Academic literature on the topic 'Payment institution'
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Journal articles on the topic "Payment institution"
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Dostov, Victor L., Pavel M. Shust, and Pavel V. Pimenov. "Prospects for the Development of Payment Institutions in Russia." Financial Journal 13, no. 3 (June 2021): 8–26. http://dx.doi.org/10.31107/2075-1990-2021-3-8-26.
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The current structure of the Russian payment market is almost ten years old—in the summer of 2011,the Federal Law “On the National Payment System” was adopted. This was the start of a “Russian noncash miracle,” a fantastic increase of non-cash payments in retail turnover. Having solved numerous problems, the new market structure today also needs to be updated. During this decade, the range of challenges faced by the industry and the regulator has changed significantly: those are unbalanced competition, the presence of types of companies with similar functionality on the market, complex licensing procedures, and so on. This article aims to consider a new perspective of market transformation based on the introduction of payment institution into the Russian system. The article analyzes the current and future types of payments; examines in detail the structure of the Russian payment market, its advantages and disadvantages; and describes the payment institution, identifying the risks and prospects of its introduction into Russian banking practice. The authors suggest the feasibility of introducing payment institutions as a more functional version of the payment agents operating in Russia to simplify the complex structure of payment service providers. Payment institutions should become conduits for new payment services (such as PISP and AISP). In addition, payment institutions should be supervised by the regulator. At the same time, the introduction of a new type of companies should not put existing players at a disadvantage. Therefore, existing credit institutions and payment agents should have the ability to easily change their status and transform into payment institutions and back again.
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Abdelfadeel, Walaa, Nicklaus Houston, Andrew Star, Arjun Saxena, and William J. Hozack. "CT planning studies for robotic total knee arthroplasty." Bone & Joint Journal 102-B, no. 6_Supple_A (June 2020): 79–84. http://dx.doi.org/10.1302/0301-620x.102b6.bjj-2019-1498.r1.
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Aims The aim of this study was to analyze the true costs associated with preoperative CT scans performed for robotic-assisted total knee arthroplasty (RATKA) planning and to determine the value of a formal radiologist’s report of these studies. Methods We reviewed 194 CT reports of 176 sequential patients who underwent primary RATKA by a single surgeon at a suburban teaching hospital. CT radiology reports were reviewed for the presence of incidental findings that might change the management of the patient. Payments for the scans, including the technical and professional components, for 330 patients at two hospitals were also recorded and compared. Results There were 82 incidental findings in 61 CT studies, one of which led to a recommendation for additional testing. Across both institutions, the mean total payment for a preoperative scan was $446 ($8 to $3,870). The mean patient payment was $71 ($0 to $2,690). There was wide variation in payments between the institutions. In Institution A, the mean total payment was $258 ($168 to $264), with a mean patient payment of $57 ($0 to $100). The mean technical payment in this institution was $211 ($8 to $856), while the mean professional payment was $48 ($0 to $66). In Institution B, the mean total payment was $636 ($37 to $3,870), with a mean patient payment of $85 ($0 to $2,690). Conclusion The total cost of a CT scan is low and a minimal part of the overall cost of the RATKA. No incidental findings identified on imaging led to a change in management, suggesting that the professional component could be eliminated to reduce costs. Further studies need to take into account the patient perspective and the wide variation in total costs and patient payments across institutions and insurances. Cite this article: Bone Joint J 2020;102-B(6 Supple A):79–84.
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Padeli, Padeli, Eduard Hotman Purba, and Bonari Simanjuntak. "Analisa Pembayaran Perkuliahan Dengan Virtual Account Pada Universitas Raharja." CICES 6, no. 1 (February 5, 2020): 59–70. http://dx.doi.org/10.33050/cices.v6i1.878.
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In the academic world, every educational institution must have a tuition payment system, and with the rapid technological advances nowadays, educational institutions are required to create systems that are effective and efficient and relevant to current technology which will make it superior in competition within the scope of relevant agencies. At Raharja University, lecture payments still use a conventional system where transfer students and campus staff check which is considered less efficient. In this study, the writer uses a SWOT analysis between the virtual account payment system and the running system. The purpose of this study is to recommend the use of a Virtual Account in the payment of lectures at Raharja University. This research is expected to be a problem solving alternative that makes it easier for students to make financial payments, as well as facilitate campus monitoring of campus payments.
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Doktoralina, Caturida Meiwanto, Zakaria Bahari, and Sakinatul Raadiyah Abdullah. "Mobilisation of Income Zakat Payment In Indonesia." IKONOMIKA 3, no. 2 (January 30, 2019): 189–204. http://dx.doi.org/10.24042/febi.v3i2.3659.
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The objectives of the study establish a conceptual framework to strengthen institutions that support the mobilisation of paying zakat and to identify the concept of the cultural factor of mutual assistance in paying zakat. This is Important because the institution of zakat has implemented the collection of zakat. Meanwhile, the culture of mutual assistance in Indonesia can be a power of zakat payment mobilisation to gain the blessings of Allah SWT. This paper presents the factors of determining mobilisation of zakat payments, e.g., are awareness, willingness to donate, confidence in collection and distribution with the latest development of technology. The implication of this study will help mobilise the payment of income zakat in Zakat Institutions. This study uses the documentation analysis method. Factors affecting mobilisation are awareness, willingness to donate, confidence in collection and distribution with the latest development of technology to help mobilise the payment of income zakat in Zakat Institutions. Keywords : Collection, Mobilisation, Payment, Sincerity, Zakat
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Sravani, B., Dr S. Pradeep, A. Damodar, and K. Kumar Swamy. "Compact Spiral Asymmetric encryption Distributed Ledger –Secured and authentication Mobile Payment System in Higher Institutions." Journal of University of Shanghai for Science and Technology 23, no. 08 (August 17, 2021): 567–82. http://dx.doi.org/10.51201/jusst/21/08427.
