Abstract
The paper substantiates that the basis of the effective functioning of banking institutions in conditions of uncertainty is the identification and management of risks inherent in banking activity. Therefore, the purpose of the article is to substantiate the essence of payment systems, their role in ensuring the acceleration of monetary turnover both at the level of a sovereign country and at the international level; and also to study the international experience of central banks and the approaches of experts of the World Bank and the International Monetary Fund regarding the oversight of payment systems in order to ensure their effective functioning. The article defines that the sphere of payment systems belongs to the risky spheres of activity, which are characterized by such types of risks as legal, payment, operational, systemic and financial risks. At the same time, it is emphasized that cyber risk is the component of operational risk and cyber risk is considered as the risk of the implementation of cyber threats against information resources and/or information infrastructure, as well as the consequences of such events. Considering that modern payment systems are intermediaries in the funds’ movement, and, therefore, they are at risk of negative influences, challenges, threats and dangers, that can lead to damaging the national interests of states, it is proposed to consider cyber risk as a separate type of risk of the payment systems functioning.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Change history
18 May 2023
A correction has been published.
References
Principles for financial market infrastructures/CPSS-IOSCO. https://www.bis.org/cpmi/publ/d101a.pdf. Accessed 28 Sep 2022
Kokkola, T.: The payment system Payments, securities and derivatives, and the role of the Eurosystem, no. 369, ECB (2010)
The Verkhovna Rada of Ukraine, On payment services. https://zakon.rada.gov.ua/laws/show/1591-20#Text. Accessed 2022/09/28
Information from the Register of payment systems, settlement systems, participants of these systems and payment infrastructure service operators of the NBU. https://bit.ly/3fmoBzm. Accessed 20 Sep 2022
ISO 20022 implementation in the payment infrastructure of Ukraine. https://bank.gov.ua. Accessed 23 Sep 2022
Kvasnytska, R., Dotsenko, I., Matviychuk, L., Oliinyk, L.: Organization of management of moral risks of banking activity in a modern business environment. In: Alareeni, B., Hamdan, A. (eds.) Sustainable Finance, Digitalization and the Role of Technology. ICBT 2021. LNNS, vol. 487, pp. 243–249. Springer, Cham (2023). https://doi.org/10.1007/978-3-031-08084-5_18
National Bank of Ukraine, Regulations on Procedure for Payment Infrastructure Oversight in Ukraine. https://zakon.rada.gov.ua/laws/show/1132-2010-%D0%BF. Accessed 29 Sep 2022
Methodological recommendations for risk management in payment systems. https://bit.ly/3RmxKFu. Accessed 29 Sep 2022
Methodological recommendations on operational risk management (including cyber risk and business continuity) and ensuring the storage of customer information by payment infrastructure facilities. https://bit.ly/3rhGHW6. Accessed 29 Sep 2022
Trusova, N.V., Chkan, I.O.: Payment systems in Ukraine and the risks of their functioning. Bus. Inform. 1, 257–263 (2021)
Lysenko, S., Bobrovnikova, K., Gaj, P., Sochor, T., Forkun, I.: Resilient computer systems development for cyberattacks resistance. In: CEUR Workshop Proceedings, no. 2853, pp. 353–361 (2021). http://ceur-ws.org/Vol-2853/short41.pdf
The information campaign of the National Bank on payment security #Fraud Goodbye is launched. https://cutt.ly/BVVLyCe. Accessed 29 Sep 2022
Information security policy. https://bit.ly/3Cnkf47. Accessed 29 Sep 2022
JSC OSCHADBANK. https://cutt.ly/kVVLPnG. Accessed 29 Sep 2022
JSC CB PRIVATBANK». https://cutt.ly/TVVXhc8. Accessed 29 Sep 2022
JSC RAIFFEISEN BANK. https://cutt.ly/3VVL4pC. Accessed 29 Sep 2022
JSC UKRSIBBANK. https://cutt.ly/OVVZTWO. Accessed 29 Sep 2022
JSC UNIVERSAL BANK. https://ppt-online.org/931513. Accessed 29 Sep 2022
JSC TASCOMBANK. https://cutt.ly/eVVZ7bm. Accessed 29 Sep 2022
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2023 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this paper
Cite this paper
Kvasnytska, R., Forkun, I., Gordeeva, T. (2023). Modern Challenges of Payment Systems’ Efficient Functioning. In: Alareeni, B., Hamdan, A., Khamis, R., Khoury, R.E. (eds) Digitalisation: Opportunities and Challenges for Business. ICBT 2022. Lecture Notes in Networks and Systems, vol 620. Springer, Cham. https://doi.org/10.1007/978-3-031-26953-0_70
Download citation
DOI: https://doi.org/10.1007/978-3-031-26953-0_70
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-031-26952-3
Online ISBN: 978-3-031-26953-0
eBook Packages: EngineeringEngineering (R0)