Browsing by Subject "vähittäismaksut"

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  • Kemppainen, Kari (2020)
    Journal of Payments Strategy & Systems 4 (Winter 2020)
    Changing consumer expectations are shaping the retail payments market at the global level. Within the European Union, the renewed regulatory framework, the revised Payment Services Directive, gives a further boost by fostering innovation and com-petition in the European retail payments market. In this evolving payment landscape, assessing the current state and forecasting potential development paths may benefit from a look at the past.This paper reviews past developments, discusses potential regulatory implications, and outlines a vision of future developments in the European retail payments market. It concludes that an evolutionary path is more likely than a revolutionary one. Regarding the future regulatory framework for retail payments, it proposes that the movement from entity-based towards more activity-based regulation should be continued.
  • Kemppainen, Kari (2003)
    Bank of Finland. Bulletin 77 ; 3
  • Kemppainen, Kari (2017)
    Journal of Payments Strategy & Systems 1
    Digitalisation is shaping almost every sector of the economy, enabling new ways of doing things, not merely digitising old, often manual, processes. Numerous new digital payment applications have emerged in retail payment markets, but the underlying payment infrastructures have remained almost unchanged. However, it is expected that technological advances combined with increasing competition enhanced by regulatory changes will shape retail payment markets in the coming years. With this evolving new environment will come new requirements, most notably for the authorities responsible for safeguarding the security, reliability and efficiency of payments. To analyse this challenge, this paper first reviews the theoretical framework that can be applied in examining the development of retail payment markets. Based on this, it outlines possible policy actions for the authorities. Secondly, it assesses the roles of authorities in practice, focusing on their position as catalyst for development in the European and national payment landscapes. Finally, it draws policy conclusions, emphasising the importance of multi-stakeholder cooperation bodies involving both payment service users and providers as well as relevant authorities.
  • Kemppainen, Kari (2012)
    Suomen Pankki. Rahoitusmarkkinaraportti 2
    Vähittäismaksamisen maittain eroavat kustannukset ovat yhtenäisen euromaksu-alueen edetessä nousseet julkisen keskustelun aiheiksi. Euroopan keskuspankki pyrki lisäämään näihin kustannuksiin liittyvää tietoutta toteuttamalla yhteiseurooppalaisen kustannusselvityksen, jonka tulokset julkaistiin lokakuun alussa.
  • Kemppainen, Kari; Miettinen, Pasi; Terho, Jussi (2021)
    Euro & talous 2/2021
    Teknologian kehittyminen on kiihdyttänyt vähittäismaksamisen muutosta. Eurooppaan luotu yhtenäinen euromaksualue ja yhteisten eurooppalaisten maksustandardien käyttöönotto ovat olleet merkittäviä askeleita maksamisen kehityksessä viime vuosina. Myös alan sääntelyä on harmonisoitu. Tapahtunut kehitys ei kuitenkaan vielä vastaa teknologian tuomiin mahdollisuuksiin. Siksi Euroopan keskuspankki ja Euroopan komissio ovat nostaneet eurooppalaisen vähittäismaksamisen ja sen kilpailukyvyn parantamisen yhdeksi kärkihankkeekseen tulevina vuosina. Eurooppalaiset vähittäismaksustrategiat antavat suuntaviivat kehitykselle, joka mahdollistaa kuluttajille turvallisen ja yhtenäisen eurooppalaisen maksamisen erityisesti kaupan yhteydessä.
  • Kemppainen, Kari (2012)
    Bank of Finland. Financial market report 2
    As the Single Euro Payments Area moves ahead the considerable differences between countries in the costs of retail payments have become a subject of public debate. To increase knowledge on these costs, the European Central Bank conducted a pan-European cost study, the results of which were published in early October.
  • Leinonen, Harry (2009)
    Suomen Pankki. Yleistajuiset selvitykset. A 113
    This publication consists of seven studies on retail payment issues presented as preliminary versions at the annual Bank of Finland Payment Habits Seminar in 2008. Interest in retail payment services has recently been growing at a fast pace among authorities and the general public. For this, there are several reasons: developments in technology, changes in the competitive framework and globalization. Authorities have become increasingly concerned about the efficiency and standardization issues of retail payments. A key topic of research appears to be the extent to which the payment habits of the general public can and should be switched to options that are more efficient for the society as a whole, as well as the means of achieving this. The current marketing setup seems to bias customers against change and to promote the use of legacy solutions and old habits instead of the modern solutions. However, recent trends for change seem to be pointing in new directions for the evolution of payment habits. Keywords: payment services, payment costs and pricing, card payments, electronic and mobile payments JEL classification numbers: G10, G18, F15, H4, L86, 033
  • Heikkinen, Päivi; Välimäki, Tuomas (2021)
    Bank of Finland. Bulletin 2/2021
    Payments are a basic function in society, the lifeblood of economic activity; if disrupted, this could bring society to a total standstill. It matters how payment services and the systems executing these services are designed, how they are managed and what costs are involved. New types of services enabled by technological progress, increasing competition as a result of deregulation and risks related to the digital environment have an impact on both payment services and the underlying arrangements. The coronavirus pandemic has irreversibly changed how we live during the past year and has accelerated many long-brewing developments. The future of payments may arrive sooner than anticipated just one year ago.