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Looking at the higher learning institutions, there is no question that the current methods for paying student fees are inefficient, inconvenient, and wasteful of time. In addition, the rise in the number of students studying in higher learning institutions has led to long frustrating queues and overcrowding in most financial institutions during payment of student fees. This paper sought to design and implement a secure block chain-based payment system for higher learning institutions in developing countries. Students are to use the proposed payment system to pay tuition fees and other student fees to their respective higher educational institution. In addition, students are to use the proposed payment to pay for goods and services provided by the institution and other merchants in the institution’s premises. In this study, object oriented software development methodology was used to implement the proposed payment system. The proposed system consists of a mobile e-wallet, RESTful API, and blockchain as the core component of the API.
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Vavilova, Ekaterina. "On some peculiarities and problems of legal regulation of payments without a bank account." Право и политика, no. 4 (April 2020): 34–41. http://dx.doi.org/10.7256/2454-0706.2020.4.32263.
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Due to the extensive changes introduced into the Civil Code of the Russian Federation in 2017, which affected the area of electronic payments, it is relevant to examine the problem and peculiarities of legal regulation of their separate type – payments without a bank account. The subject of this research is legislation of the Russian Federation, case law and doctrine in the area of establishment and development of legal regulation of payments on behalf of private entities without opening a bank account. The object of this research is the public relations emerging in the sphere of legal regulation of payments by payment orders. Analysis is conducted on correlation between payment orders and payments without opening a bank account. The article also examines the grounds for refusal by credit institutions to accept a payment order. The conclusion is made on the existence of discrepancies in understanding of particular grounds for refusal by credit institution to accept payer’s order on transferring funds to a recipient. The formulated conclusions are supported by the law enforcement practice that does not contain the exhaustive list of reasons for refusal. Therefore, the article offers an original interpretation of the Paragraph 2 of Section 2 of the Article 864 of the Civil Code of the Russian Federation stipulating the reasons for refusal to accept payment order for execution.
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Inoue, Kosuke, Daniel M. Blumenthal, David Elashoff, and Yusuke Tsugawa. "Association between physician characteristics and payments from industry in 2015–2017: observational study." BMJ Open 9, no. 9 (September 2019): e031010. http://dx.doi.org/10.1136/bmjopen-2019-031010.
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ObjectiveTo investigate the association between physician characteristics and the value of industry payments.DesignObservational study.Setting and participantsUsing the 2015–2017 Open Payments reports of industry payments linked to the Physician Compare database, we examined the association between physician characteristics (physician sex, years in practice, medical school attended and specialty) and the industry payment value, adjusting for other physician characteristic and institution fixed effects (effectively comparing physicians practicing at the same institution).Main outcome measuresOur primary outcome was the value of total industry payments to physicians including (1) general payments (all forms of payments other than those classified for research purpose, eg, consulting fees, food, beverage), (2) research payments (payments for research endeavours under a written contract or protocol) and (3) ownership interests (eg, stock or stock options, bonds). We also investigated each category of payment separately.ResultsOf 544 264 physicians treating Medicare beneficiaries, a total of $5.8 billion in industry payments were made to 365 801 physicians during 2015–2017. The top 5% of physicians, by cumulative payments, accounted for 91% of industry payments. Within the same institution, male physicians, physicians with 21–30 years in practice and physicians who attended top 50 US medical schools (based on the research ranking) received higher industry payments. Across specialties, orthopaedic surgeons, neurosurgeons and endocrinologists received the highest payments. When we investigated individual types of payment, we found that orthopaedic surgeons received the highest general payments; haematologists/oncologists were the most likely to receive research payments and surgeons were the most likely to receive ownership interests compared with other types of physicians.ConclusionsIndustry payments to physicians were highly concentrated among a small number of physicians. Male sex, longer length of time in clinical practice, graduated from a top-ranked US medical school and practicing certain specialties, were independently associated with higher industry payments.
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Babin, Igor. "Self-taxation of the population as an institution of financial law." Law Review of Kyiv University of Law, no. 1 (April 15, 2020): 140–43. http://dx.doi.org/10.36695/2219-5521.1.2020.27.
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The article reveals the features of self-taxation of the population as an institution of financial law. There is no consensus among national and foreign scholars on the understanding of the nature, place and role of self-taxation in the system of profitable sources of territorial communities. For the most part, self-taxation is considered to be an institution of a tax nature, compulsory non-tax payment, charitable contributions, local borrowing. The problem is also caused by the fact that today in Ukraine there is practically no legislative regulation of this financially legal institute.
The procedure for establishing and entering, the basis for collection and collection depends on the correct determination of the place of each type of payment in the system of revenue of public entities, and in particular in the system of obligatory payments.
