Browsing by Subject "payment systems"

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  • 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.
  • 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.
  • Mariotto, Carlotta; Verdier, Marianne (2015)
    Bank of Finland Research Discussion Papers 23/2015
    Over the recent years, the development of Internet banking and mobile banking has had a considerable impact on competition in the retail banking industry. In some countries, the regulatory framework has been adapted to allow non-banks to operate in retail payments and compete with banks for deposits. Several platforms or large retailers have started to offer innovative financial products to their customers. In this paper, we survey the issues related to innovation and competition in Internet banking and mobile banking and discuss some perspectives for future research.
  • Virtanen, Jere (2016)
    Bank of Finland. Bulletin 2/2016
    The financial system consists of financial institutions and the market infrastructures that connect them. They are both key to the stability of the system as a whole. The basic assumption is that infrastructures function reliably, and their criticality is noticed only in the event of a disruption. Stability analysis should, therefore, increasingly extend its focus to include both the functioning of infrastructures and their interconnectedness with financial institutions.
  • IIvarinen, Timo; Wirtavuori, Anne (2021)
    Bank of Finland. Bulletin 2/2021
    Payment and settlement systems comprise the financial market infrastructure. A reliable, undisrupted infrastructure makes economic activity a smoother process and promotes the efficient movement of capital. It allows financial institutions to make payments and settle securities transactions. There are also risks involved, however, and if these become widespread, they can affect the stability of the financial markets and society as a whole. Central bank oversight aims to reduce the risks associated with payment and settlement systems.
  • Leinonen, Harry; Saarinen, Veikko (1998)
    Bank of Finland studies. A 101
    Regulation and control of payment system risks can be justified by the fact that, since payment Systems are an integral part of the financial sector infrastructure, disturbances therein can spread widely through the society.The payment system risks that need to be controlled are classified here in the following basic categories: credit risks; liquidity risks; environment risks; clearing and settlement risks; and operating risks.Payment systems subject to supervision are categorized by the payment media used, so that the risk profiles within in each category are as uniform as possible.The report also discussed means of reducing payment system risks. The report scrutinizes in particular the risks inherent in Finnish payment and settlement systems.In Finland overall payment system regulations and norms are based on legislation governing credit institutions, the Bank of Finland and the Financial Supervision Authority as well as on self-regulation.The Bank and the Financial Supervision Authority are jointly responsible for the supervision of Finnish payment systems.The Bank is responsible for controlling systemic risk and for overseeing payment systems as a whole, and the Financial Supervision Authority supervises and monitors individual credit institutions in respect of payment system risks. Because risks are constantly changing, regulation and supervision of payment systems need to be continually updated.As the new operating environment including the European Central Bank and the ESCB unfolds, new features will mark the supervision of payment systems and in general we will see more intense international cooperation in the area of payment systems.
  • Kemppainen, Kari (2017)
    Bank of Finland. Bulletin 2/2017
    New players and practices are taking hold of the payments market. In Europe, these developments are also being driven by legislative amendments, with the revised Payment Services Directive entering into force in 2018. The three key trends in payments are fragmentation of the market, payments going real time and the actual act of payment fading into the background of the process. Amid these changes, the central bank has the task of ensuring reliable and secure payments also in the future.
  • Snellman, Heli (2017)
    Bank of Finland. Bulletin 2/2017
    For a financial system to be reliable, payment systems and securities clearing and settlement systems must operate smoothly. This financial system infrastructure has undergone a radical change in recent years. Finland has become increasingly dependent on international systems in the new millennium. It is therefore important to ensure that, for example, payment transfers and card payments also operate when data connections with other countries are down.
  • Korpinen, Kasperi (2020)
    Bank of Finland Bulletin. Blog
    I had barely joined the Bank of Finland simulator team and was analyzing the potential changes on liquidity needs of merging the Finnish equity and bond settlement systems, when the 2008 financial crisis hit. As an immediate reaction, we were asked by our management to analyze the liquidity and credit risks associated with possible failures of foreign brokerage firms active in the Finnish market. Using our simulator, we ran stress tests for the Finnish securities settlement system and found out that, luckily, the liquidity needs were relatively low, partly due to the high reciprocity of the trades and associated cash flows. Even though the Bank of Finland simulator was originally created for payment system analysis, this is a good example of versatile use cases of the simulation tool.
  • Peltoniemi, Teemu (2020)
    Bank of Finland. Bulletin 4/2020
    The Bank of Finland maintains and develops the common European financial market infrastructure and is a centre of expertise in systems for Finnish and Nordic banks. It also has several different operational roles on the financial markets, for example connected with the management of its own foreign exchange reserves and monetary policy credit operations.
  • Nykänen, Marja (2018)
    Bank of Finland Bulletin. Blog
    Digitalisation holds great promise for new opportunities, but it will also usher in new challenges and risks. Businesses will enjoy lower operating costs and consumers a wider breadth of choice, while cross-sector and cross-border competition will both increase. Service providers will need to make determined efforts and investments in order to keep up amidst the technological change and intensified competition. Regulatory changes will also spur the digital transformation of payments. The revised Payment Services Directive (PSD2) entered into force in early 2018, and its effects are gradually being felt. As payments become quicker and are increasingly relegated to the background of purchase transactions, greater demands will be placed on personal finance skills and financial literacy.