  • Hellqvist, Matti; Korpinen, Kasperi (2021)
    BoF Economics Review 7/2021
    The amount of central bank money, or liquidity, needed to settle payments, depends on the way the settlement is organized. It is largest when payments are settled individually on gross basis and smallest with settlement in one big netting cycle. Retail payments are increasingly processed in instant payment schemes and systems. We evaluate how the result of this transition affects the liquidity needs of the Finnish banks. For the analysis we generate artificial transaction level data, which mimics the Finnish retail payment flows processed in the STEP2 system. This allows us to estimate the difference between the liquidity needs for the settlement in a cycle based model and in a full instant payment mode. We also present a regression model for the bank level additional liquidity needs. A full migration to instant payments is expected to cause only a small aggregate increase in the liquidity needs. However, the variations between banks or between days can be significant and emphasize the need of liquidity bufers.
  • Kemppainen, Kari (2003)
    EURO & TALOUS 3
    Tehokkaiden vähittäismaksujärjestelmien luominen on tärkeä osa Euroopan rahoitusmarkkinoiden integraatiota.Maksujärjestelmien verkostoluonteen vuoksi yhteistyö palveluntarjoajien kesken on olennaista tehokkaan infrastruktuurin luomisessa. Maksujärjestelmien sääntelijöiden tulee ottaa tämä yhteistyön tarve huomioon, mutta samanaikaisesti myös taata tasapuoliset kilpailuolot kaikille maksupalveluiden tuottajille.
  • Heikkinen, Päivi; Välimäki, Tuomas (2021)
    Euro & talous 2/2021
    Maksaminen on yhteiskunnan perustoiminto, taloudellisen toiminnan verenkierto, joka häiriintyessään voi aiheuttaa jopa sydämen pysähtymisen. Ei ole yhdentekevää, miten maksupalvelut ja niitä toteuttavat maksujärjestelmät on rakennettu, miten niitä hallinnoidaan ja millaisia kustannuksia niihin sisältyy. Teknologian kehityksen mahdollistamat uudenlaiset palvelut, sääntelyn avaama kilpailu sekä digitaaliseen ympäristöön liittyvät riskit vaikuttavat sekä maksamisen palveluihin että niiden taustajärjestelyihin. Pandemia, joka kuluneen vuoden aikana on ratkaisevasti muuttanut ihmisten elämää, on kiihdyttänyt monia kehityskulkuja. Maksamisen tulevaisuus tulee nopeammin kuin ehkä vielä vuosi sitten ajattelimme.
  • Heikkinen, Päivi (2020)
    Euro & talous. Blogi
    Pikamaksaminen, eli maksun tietojen ja katteen siirtyminen maksajalta maksun saajan tilille sekunneissa, on globaali trendi maksujärjestelmien kehityksessä. Euroopan Keskuspankin (EKP) ja Euromaksualueen vähittäismaksuneuvoston (ERPB) aloitteesta yhteiseurooppalainen SEPA-pikasiirtostandardi (SCT Inst) otettiin käyttöön jo vuonna 2017. Pankit rakensivat pikamaksamisen mahdollistavia järjestelmiä, joista laajimmaksi on kehittynyt EBA RT1-järjestelmä. EKP toi kaikkien keskuspankkitilin omaavien pankkien käyttöön oman TARGET Instant Payment Settlement (TIPS) pikamaksujen välitysmekanismin vuonna 2018. Kaikesta päätellen eurooppalainen maksaminen olisi voinut reaaliaikaistua jo pari vuotta sitten.
  • Heikkinen, Päivi (2011)
    Bank of Finland. Financial market report 2
    In Finland, we are used to making payments through our bank accounts, either as credit transfers via online facilities or by using payment cards at shops. We seldom use cash, except for very small payments. Payment services related to bank accounts constitute an essential element of our everyday life. Production of payment services requires that banks have in place large systems and the necessary resources for their maintenance and development. According to a cost study, the results of which will be published shortly, production of payment services is in general unprofitable for banks and these services are financed out of revenues from other banking operations.