Although self-taxation and taxes are inherent in a number of common features (public nature, individual non-gratuity, mandatory payment), these payments cannot be equated. First, self-taxation differs from the taxes by target character. Secondly, self-taxation is characterized by its own form of legalization - holding a general meeting or a local referendum, while for taxes such forms of direct democracy are explicitly prohibited by law. In the foreign scientific literature, based on this peculiarity of self-taxation, it is often called the instrument of direct democracy and the people's financial initiative. Third, self-taxation is different from taxes by the entity of imposed. The subject by imposed of local taxation is the representative body of local self-government (local council), and self-taxation is directly the residents of the respective territorial community. Fourth, self-taxation, unlike taxes, is inherently voluntary in nature. At a general meeting or local referendum, residents of a territorial community voluntarily agree to introduce self-taxation, its size, payment procedure, purpose of using the funds raised, or vice versa, but these issues are not discussed with taxpayers.
It is argued that self-taxation is an independent, non-taxable type of payment that is used to resolve issues of local importance, the size and order of introduction and use are set independently by the population at a general meeting or local referendum. Introducing self-taxation is essential for the development of territorial communities. Self-taxation allows territorial communities to receive additional funds, increase civic activity of residents, and increase the level of responsibility of local self-government bodies.
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Савченко, С. В. "TO DESCRIBE THE ADDITIONAL ELEMENTS OF MANDATORY PAYMENTS RELATED TO THE RECEIPT OF INHERITANCE AND GIFTS." Juridical science, no. 1(103) (February 19, 2020): 237–43. http://dx.doi.org/10.32844/2222-5374-2020-103-1.28.
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The article, based on the analysis of scientific views of scientists and current legislation of Ukraine, provides a description of additional elements of mandatory payments related to inheritance and gifts, including: tax benefits, as well as installments or deferrals in the payment of research payments. It is substantiated that the absence of the institution of installments (deferrals) in the payment of the above tax restricts the rights of low-income persons, as it actually limits the right to receive property free of charge in the form of inheritance or gift.
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Subagiyo, Dwi Tatak. "Characteristics of Financial Technology as Financing Alternative Capitalization of Medium Small-Medium Enterprises (MSME)." Fiat Justisia: Jurnal Ilmu Hukum 15, no. 2 (April 7, 2021): 133–58. http://dx.doi.org/10.25041/fiatjustisia.v15no2.1933.
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Characteristics of Financial Technology as a Financial Institution that uses information technology to provide financial solutions by prioritizing compliance with the principles of prudence and risk management. The characteristics of Financial Technology institutions are getting a loan quickly; Makes Payment Easier; Make Loan Payments without Additional Fees. Peer to Peer Lending (P2P lending) system in providing financial services is done through information technology based. The financial services institution Peer to Peer Lending (P2P Lending) is a financial technology financial institution (Fintech). Financial Technology (Fintech) as a Literacy Source for Financing Micro, Small and Medium Enterprises; Financial Technology (Fintech) As a Facilitator in MSME Development; Financial Tecnology (Fintech) as a driver for Micro, Small and Medium Enterprises to Increase National Financial Inclusion. The Role of the Financial Services Authority (OJK) and the Indonesian Joint Funding Fintech Association (AFPI) As Regulations and Oversight of Financial Technology Institutions (Fintech) in Indonesia.
Dissertations / Theses on the topic "Payment institution"
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Diop, Mame Mariama. "La sécurisation du marché des services de paiement." Thesis, Lille 2, 2015. http://www.theses.fr/2015LIL20007/document.
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La transposition de la directive relative aux services de paiement du 13 novembre2007 en droit français est à l’origine de la création d’une nouvelle catégorie d’acteurs bancaires : l’établissement de paiement. La fourniture de services de paiement cesse ainsi d’être du domaine exclusif des établissements de crédit pour devenir l’activité principale des établissements de paiement. S’il est vrai que cette nouvelle répartition des activités bancaires ébranle le monopole bancaire, elle n’y met cependant pas fin. Pour une meilleure lisibilité et un contrôle plus efficace des acteurs, il est proposé une mutation du système bancaire grâce à d’une part une scission complète des activités bancaires, et d’autre part une indépendance des établissements de paiement face aux établissements de crédit. La sécurisation du marché des paiements dépend également de l’encadrement des opérations de paiement. La préservation de la confiance du consommateur est essentielle au bon fonctionnement du marché des services de paiementThe transposition into French law of the Payment Services Directive of 13November 2007 led to the creation of a new category of players in the banking sector: the payment institution. The provision of payment services is no longer the sole domain of credit institutions but becomes the main activity of payment institutions. Although this new distribution of banking activities undermines thebanking monopoly, it does not terminate it. For a better legibility of the bankingsystem and a more efficient control of banking institutions, it is proposed amutation of the banking system through on the one hand, a complete separation of banking activities, and on the other hand payment institutions independence from credit institutions. Securing the payments services market also depends on the supervision of payment transactions. Preserving consumer’s trust is essential to awell-functioning payment services market
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Barvíková, Kamila. "Technicko-ekonomické aspekty platebního styku." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-360145.
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Thesis describes technical and economic aspects of payment transaction using the empirical analysis on real data of payment institution. It focuses on the description of selected products provided by payment institution and empirically analyzes them on the basis of the available data in terms of the number of transactions in individual currencies, the ratio of product types utilization and clearing and settlement used by the payment institution. The thesis also describes the security requirements necessary for the conduct of payment transactions on the Internet for non-technically educated audiences. At the end of the thesis there are several recommendations for the development of payment institution based on empirical knowledge from data analysis, which can be used for further analysis of the payment institution.
