Browsing by Subject "maksut"

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  • Heikkinen, Päivi (2009)
    Suomen Pankki. BoF online 2/2009
    A great number of mobile payment schemes exist in the market. This paper suggests a framework, based on payment type and technology, to classify mobile payment schemes. The framework supports a definition of mobile payments as a way to use existing payment instruments. Based on the framework, mobile payments' success factors from the payer and payee viewpoints are discussed. In the mobile payments value chain, both banks and mobile operators are critical players, but their business cases are not self-evident. This paper aims at contributing to central banks' need to better understand the functioning of mobile payment schemes and mobile payment markets.
  • Bank of Finland (2021)
    Bank of Finland. Bulletin 2/2021
    Payments are changing. In the same way that technological progress influences so many of the day-to-day activities of households and businesses, it affects how we make payments. 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.
  • Kemppainen, Kari (2005)
    Bank of Finland Research Discussion Papers 19/2005
    This paper considers effects of price regulation in retail payment systems by applying the model of telecommunications competition by Laffont-Rey-Tirole (1998).In our two-country model world there is one retail payment network located in each country and markets are segmented à la Hotelling.We show that the optimal price under price regulation is the weighted average of pre-regulation domestic and cross-border prices where the degree of home-bias in making payments serves as the weight.Furthermore, we find that the general welfare effects of price regulation are ambiguous: gross social welfare is higher under price discrimination than under price regulation in the special case where costs of access to banking services (transportation costs) are high.However, there also exist cases where prohibitively high transaction costs make price discrimination to reduce total welfare.Finally, if transportation costs are reduced sufficiently, segmentation of payment markets is eliminated.Markets then become fullyserved as in the original Laffont-Rey-Tirole model, suggesting that price discrimination would be beneficial for welfare. Key words: payment systems, price regulation, retail payments JEL classification numbers: D49, G28, L59
  • 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.
  • Bank of Finland (2018)
    Bank of Finland. Bulletin 2/2018
    Rising household debt poses risk to the economy 3 Financial stability: Lowering the loan cap will reduce the risks associated with debt 5 Wide regional disparities in Finnish house prices and household indebtedness 20 The Finnish real estate investment market 27 Household indebtedness contributing to corporate loan losses 37 Instruments designed to mitigate indebtedness 47 Progress in work to complete Banking Union 53 Nordic banks go digital 60 Systemic risk buffer protecting the banking sector under difficult conditions 68 Effects of the revised Payment Services Directive: first assessment 72 Digitalisation poses new security challenges for payment systems 76
  • Bank of Finland (2019)
    Bank of Finland. Bulletin 2/2019
    Table of Contents Editorial: Rising household debt levels must be addressed in time 3 Financial stability: Debt must be measured against repayment capacity 6 The highly indebted cut spending as the economy slows 25 Capping debt-to-income ratios complementary to housing loan cap 34 New methods needed to rein in consumer credit 41 Corporate credit risk affected by business cycles and industry factors 47 Finnish commercial property market increasingly intertwined with foreign markets 57 The impact of digitalisation on bank profitability 66
  • Iivarinen, Timo (2006)
    Bank of Finland. Financial market report 1
    To promote the Single Euro Payments Area, Finnish banks published a SEPA implementation and migration plan on 15 March 2006. This national migration plan presents an overview of what transferring to a single payments area will mean to Finns. The plan is posted on the websites of banks, the Finnish Bankers Association, and the Bank of Finland.9
  • Jyrkönen, Hanna; Paunonen, Heli (2003)
    Suomen Pankin keskustelualoitteita 8/2003
    Retail payment methods are in a stage of rapid development.New service providers and technological developments enable new payment services through a variety of channels.Payment solutions are being developed based eg on the Internet and on mobile phones. Presumably, the use of paper-based payment instruments will decrease further in the future thanks to electronification in the retail payment area. In this paper we focus on card payments in Finland and certain other countries.We also look at Internet- and mobile-based payments and discuss some of the challenges related to the new solutions.The paper ends with a brief discussion of recent changes in Finnish legislation in connection with retail payments. Key words: retail payments, payment cards, Internet payments, mobile payments
  • Arango, Carlos; Bouhdaoui, Yassine; Bounie, David; Eschelbach, Martina; Hernandez, Lola (2015)
    Bank of Finland Research Discussion Papers 22/2015
    Despite various payment innovations, today, cash is still heavily used to pay for low-value purchases. This paper proposes a simulation model based on two optimal cash management and payment policies in the payments economics literature to explain cash usage. First, cash is preferred to other payment instruments whenever consumers have enough balances at hand. Second, it is optimal for consumers to hold a stock of cash for precautionary reasons. Exploiting survey payment diaries from Canada, France, Germany and the Netherlands, the results of the simulations show that both optimal policies are well suited to understand the high shares of low-value cash payments in Canada, France and Germany. Yet, they do not perform as well in the case of the Netherlands, overestimating the share of low-value cash payments. We discuss how the differences in payment markets across countries may explain the limitations of the two optimal policies.