  • Hasan, Iftekhar; De Renzis, Tania; Schmiedel, Heiko (2012)
    Bank of Finland Research Discussion Papers 19/2012
    This paper examines the fundamental relationship between retail payments and overall economic growth. Using data from across 27 European markets over the period 1995-2009, the results confirm that migration to efficient electronic retail payments stimulates overall economic growth, consumption and trade. Among different payment instruments, this relationship is strongest for card payments, followed by credit transfers and direct debits. Cheque payments are found to have a relatively low macroeconomic impact. Retail payment transaction technology itself is also associated positively to real economic aggregates. We also show that initiatives to integrate and harmonise retail payment markets foster trade and consumption and thereby have a beneficial effect for whole economy. Additionally, the findings reveal that the impact of retail payments on economic growth is more pronounced in euro area countries. Our findings are robust to different regression specifications. The study supports the adoption of policies promoting a swift migration to efficient and harmonised electronic payment instruments. Keywords: retail payments, economic growth, financial development JEL classification: G20, G21
  • Hasan, Iftekhar; Schmiedel, Heiko; Song, Liang (2010)
    Bank of Finland Research Discussion Papers 3/2010
    Published in Journal of Financial Services Research, Volume 41, Number 3 (2012): 163-195
    The European banking industry joined forces to achieve a fully integrated market for retail payment services in the euro area: the Single Euro Payments Area (SEPA). Against this background, the present paper examines the fundamental relationship between retail payment business and overall bank performance. Using data from across 27 European markets over the period 2000 2007, we analyse whether the provisions of retail payment services are reflected in improved bank performance, using accounting ratios and efficiency measures. The results confirm that banks perform better in countries where the retail payment service markets are more highly developed, and the relationship is stronger in countries with a relatively high adoption of retail payment transaction technologies. Retail payment transaction technology can itself also improve bank performance, and statistical evidence shows that heterogeneity in retail payment instruments is associated with enhanced bank performance. Similarly, a higher usage of electronic retail payment instruments seems to stimulate banking business. We also show that retail payment services have a more significant impact on savings and cooperative bank performance, although they do also have a positive influence on the performance of commercial banks. Additionally, our findings reveal that the impact of retail services on bank performance is dominated by fee income. Finally, an effective payment service market is found to be associated with higher bank stability. Our findings are robust to different regression specifications. The results may also be informative for the industry when reconsidering its business models in the light of current financial market developments
  • Virtanen, Jere (2014)
    Suomen Pankki. BoF online 2/2014
    1 Introduction 3 2 Significance of Retail Payments 4 3 Characteristics of the SEPA Project 6 3.1 Vision behind and the stakeholders involved 6 3.2 Payment instruments and new payment schemes 8 3.3 Standardization and technical requirements 11 3.4 Timeline and implementation 12 4 Realization of the SEPA Project 17 4.1 Payments market integration 17 4.1.1 Fragmented payment habits 17 4.1.2 Development of cross-border retail payments 20 4.2 Increased overall efficiency 22 5 Conclusion and Implications for Finland 24 References 27 List of abreviations 30 Annex 31
  • Takala, Kari (2020)
    Euro & talous. Blogi
    Euroopan keskuspankki on 2019 selvittänyt vähittäismaksamista euroalueella kattavin kuluttajakysely-tutkimuksin (ks. EKP:n tutkimuksen suomenkielinen tiivistelmä). Lisäksi kuluvana vuonna on selvitetty erikseen koronaviruspandemian vaikutuksia eri maksutapojen käyttöön suppeammalla kyselyllä heinäkuussa 2020. Edellinen vastaava tutkimus julkaistiin vuonna 2017 ja se perustui vuosina 2015–2016 kerättyyn tietoon.
  • Leinonen, Harry (2001)
    EURO & TALOUS 2
    Pankeilla on vähittäismaksujärjestelmien kehittämisessä kolme merkittävää haastetta: pankkien ja asiakkaiden järjestelmien integrointi, uuden tekniikan hyödyntäminen järjestelmien tehostamiseksi ja pankkijärjestelmien kansainvälinen standardointi ja 1 integrointi.
  • Heikkinen, Päivi (2011)
    Suomen Pankki. Rahoitusmarkkinaraportti 2
    Suomalaisina olemme tottuneet hoitamaan maksamme pankkitililtä, joko tilisiirtona verkkopankin kautta tai maksukortilla kaupassa. Käteistä käytämme harvemmin, etupäässä pieniin maksuihin. Pankkitiliin liittyvät maksupalvelut kuuluvat oleellisena osana arkeen. Maksupalveluiden tuottaminen edellyttää pankeilta mittavia järjestelmiä, joiden ylläpito ja kehittäminen vaativat resursseja. Pian ilmestyvän selvityksen mukaan maksupalveluiden tuottaminen on pankeille pääasiassa tappiollista, ja nämä palvelut rahoitetaan muilla pankkitoiminnan tuotoilla.