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Meyer, Claas. "Institutional aspects of governmental payments for ecosystem services." Doctoral thesis, Humboldt-Universität zu Berlin, Lebenswissenschaftliche Fakultät, 2015. http://dx.doi.org/10.18452/17330.
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Die Doktorarbeit untersucht institutionelle Aspekte von staatlichen Payments for Ecosystem Services (PES, positive Anreizinstrumente i.F.v. Zahlungen für Ökosystemleistungen) in der EU und den USA. Die Untersuchung ist zweiteilig: Zunächst werden Design und Performance von bestehenden agrarumweltpolitischen Anreizinstrumenten analysiert, welche vermehrt als PES verstanden werden. Dann wird die Relevanz des Ecosystem Services (ES) Konzeptes für die Ausgestaltung der bestehenden Instrumente identifiziert. Die generellen Forschungsfragen werden hinsichtlich institutionellem Design, institutioneller Performance und institutionellem Interplay konkretisiert und im Rahmen von fünf individuellen Veröffentlichungen beantwortet. Hinsichtlich der Anreizinstrumente werden Regeln für eine effektive Gestaltung hervorgehoben. Ferner wird herausgearbeitet, wie Anreizinstrumente mit bestehenden institutionellen Strukturen interagieren. Hinsichtlich der Politikrelevanz des ES Konzeptes wird dargelegt, dass es bisher nicht in die Umweltgesetzgebung integriert wurde, eine Integration aber fortschreitet. Der größte zukünftige Einfluss des Konzeptes wird für die Klima- und Agrarpolitik vorausgesagt, insbesondere für bestehende Zahlungsinstrumente. Generell wird aufgezeigt, dass Zielgerichtetheit und Integration von staatlichen PES wichtig sind. Für einen funktionierenden Instrumentenmix von PES und Regularien muss die jeweilige Eigentumsrechtsituation transparent gemacht werden und verschiedene Akteure müssen auf einer gemeinsamen Basis zusammenarbeiten. Demgemäß wird diskutiert, welches Potential das ES Konzept dafür bietet, die Kommunikation zwischen den Akteuren zu verbessern und neue Impulse für eine Kooperation zu geben. Schließlich wird argumentiert, dass eine systematische ES Untersuchung und Quantifizierung bessere Möglichkeiten für Zieldefinition und Monitoring bieten könnte, der Nutzen einer ökonomische Bewertung von ES aber immer sehr sorgfältig geprüft werden sollte.The doctoral thesis identifies and analyses institutional aspects of governmental Payments for Ecosystem Services (PES) in the EU and US. The analysis is twofold: First, the design and performance of existing governmental agri-environmental payment schemes that are increasingly labelled as PES have been investigated. Second, the influence of the ecosystem services (ES) concept on such payments has been identified. The general research objectives are structured in terms of institutional design, performance, and interplay. Five individual research papers shed light on the raised issues. Regarding payment schemes, findings indicate certain design rule sets that can be crucial for environmentally effective governmental payments. Furthermore, scheme interactions with other institutional arrangements have been shown. In terms of ES concept driven policies, the identified design principles have hardly been included but their integration is proceeding. The greatest future ES impact on policy design is predicted regarding climate and agricultural policies, especially on existing payment schemes. In summary, effective targeting and integration of governmental PES have been outlined as important. To create and achieve a sound mix of PES with regulations and policies, the property rights situation, the reference point for application of the ‘provider-gets’ and ‘beneficiary-pays’ principles, and any deviations therefrom should be made transparent. Furthermore, different actors must collaborate on basis of common denominators. The potential of ES to enhance communication among actors and provide new impulses for cross-sectoral and cross-level cooperation in existing governmental payments schemes implementation has been discussed. Moreover, it has been argued that regarding governmental payments, systematic ES definition and quantification may offer the opportunity to enhance targeting, and economic valuation and monetarization of ES should be very carefully considered.
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Pietrowiak, Annett [Verfasser], Wilhelm [Akademischer Betreuer] Althammer, and Bernhard [Akademischer Betreuer] Schwetzler. "European payment instruments : Institutional determinants of an efficient POS payment mix / Annett Pietrowiak. Gutachter: Wilhelm Althammer ; Bernhard Schwetzler. Betreuer: Wilhelm Althammer." Dresden : Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2014. http://d-nb.info/1056912251/34.
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Voll, Sebastian [Verfasser], Andreas [Akademischer Betreuer] Freytag, and Markus [Akademischer Betreuer] Pasche. "Institutional determinants of balance of payment dynamics / Sebastian Voll. Gutachter: Andreas Freytag ; Markus Pasche." Jena : Thüringer Universitäts- und Landesbibliothek Jena, 2015. http://d-nb.info/1071547518/34.
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Pietrowiak, Annett. "European payment instruments." Doctoral thesis, Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2014. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-150371.
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This thesis sheds light on the functioning and characteristics of payment systems to serve as a foundation for understanding the drivers for higher payment system efficiency. Its central goal is to develop insights into the determinants of collective payment choice suitable to lower payment costs to society. So far, the institutional environment, as potential important influence on the payment instrument mix, has not been focused on in the literature. Therefore, particular emphasis is laid on the empirical analysis of the impact of institutional factors on the share of card payments on consumer spending at the point of sale (POS). For this, a unique panel data set is constructed covering the eight most important European payment markets ranked by non-cash transaction volumes. The empirical results allow formulating conditions necessary to achieve a more efficient payment mix. They also form a basis for the assessment of related policy measures with a focus on the SEPA project in terms of their efficiency enhancing effect. Future research could possibly build upon the panel data collected.
