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МЕЖДУНАРОДНЫЙ НАУЧНЫЙ ЖУРНАЛ «ИННОВАЦИОННАЯ НАУКА» №7/2015 ISSN 2410-6070 The included in a cluster will allow to the enterprises to get the guarasntees of government of the Saratov area for access to the credits and to attract state subsidies. During literate realization of idea of suckling cluster of risks will be equipartition between his participants, and all will win from partnership.
Literature:
1. Tsikhan T.V. A cluster theory of economic development // is Theory and practice of upravleniya.-2005.-№ 5.-p.74.
2. http://www.rg.ru/2015/02/02/reg-ufo/klaster.html
3. Statistical collection - it is Saratov: the Territorial organ of Federal service of state statistics on the Saratov area, 2015. - 180 p.
©A.A.Bobrysheva, 2015
УДК336
A.N. Erykhailova
Student of Credit Faculty, Financial University under the Government of Russian Federation
Research Advisor: A.B. Bass, PhD in Economics, Associated Professor, Department of Monetary Relations & Monetary Policy Financial University under the Government of Russian Federation
Moscow, Russia
RISKS OF USING INTERNATIONAL PAYMENT SYSTEMS IN THE RUSSIAN BANKING SYSTEM
Abstract
This article describes the situation in the area of risks of using international payment systems in domestic banking system and a possible disconnect of Russian banks from the SWIFT system, the possibility of using similar SWIFT systems for information transmission for cross-border operations.
Keywords
Risks of international payment system, SWIFT system, payment cards, national payment system.
The imposition of sanctions against Russia, including restrictions for a number of banks to make operations with the use of international payment systems (IPS) Visa and MasterCard, as well as calls to disconnect Russian banks from the SWIFT system, which are proposed by political figures and structures of the EU and the US, revealed the risks associated with the operation of the international payment services’ providers within the framework of the national payment system.
Today, the Bank of Russia registered 30 payment systems. Within the frame of 11 payment systems, operations with use of payment cards are carried out. The largest payment processors, engaged in the transfer of funds using payment cards, are subsidiaries of MPs — Visa and MasterCard, which account for predominant part of the more than 200 million cards issued by Russian banks.
This situation and the lack of a single operational payment clearing center on the national level, which could, independently from the IPU, carry out processing operations conducted on the territory of Russia with the use of payment cards (issued, including MEAs), has led to the risk of suspension of operating services and payment clearing services of the Russian participants of the IPU.
The above mentioned situation has led to the adoption of the Federal law dated 05.05.2014 No. 112-FZ "On amending the Federal law "About national payment system" and certain legislative acts of the Russian Federation", developed with the direct participation of Bank of Russia. This law is primarily aimed at ensuring continuity of the provision of payment services under the payment systems functioning on the territory of the Russian Federation. [1]
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This Federal law provides formation of the national system of payment cards (NSPC), establishes contractual obligations for operators of payment services’ infrastructure to be located and perform all functions on the territory of the Russian Federation, and also introduces the liability of operators of payment systems for unilateral suspension (termination) of provision of payment infrastructure services to the participant (participants) of the payment system and its (their) customers in the form of a fine.
In the framework of the activities of the Bank of Russia on formation of NPS’s OJSC "NPCs" is registered, which is the operator of the same payment system; a roadmap for the formation of NPCs is approved, the strategy of the development of NSPC is developed, a preliminary agreement on cooperation with participants of the market of payment cards has been reached, works on creation of the technological platform of the NPCs are carried out.
Consistently possibilities for providing market participants from OPKC services for the processing of transactions conducted using payment cards, issuance their own payment cards of the NPCs, formation of the multifunctional product line of payment products and services, NPCs, allowing it to be competitive with the IPU, would be given.
Calls to disconnect Russian banks from the SWIFT system now is opposed by a number of factors. SWIFT is an international interbank system of secure exchange of financial interactions and a number of its offices operates in the Russian Federation. Participants in the SWIFT network are more than 10 thousand banks, financial institutions, including nearly 600 Russian banks. According to SWIFT, domestic traffic for 2013 amounted to about 50 million messages, while the vast majority was related to the transfer of funds between Russian banks; the traffic between Russian and foreign participants of the SWIFT network amounted to more than 35 million messages.
