechanisms which will allow same conditions, survey and high competition of business for all industrial subjects and inhabitants of Europe. The SEPA area can be defined by region and service. Regional the SEPA consist of 31 European countries, from which there are 16 euro states, 11 which haven't yet changed to euro, Switzerland, Norway, Liechtenstein and Islandy. From point of service the SEPA consist from credit payments, direct load, bank cards and cash payments. The introduction of SEPA brings substantially economical effects and opportunities which will increase competition, innovations and better conditions for end consumers. The goal of SEPA will be reached when all inhabitants, business subject and other users of bank services pay and receive all payments in euro whit same efficiency and safety inside their own country or between states of EU. The end goal of SEPA is that Europe by year 2011 becomes most dynamic and competitive in knowledge and innovation economy in the world. After 2011 the are also possible upgrades of SEPA such as: eSEPA, mobile payments, e-accounts.....

This assessment of the payment systems in Thailand was undertaken in the context of the International Monetary Fund (IMF) and the World Bank Financial Sector Assessment Program (FSAP) exercise for Thailand in January 2007. It covers the Bank of Thailand Automated High-value Transfer Network (BAHTNET), which is a real time gross settlement (RTGS) system. The Bank of Thailand (BOT) conducted a comprehensive self-assessment of BAHTNET observance of the Core Principles for Systemically Important Payment Systems (CPSIPS). It was professionally done and was made available to the mission in advance. The Thai authorities were fully cooperative and all relevant documentation to fulfill the assessment of BAHTNET was provided on time and without difficulties. The logistical support and warm hospitality of the officials of the BOT are greatly appreciated.