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Lipski, Michael. "Physician payment reform and the implementation of the Medicare fee schedule : an institutional and resource dependency perspective /." Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 1995. http://handle.dtic.mil/100.2/ADA305958.
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Bertucci, Louis. "The role of financial institutions : limits and perspectives." Thesis, Paris Sciences et Lettres (ComUE), 2019. http://www.theses.fr/2019PSLED036.
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A travers les siècles, les institutions financières ont façonné le paysage financier et influencé l’activité économique. L’objectif de cette thèse est de mettre en évidence, d’un point de vue théorique, les limites fondamentales des institutions modernes et d’en déduire les implications concernant le futur rôle de ces institutions.Le premier chapitre propose un analyse des Chambres de Compensation. A la suite de la crise financière de 2008, les autorités financières à travers le monde ont mis en place des réglementations imposant la compensation centrale sur la plupart des produits dérivés. Nous montrons que la compensation centrale nécessite un plus grand niveau de liquidité que la compensation bilatérale.Le second chapitre présente un modèle d’apprentissage en temps continu censé représenter le processus d’apprentissage d’une institution par rapport à une information cachée détenue par le marché. A l’équilibre, le niveau d’incertitude perçue par les agents, constitue une limite fondamentale du rôle des institutions financières.Le dernier chapitre introduit et analyse le Lightning Network qui est un réseau de paiement basé sur la Blockchain. Il permet aux utilisateurs de transférer de la valeur de façon instantanée sans avoir recours à un tiers de confiance. Nous discutons des implications à propos de la structure de ce réseau de paiement ainsi que de sa capacité à prendre une place importante dans le paysage financierThroughout the centuries, financial institutions have shaped the financial landscape and influenced economic activity. The goal of this dissertation is to highlight, from a theoretical point of view, fundamental limitations of modern institutions and eventually derive implications regarding the future role of those institutions.The first chapter provides an analysis of Central Clearing Platforms (CCP). In the aftermath of the financial crisis of 2008, financial authorities around the world implemented regulations imposing central clearing on most derivative products. It is shown that central clearing often requires a larger liquidity buffer than bilateral clearing.The second chapter presents a continuous-time learning model meant to represent the learning process of an institution such as a central bank regarding a hidden information held by the market. The equilibrium level of uncertainty perceived by agents is shown to be an important limitation to the role of financial institutions.The last chapter introduces a specific blockchain-based payment network called the Lightning Network. It allows users to transfer value instantly without relying on any trusted third party. We discuss the implications regarding the structure of this network as well as its ability to become an important part of the financial landscape
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Adalid, Sébastien. "La BCE et l’Eurosystème : exemple d’intégration verticale." Thesis, Lyon 3, 2012. http://www.theses.fr/2012LYO30086/document.
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La banque centrale européenne (bce) n'est pas une institution au sens des traités communautaires. pourtant elle dispose, à l'image des institutions, de pouvoirs législatifs et exécutifs. au sens du droit communautaire, la bce est un <>, elle jouit donc de la personnalité juridique. dans le paysage institutionnel de l'union, la bce est la seule à disposer à la fois de pouvoirs législatifs et exécutifs et de la personnalité morale. il convient de ce fait de se poser la question de la place de la bce dans ce paysage institutionnel. de plus, les pouvoirs de la bce et leur exercice sont extrêmement flous. tout d'abord, la bce partage certains pouvoirs avec le conseil ecofin, qui lui mêne en partage avec l'eurogroupe. ensuite, les pouvoirs de la bce sont exercés soit par le conseil des gouverneurs, soit par le directoire. les décisions prises par ces organes, sont ensuite mises en oeuvre par la bce elle même ou par les banques centrales nationales. il se pose donc la question des réels pouvoirs de la bce, du fait de son intégration au sein du système européen de banques centrales. beaucoup d'auteurs ont apporté des réponses à ces questions, la bce : banque centrale de la communauté, la bce autorité administrative indépedante, le bce communauté internationale à part. malgré, l'intérêt de ces travaux aucun n'a pris en compte la bce dans sa globalité et dans sa complexité. notre travail de tèse se propose de reprendre l'ensemble des questions relatives à la place de la bce dans les institutions et organes de l'union, afin de mieux définir et comprendre cet organe à partThe Eurosystem is a unique structure of European Union law which includes the central banks of States that have adopted the euro and the European Central Bank. A theoretical study of the evolution of the exercise of power within the Union demonstrates the emergence of a new methode of integration called "vertical integration." In a dialectical process between theory and reality of the Eurosystem, the main features of the the vertical integration method can be tested and its main qualities and defects disclosed.The method of vertical integration led to the construction of sub-systems composed of national bodies and body of the Union. The method operates in four directions. The sub- system thereby producted relates formally and functionally to the EU and operates in a specific sector which imposes the specificities of its action. It can be said "organized" (its components are interconnected by complex interrelationships guaranteeing the unity and effectiveness of the system). It is independent from the states as it is from the political institutions of the Union.The study of the Eurosystem through this perspective allows to elucidate the nature of this unusual construction whose action in crises - the financial crisis and the sovereign debt crisis - was crucial. Such research can also highlight, under a new perspective, the recent developments in the institutional system of the EU as a whole
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Chan, Wing-yi. "The smart card technology in the financial services /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19877183.
