Browsing by Subject "payments"

Sort by: Order: Results:

Now showing items 1-10 of 10
  • 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.
  • Bank of Finland (2020)
    Bank of Finland. Annual report
    ANNUAL REPORT 4 MONETARY POLICY 5 FINANCIAL STABILITY 35 MONEY AND PAYMENTS 54 FINANCIAL ASSET MANAGEMENT 70 INFLUENCE AND COOPERATION 80 SOCIAL RESPONSIBILITY 102 ACTIVITIES AND STRATEGY 135 BANK OF FINLAND IN A NUTSHELL 137 THE BANK OF FINLAND FOSTERS ECONOMIC STABILITY 138 DIVISION OF RESPONSIBILITIES BETWEEN MEMBERS OF THE BOARD 141 BANK OF FINLAND OBJECTIVES AND RESULTS FRAMEWORK 144 FINANCIAL STATEMENTS 150 BALANCE SHEET 151 PROFIT AND LOSS ACCOUNT 154 THE BOARD'S PROPOSAL ON THE DISTRIBUTION OF PROFIT 156 ACCOUNTING CONVENTIONS 157 NOTES ON THE BALANCE SHEET 166 NOTES ON THE PROFIT AND LOSS ACCOUNT 195 APPENDICES TO THE FINANCIAL STATEMENTS 208 NOTES ON RISK MANAGEMENT 210 AUDITOR'S REPORT 217 STATEMENT REGARDING THE AUDIT 219 ORGANISATION 222
  • Bank of Finland (2021)
    Bank of Finland. Annual report
    OPERATIONS AND STRATEGY 4 BANK OF FINLAND IN A NUTSHELL 6 BANK OF FINLAND STRATEGY UPDATED IN 2020 7 DIVISION OF RESPONSIBILITIES BETWEEN MEMBERS OF THE BOARD 12 STRONG EXPERTISE IS THE CURRENCY OF STABILITY 15 THE BANK OF FINLAND’S BUDGET FOR 2021 AND OPERATING EXPENSES 20 MANAGING ENVIRONMENTAL IMPACTS: COVID-19 HAS CUT THE BANK OF FINLAND’S EMISSIONS 26 ANNUAL REPORT 29 MONETARY POLICY 30 FINANCIAL STABILITY 67 CASH AND PAYMENTS 91 MANAGEMENT OF FINANCIAL ASSETS 116 ENGAGEMENT AND COOPERATION 138 SUSTAINABILITY AT THE BANK OF FINLAND 165 FINANCIAL STATEMENTS 170 BALANCE SHEET 171 PROFIT AND LOSS ACCOUNT 174 THE BOARD'S PROPOSAL ON THE DISTRIBUTION OF PROFIT 176 ACCOUNTING CONVENTIONS 177 NOTES ON THE BALANCE SHEET 184 NOTES ON THE PROFIT AND LOSS ACCOUNT 211 APPENDICES TO THE FINANCIAL STATEMENTS 222 NOTES ON RISK MANAGEMENT 224 AUDITOR'S REPORT 230 STATEMENT REGARDING THE AUDIT 231 ORGANISATION 234
  • 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.
  • 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.
  • Grym, Aleksi (2018)
    Bank of Finland. Bulletin 2/2018
    In retail banking, the two key services are the provision of credit and management of payment transfers. The revised Payment Services Directive (PSD2), which regulates payment transfers, entered into force in Finland for the most part in January 2018. The purpose of PSD2 is to increase competition, and it has been prepared with the consumer’s interests in mind. In addition to benefits, the revised Directive involves also risks and uncertainties.
  • 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.
  • 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.
  • 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.
  • Kemppainen, Kari (2019)
    Bank of Finland Bulletin. Blog
    I was working last year at the European Central Bank in Frankfurt. My work involved helping to develop a unified European payments market, and I was myself able to benefit from the fruits of unified payments. For instance, I did not open an account with a local bank, but managed my payments easily from my Finnish bank account using the Internet and mobile banking. My salary was paid into my Finnish account, from where I paid my rent and other bills without difficulty.