  • Markkula, Tuomas; Takalo, Tuomas (2021)
    BoF Economics Review 8/2021
    Declining ATM numbers pose a challenge for competition policy and financial regulatory authorities. In this report we review the Finnish experience of regulating the competition in the ATM industry. To analyze the Finnish developments we extend the model of Kopsakangas-Savolainen and Takalo (2014), and draw on the existing literature and benchmarks from the selected other countries. We document how changes in the ATM market regulation and market structure has decoupled the ATM network size from the declining cash use in Finland. The Finnish regulation has almost exclusively focused on foreign fees, while in general it would be better to regulate interchange fees. If the optimal fee regulation is not feasible, the authorities could also consider quantity regulation.
  • Kopsakangas-Savolainen, Maria; Takalo, Tuomas (2012)
    Bank of Finland Research Discussion Papers 32/2012
    Published in Review of Network Economics
    We build a simple model to study service fee competition between an incumbent and an independent ATM deployer, and its optimal regulation. We use the model to analyze an actual regulation of such a market by competition authorities in Finland. We find that socially optimal first-best fees would imply negative profits for the independent deployer, calling for a Ramsey regulation. While the Finnish regulation pushes the foreign fee downwards towards its socially optimal level, the regulated fees are likely to remain too high from the welfare point of view. In contrast with the actual regulation, it would be essential to regulate the independent deployer's interchange fee, as the incumbent deployer internalizes the effect of its foreign fee on consumer usage of the rival's network and has little incentive for foreclosure.
  • Tarkka, Juha (1989)
    Bank of Finland Research Discussion Papers 26/1989
    This paper presents a partial equilibrium model of the determination of deposit rates of interest and bank service charges in a competitive banking industry. It is shown that uncertainty regarding the future use of transactions services can cause a positive. interest rate margin on deposits, and below-cost pricing of transactions services. This contrasts with existing literature which has explained the existence of "implicit interest" as a consequence of interest rate ceilings or non-neutral taxation.
  • Iivarinen, Timo; Pullinen, Erja (2013)
    Bank of Finland. Financial market report 1
    A joint working group of European national central banks and supervisors, the European Forum on the Security of Retail Payments, requests by means of a public consultation, feedback on recommendations on access to payment accounts. The recommendations are aimed at enabling information and payment services linked to customers' accounts and ensuring the security of these services.
  • Nisén, Anne (2013)
    Bank of Finland. Financial market report 2
    Quick and easy payment methods are gaining popularity. Consumers are already accustomed to paying for purchases by card and invoices online. The latest payment trends seem to be to contactless and mobile payment.
  • Heikkinen, Päivi (2018)
    Bank of Finland Bulletin. Blog
    The near field communication (nfc-) technology has been available for quite some time, and we have predicted its triumph already for years. Introducing new technology in two sided markets is tricky. Two sided markets mean that both sides of the market – in this case the consumers who make the payments as well as the merchants who are the payees, must have sufficient preparedness to use new technology before its adoption becomes profitable. In Finland, some retail chains had latent nfc implemented in their payment terminals, but hesitated to start accepting nfc payments as the penetration of nfc-enabled payment cards was still too low. As there were very few nfc-enabled payment terminals, payment card issuing banks didn’t have the incentive for a big bang renewal of plastic, but provided nfc-chip cards to their customers gradually, in accordance with the normal renewals. Hence, the high expectations took 4–5 years to realise. Year 2017 shows, that nfc is really taking off in the Finnish market.
