Large value payment systems : principles and present and future developments

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dc.contributor Suomen Pankki Iivarinen, Timo 2014-09-22T07:58:28Z 2014-09-22T07:58:28Z 2004
dc.identifier.isbn 952-462-144-4
dc.identifier.issn 0785-3572
dc.description.abstract The present European large-value payment systems are on the verge of notable changes.Since they comprise the backbone or basic infrastructure of the whole economy, it is important that the changes are monitored and carried out in a very prudent manner. This paper attempts to analyse this change and provide an understanding of where we stand today and outline some possible prospects.The large-value payment systems are described and analysed in general terms.For the sake of comparison some important large-value payment systems outside of Europe are also examined. It seems that there will be significant changes in the payment systems industry in the near future.Options for many areas are still open but some trends are visible.These trends are: economic integration, increasing pressure from the EU and the regulators to form a single domestic market across the whole EU area, rapidly changing regulatory environment, rapid development of IT, outsourcing of the payment system value chain, increasing emphasis on customer point of view and efficiency. Furthermore, the border line between large- and small value payments could become blurred, TARGET2 brings considerable changes to the present situation, the scope of CLS should be extended, SWIFT system will become industry standard both in cross-border and domestic payments.These developments in the EU might mean, from the Finnish point of view, that the development in several places could go backwards. Key words: payment systems, trends, RTGS systems, large-value payments
dc.format.extent 57 s.
dc.language.iso eng
dc.relation.ispartofseries Bank of Finland Research Discussion Papers
dc.subject keskuspankit
dc.subject maksujärjestelmät
dc.subject clearing/settlement
dc.subject EU
dc.subject Eurooppa
dc.subject kansainvälinen
dc.subject SP
dc.subject RTGS
dc.subject TARGET2
dc.subject RM
dc.title Large value payment systems : principles and present and future developments
dc.type Sarjajulkaisu
dc.identifier.urn URN:NBN:fi:bof-20140807415 Suomen Pankin keskustelualoitteita Bank of Finland. Discussion papers
dc.series.year 2004
dc.series.number 13/2004
dc.series.sortingnumber 13 21.9.2004
dc.contributor.orgunit Financial Markets Department

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