The Bank of Russia acts in relation to SWIFT as a user (participant in the SWIFT network). The exchange of electronic messages between Bank of Russia and CLS Bank International, as well as credit institutions that are participants in the CLS system, will be carried out via communication channels provided by SWIFT. [2]
Domestic traffic between the Russian banks using the SWIFT network is less than 1% of the total number of messages in the payment system of the Bank of Russia (about 1 340 million payments in 2013). Respectively, in case of impossibility of making domestic transfers in Russian rubles, with the use of SWIFT's, their implementation through the payment system of the Bank of Russia is possible. To conduct domestic transfers in foreign currency, Russian banks can exchange messages using backup technologies, in addition, there is currently a possibility of using for these purposes the existing technologies used by the Bank of Russia for sending messages. Currently ways to create a system of transmission of financial messages are examined; the results would define a roadmap.
Given the importance of the SWIFT network for international transactions, including its use as part of the technical part of the project inclusion of the ruble in the currency system CLS, of importance is the consistent strengthening of Russia-related international relations. In this regard, the Bank of Russia in 2012 entered into a joint Forum on monitoring SWIFT (it brings together the regulators of the financial sector of countries which are members of its network), acting under the leadership of the National Bank of Belgium. [3]
Risks from using SWIFT in terms of cross-border transactions with Russian participants are also reduced on the background of statements by SWIFT that the EP resolution, which states the possibility of excluding Russia from the international payment system SWIFT, contravenes European legislation, based on the Charter of the European Union.
The requirements of the European Parliament on the possible shutdown of the Russian users are also contrary to the law of the SWIFT on the conduct of its business and damages the reputation of the company. In a statement, SWIFT once again emphasized that the company's mission is to be a global and neutral service provider in the financial industry.
However, the issue of cross-border payments remains open and cannot be solved solely through the efforts of the Russian Federation, its solution requires consultation with other countries.
Due to the perceived risk of disabling Russian banks from the SWIFT system, the Bank of Russia jointly with the national systemically important banks and infrastructure organizations began to study the possibility of using a similar SWIFT systems transfer of financial messaging for cross-border operations.
One of the main possible similar channels of transmitting messages between credit institutions may act as the “Bank-Client” that is installed and operates in relation with major foreign settlement correspondent banks.
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However, it should be noted that the complexity of the transition to the "Bank-Client" exists, which lies in that most of correspondent banks in practice don’t use this system or use it exclusively for corporate clients. At the same time, a number of foreign correspondent banks expressed their willingness to connect to the system.
Currently, a number of credit institution are verifying the “Bank-Client” system for any required modifications to internal procedures so that, if necessary, the channel may be put into operation.
The second channel of transmission of payment messages is the use of a Fax, representing telecommunications technology to transfer images to electrical signals. However, in practice, foreign correspondent banks, facsimile transmission of long messages is not used, since it is capable of transferring only small amounts of information. However, the use of Fax as a backup channel for the transmission of payment messages is possible and can be started after the conclusion of additional agreements with foreign correspondent banks with the condition of verification of the sender of the payment.
The third method of conducting a payment transaction may be Telex, which is based on the functioning of the network of international telegraphy. The speed and scale of data transfer by this way of interaction is close to the Fax, so also is not currently used in the international transmission of financial information. However, this system of payment is considered by the Bank of Russia as one of the backup options to convert domestic payments in foreign currency between Russian banks. In addition, for the transition to the use of telex also speak several Chinese correspondent banks.
Thus, currently all available correspondent relationships to ensure automatic export and import of payment documents in cross-border operations are being analyzed.
References:
1 Federal law of 05.05.2014 No. 112-FZ "On amending the Federal law "About national payment system" and certain legislative acts of the Russian Federation".
2 Central Bank of the Russian Federation. Payment and settlement systems. The international experience. Innovations in retail payments. - M., 2014. Edition 43.
3 S.V. Krivoruchko, V.A. Lopatin. National payment system: structure, technology, regulation M, KnoRus, 2013.
© A. N. Erykhailova, 2015
УДК336
I.V. Paskova
Student of Credit Faculty, Financial University under the Government of Russian Federation
Research Advisor: A.B. Bass, PhD in Economics, Associated Professor, Department of Monetary Relations & Monetary Policy Financial University under the Government of Russian Federation
Moscow, Russia
INFLATION TARGETING: POSSIBILITIES OF USING FOREIGN EXPERIENCE IN
THE RUSSIAN PRACTICE
Abstract
The article describes the main provisions of the policy of inflation targeting, used by central banks of many countries; also, it outlines the features and complexity of the application of inflation targeting in domestic practice.
Keywords
The policy of inflation targeting, Central Bank, inflation expectations, monetary policy, interest rates.
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