  • Nisén, Anne (2013)
    Bank of Finland. Financial market report 1
    Banks operating in Finland implemented the changes necessitated by the Single Euro Payments Area (SEPA) in credit transfers among the first countries in Europe. The transition phase increased disruptions in payment transmission, and their underlying causes are yet to be completely rectified.
  • Sintonen, Meri; Takala, Kari; Hellqvist, Matti; Liikanen, Jenni (2021)
    Bank of Finland. Bulletin 2/2021
    The COVID-19 pandemic has accelerated changes in the use of payment methods in Finland. Nearly half of Finns have reduced their use of cash during the pandemic, and most believe that their use of cash has decreased permanently. Contactless and mobile payments as well as online shopping had already grown in popularity, but due to the COVID-19 pandemic people have begun to use them more widely. Nevertheless, even today cash remains an important means of payment for many people, and it still serves as a fall-back in the event of disruptions to electronic payments.
  • Leinonen, Harry (2011)
    Bank of Finland Research Discussion Papers 3/2011
    Published in European Competition Journal, Volume 7, No 3, December 2011: 527-557
    Cards and cash are competing payment instruments at point-of-sale. The twosided market platform theory, based on general benefit assumptions, supports the use of multilateral interchange fees for card payments as a means of promoting the use of cards. However, analysis of the issue from the concrete processing cost viewpoint leads to the opposite conclusion: collection of debit card interchange fees by issuers results in subsidisation of cash and so actually promotes the use of cash instead of cards. Banks use card interchange revenues to cover cash distribution costs. For merchants, interchange fees increase payment costs and thus reduce the possibilities to pass through to customers the cost savings flowing from card efficiency. Moreover, because of high merchant fees due to high interchange fees, merchants are also more reluctant to accept payment cards. An MIF based on the tourist level approach will result in all parties being indifferent between cash and cards and thereby delay the realisation of the cost benefits of increased debit card usage. The resent actions of authorities to increase transparency and reduce cross-subsidisation seem to point in the right direction towards more efficient resource allocation in payments.
  • Hellqvist, Matti; Laine, Tatu (2012)
    Suomen Pankki. E 45
    Chapter 1 Matti Hellqvist - Tatu Laine Introduction 9 Chapter 2 Klaus Abbink - Ronald Bosman - Ronald Heijmans - Frans van Winden Disruptions in large value payment systems: An experimental approach 15 Chapter 3 Edward Denbee - Rodney Garratt - Peter Zimmerman Methods for evaluating liquidity provision in real-time gross settlement payment systems 53 Chapter 4 Ronald Heijmans - Richard Heuver Is this bank ill? The diagnosis of doctor TARGET2 77 Chapter 5 Tatu Laine - Tuomas Nummelin - Heli Snellman Combining liquidity usage and interest rates on overnight loans: an oversight indicator 119 Chapter 6 Ronald Heijmans - Richard Heuver - Daniëlle Walraven Monitoring the unsecured interbank money market using TARGET2 data 135 Chapter 7 Luca Arciero Evaluating the impact of shocks to the supply of overnight unsecured money market funds on the TARGET2- Banca d'Italia functioning: a simulation study 169 Chapter 8 Ashwin Clarke - Jennifer Hancock Participant operational disruptions: the impact of system design 193 Chapter 9 Horatiu Lovin Systemically important participants in the ReGIS payment system 219 Chapter 10 Marc Pröpper - Iman van Lelyveld - Ronald Heijmans Network dynamics of TOP payments 235 Chapter 11 Carlos León - Clara Machado - Freddy Cepeda - Miguel Sarmiento Systemic risk in large value payments systems in Colombia: a network topology and payments simulation approach 267 Chapter 12 Horatiu Lovin - Andra Pineta Operational risk in ReGIS - a systemically important payment system 315 Chapter 13 Robert Oleschak - Thomas Nellen Does SIC need a heart pacemaker? 341 Chapter 14 Robert Arculus - Jennifer Hancock - Greg Moran The impact of payment system design on tiering incentives 379 Chapter 15 Martin Diehl - Uwe Schollmeyer Liquidity-saving mechanisms: quantifying the benefits in TARGET2 411 Chapter 16 Biliana Alexandrova-Kabadjova - Francisco Solís-Robleda The Mexican experience in how the settlement of large payments is performed in the presence of high volume of small payments 431