Full textBooks on the topic "Payment institution"
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Homenko, Elena. Banking law. ru: INFRA-M Academic Publishing LLC., 2021. http://dx.doi.org/10.12737/1405583.
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The textbook contains a systematic presentation of the main institutions of banking law in accordance with the academic discipline "Banking Law", taught at the Department of Banking Law of the Moscow State Law University named after O. E. Kutafin (MSLA). It examines the banking system of the Russian Federation and its structure; the features of credit institutions as subjects of banking law; the legal basis of the national payment system, its relationship with the banking system of Russia; the legal regulation of the deposit insurance system; legislation on bank accounts; the main types of bank loans; currency transactions carried out with the participation of authorized banks, and operations of credit institutions in the securities market. Attention is paid to the ratio of electronic money with electronic means of payment, the mechanism of non-cash payments and the procedure for implementing the institute of payment clearing.
The proposed diagrams and tables facilitate the assimilation of the most difficult questions.
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Richard, Dale. Reforming Japan's payment, clearing and settlement systems. London: The London Institute of International Banking, Finance & Development Law in cooperation with The International Financial Law Unit, Centre for Commercial Law Studies, Queen Mary & Westfield College, University of London, and The SMU Institute of International Banking and Finance, 1999.
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Office, General Accounting. Weekend settlement: Potential benefits, costs, and legal issues : report to the chairman, Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, House of Representatives. Washington, D.C: United States General Accounting Office, 2002.
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Union, IUCN-The World Conservation, IUCN Environmental Law Centre, and Katoomba Group, eds. Payments for ecosystem services: Legal and institutional frameworks. Gland, Switzerland: IUCN, in collaboration with the IUCN Environmental Law Centre, Bonn, Germany, 2009.
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McPhail, Kim. Managing operational risk in payment, clearing, and settlement systems. Ottawa: Bank of Canada, 2003.
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McPhail, Kim. Managing operational risk in payment, clearing, and settlement systems. Ottawa, Ont: Bank of Canada, 2003.
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Programme, United Nations Environment, ed. Values, payments and institutions for ecosystem management: A developing country perspective. Cheltenham, UK: Edward Elgar, 2013.
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Santos, Natalino Nascimento dos. SPB, Sistema de Pagamentos Brasileiro: Um novo conceito para a economia do Brasil. São Paulo: Editora Érica, 2008.
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Setting, Vermont Agency of Human Services Division of Rate. Methods, standards, and principles for establishing payment rates for private nonmedical institutions providing residential child care services. Waterbury, VT: Division of Rate Setting, 2003.
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Fund, International Monetary. World economic outlook: Building institutions. Washington, D.C: International Monetary Fund, 2005.
Find full textBook chapters on the topic "Payment institution"
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Chakravorti, Sujit, Jeffery W. Gunther, and Robert R. Moore. "Universal Access, Cost Recovery, and Payment Services." In Financial Institutions and Markets, 225–40. New York: Palgrave Macmillan US, 2010. http://dx.doi.org/10.1057/9780230117365_10.
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Giambelluca, Gino, and Paola Masi. "The Regulatory Machine: An Institutional Approach to Innovative Payments in Europe." In Bitcoin and Mobile Payments, 3–25. London: Palgrave Macmillan UK, 2016. http://dx.doi.org/10.1057/978-1-137-57512-8_1.
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Chang, Chyi-Herng. "Severance Payment System in Taiwan: A Historical Perspective." In Economics, Law, and Institutions in Asia Pacific, 93–121. Singapore: Springer Singapore, 2018. http://dx.doi.org/10.1007/978-981-13-2149-8_4.
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DeYoung, Robert, and Ronnie J. Phillips. "Payday Lending and Payments Services: A Historical and Modern Analysis." In Financial Institutions and Markets, 163–79. New York: Palgrave Macmillan US, 2008. http://dx.doi.org/10.1057/9780230617148_7.
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Habacht, Rudolf, Walter Hoffenberg, and Aurel Schubert. "EMU and Issues in European Payment Systems." In Institutional, Legal and Economic Aspects of the EMU, 189–212. Vienna: Springer Vienna, 2003. http://dx.doi.org/10.1007/978-3-7091-6038-1_7.
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Asakawa, Kenji, Kouichi Kimoto, Shiro Takeda, and Toshi H. Arimura. "Double Dividend of the Carbon Tax in Japan: Can We Increase Public Support for Carbon Pricing?" In Economics, Law, and Institutions in Asia Pacific, 235–55. Singapore: Springer Singapore, 2020. http://dx.doi.org/10.1007/978-981-15-6964-7_13.
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Abstract Carbon pricing is difficult to introduce in many countries because it is not easy to obtain public support for carbon pricing due to the burden associated with it. One way to overcome this difficulty is to rely on the double dividend of a carbon tax. If a government uses revenue from a carbon tax to reduce existing distorting taxes, such as corporate taxes or labor taxes, a carbon tax can improve economic efficiency while reducing greenhouse gas (GHG) emissions. This chapter examines the net burden of a carbon tax with revenue recycling (RR) for two types of stakeholders: firms and households. Using dynamiccomputable general equilibrium (CGE) modeling, we examine the carbon prices needed to achieve the emission targets set for 2030 and 2050. Then, we simulate two types of RR: corporate tax reduction and a reduction in social security payments. We compare the benefit of the tax reduction to the increase in the burden from the carbon tax in scenarios for 2030/2050. In the scenario of corporate tax reduction, by selecting firms from the land transportation sector and power sector, we examine how profit changes due to the carbon tax. We find that the tax burden for a firm in the land transportation sector can be eased greatly with the corporate tax reduction. In the scenario of the social security payment reduction, we find that some households are better off under carbon pricing despite expenditure increases due to the carbon tax. Thus, we show that RR can increase support for the carbon tax.
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Hatta, Tatsuo. "Introducing Severance Payment Systems in Japan: A Proposal for Vacancy Decontrol." In Economics, Law, and Institutions in Asia Pacific, 147–85. Singapore: Springer Singapore, 2018. http://dx.doi.org/10.1007/978-981-13-2149-8_6.
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Yang, z. "Institutional Changes and the Power of Chinese Medical Professionals." In Informal Payments and Regulations in China's Healthcare System, 67–131. Singapore: Springer Singapore, 2016. http://dx.doi.org/10.1007/978-981-10-2110-7_3.
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Stellinga, Bart, Josta de Hoog, Arthur van Riel, and Casper de Vries. "How Does the Sovereign Money System Work?" In Research for Policy, 117–37. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-70250-2_5.
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AbstractThis chapter addresses the broad outlines of a sovereign money system as advocated in recent proposals. In such a system, money can only be created by the central bank, and the institutions that lend money (we call them financing institutions) are strictly separated from those that make up the payment system. We do not delve into the details of each proposal but focus on their overarching characteristics. We first outline what these proposals imply for the payment system as well as for investing and lending. We then turn to the government’s role and responsibilities in the new system, including how money is created and enters society, and discuss transition paths to the new system.
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Kazachenok, Olesya P., and Anna V. Lavrentyeva. "New Digital Payment Facilities: An Analysis of Institutional and Legal Regulation." In Ubiquitous Computing and the Internet of Things: Prerequisites for the Development of ICT, 333–40. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-13397-9_38.
Full textConference papers on the topic "Payment institution"
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Japarova, Damira. "Health System Reform in Kyrgyzstan: Problems and Prospects." In International Conference on Eurasian Economies. Eurasian Economists Association, 2011. http://dx.doi.org/10.36880/c02.00368.
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Today all over the world costs of medical services are growing and alternative ways of effective financing of health care are being researched.
During the reforms the Kyrgyz Republic introduced a system of compulsory medical insurance, the institution of family medicine and a "single payer" system. Methods of payment for hospital services flush to an artificial increase in the number of hospitalizations and unnecessary assignment of diagnostic and therapeutic procedures.
The main brake of health care reform is underfunding of sector. Improving health care is possible by limiting the free medical care. The replacement of free care by paid services occurs spontaneously, there are abuses and the shadow economy in health care.
The Compulsory medical insurance doesn’t have such terms as an accident, insurance risk, and the current model in Kyrgyzstan is not a real model of insurance and serves as a kind of state-funding health care. The most part of the population in rural areas is not involved in the payment of health insurance due to unemployment.
Patients pay a fee in addition to medication, and also carry out informal payments to doctors, that is, patient with co-payments have to repeatedly pay for the same medical service without a guarantee of a cure.
Taking into account the experience of other countries, the imposition of patient payment for their own care is more just to bringing the patient for his treatment.
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Ceran, Yunus, Muhammet Bezirci, Mustafa Ay, and Merve Öztürk. "Factoring and Stock Financing in Trade Finance." In International Conference on Eurasian Economies. Eurasian Economists Association, 2018. http://dx.doi.org/10.36880/c10.02203.
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Factoring is a nonbank financial institution which meets the financing needs of the enterprises and minimizes the non-payment risk and stock financing which is based on the bank loans are two alternative financing techniques that enables collateral and collection and financing to SME’s, suppliers and commercial enterprises. These two methods are important in terms of the advantages they provide to vendors and suppliers. Reducing the non-payment risk, securing liquidity to business, minimizing the risk level of sales by making them safer and increasing competition power on the market are among the advantages.
Stock financing is another method which is much more recent than factoring became a current issue in 2000’s and developed to minimize non-payment risk and provide cash flow on the basis of bank loan. In Turkey, this method is only applicable to automotive industry for now. This method emerges as an advantageous method for businesses experiencing difficulties in financing, inability to collect their receivables, and the inability to deplete their inventories. With the stock financing method, car dealers have affordable and easy credit facilities in order to make payments to the main supplier in exchange for their existing inventories.
The aim of this study is to compare factoring and stock financing method and revealing the advantageous and disadvantageous points of two alternative methods.
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Perić, Renata, and Emina Jerković. "THE IMPACT OF COVID-19 ON TAX ADMINISTRATION IN THE REPUBLIC OF CROATIA." In EU 2021 – The future of the EU in and after the pandemic. Faculty of Law, Josip Juraj Strossmayer University of Osijek, 2021. http://dx.doi.org/10.25234/eclic/18346.
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The crisis and special measures caused by the Covid-19 virus pandemic have greatly disrupted the business and survival of small and medium-sized enterprises, as well as larger industries. The state and its institutions were forced to take certain measures to facilitate the survival and continuation of business, and to save jobs for entrepreneurs and their employees. The Tax Administration is a state institution whose measures directly affect every business. So it was among the first to take some measures, i.e. to adjust its business and tax collection to the new situation. This paper discusses the first measures introduced, those from March and April 2020. It discusses the deferral or installment payment of due and deferred tax liabilities. The measure of deferral, installment payment of tax liability, is certainly the most important and most popular measure among taxpayers. It is explained how tax measures during a pandemic should look according to the recommendations of the Organization for Economic Co-operation and Development (OECD). We explain other measures that have been introduced to facilitate business. These are the extension of the deadline for filing income tax, the exemption from VAT, the enforcement procedure and the payment of the annual tax rate. Despite the measures taken so far, it is important to emphasize that the Covid-19 pandemic is still ongoing, and that according to some experts, a real crisis with visible consequences of the pandemic is still to be expected. Accordingly, it is to be expected that the current measures are very likely to be further changed, upgraded and adjusted as the situation changes. We consider it important to note that the framework of this paper does not allow a detailed analysis and that we are forced to limit ourselves exclusively to some aspects of the issue at hand.
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Vercher-Moll, Javier. "THE OUTSOURCING IN CREDIT INSTITUTIONS, INVESTMENT FIRMS AND IN PAYMENT AND ELECTRONIC MONEY INSTITUTIONS." In 4th International Scientific Conference – EMAN 2020 – Economics and Management: How to Cope With Disrupted Times. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/eman.2020.251.
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The creation of a solid and effective system of government, as well as the development of the company subject, sometimes advise the outsourcing of functions in order to achieve agility and efficiency. The Guidelines EBA/GL/2019/02 starts from a basic idea and is that it is aware of the new technologies to carry out the credit business. The subjective scope of application of the Guidelines not only affects credit institutions, but also extends to investment services companies and payment and electronic money institutions. Then, it is necessary to analyse how the new guidelines on outsourcing fit into the referred institutions.
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Fairchild, A. M. "Value positions for financial institutions in electronic bill presentment and payment (EBPP)." In 36th Annual Hawaii International Conference on System Sciences, 2003. Proceedings of the. IEEE, 2003. http://dx.doi.org/10.1109/hicss.2003.1174448.
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Magnier-Watanabe, Remy. "An Institutional Perspective of Mobile Payment Adoption: The Case of Japan." In 2014 47th Hawaii International Conference on System Sciences (HICSS). IEEE, 2014. http://dx.doi.org/10.1109/hicss.2014.136.
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Chen, Jen Wel, Dershing Luo, and Ching-Cha Hsieh. "An Institutional Analysis on the Vicissitudes of a Micro-payment Platform." In 2008 IEEE Asia-Pacific Services Computing Conference (APSCC). IEEE, 2008. http://dx.doi.org/10.1109/apscc.2008.241.
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Lin, Wangli, Li Sun, Qiwei Zhong, Can Liu, Jinghua Feng, Xiang Ao, and Hao Yang. "Online Credit Payment Fraud Detection via Structure-Aware Hierarchical Recurrent Neural Network." In Thirtieth International Joint Conference on Artificial Intelligence {IJCAI-21}. California: International Joint Conferences on Artificial Intelligence Organization, 2021. http://dx.doi.org/10.24963/ijcai.2021/505.
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Online credit payment fraud detection plays a critical role in financial institutions due to the growing volume of fraudulent transactions. Recently, researchers have shown an increased interest in capturing users’ dynamic and evolving fraudulent tendencies from their behavior sequences. However, most existing methodologies for sequential modeling overlook the intrinsic structure information of web pages. In this paper, we adopt multi-scale behavior sequence generated from different granularities of web page structures and propose a model named SAH-RNN to consume the multi-scale behavior sequence for online payment fraud detection. The SAH-RNN has stacked RNN layers in which upper layers modeling for compendious behaviors are updated less frequently and receive the summarized representations from lower layers. A dual attention is devised to capture the impacts on both sequential information within the same sequence and structural information among different granularity of web pages. Experimental results on a large-scale real-world transaction dataset from Alibaba show that our proposed model outperforms state-of-the-art models. The code is available at https://github.com/WangliLin/SAH-RNN.
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Silva, Gabriel, Lethícia Souza, Marcos Souza, and Cleisson Batista. "Proposta de uma Aplicação web para Gestão e Simplificação do Processo de Doação para instituições de Caridade." In Computer on the Beach. Itajaí: Universidade do Vale do Itajaí, 2020. http://dx.doi.org/10.14210/cotb.v11n1.p581-584.
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The present article refers to the construction of a web application named Doai, capable of managing and promoting donations for non-governmental organizations (NGOs) and charities in the Piemonte Norte do Itapicuru - Bahia. From interviews with institutions’ managers, it became evident the lack of basic resources to maintain the continuity of the performed activities, It was also found that in many cases donations do not reflect your real needs. This demonstrates the lack of information between donors and these institutions. The problems experienced in these organizations was motivate the development this proposal, which aims to promote existing institutions in the region, with the modernization of dissemination actions, with the simplification of the donation process and with the resources available to leverage the contributions. After construction, the tool was submitted to analysis, with the participation of 73 (seventy-three) people from the region. In this research it was possible to realize that few people are involved with philanthropic activities. On the other hand, a large part of the public are motivated to donate using the tool, showing out how it offers good usability. In addition, much of the public also shows interest in virtual payment methods. From a technical point of view, the tool has a good user acceptance and meets the proposed requirements.
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Zhang, Qianfan, and Cuicui Cao. "Game between Mobile Operators and Financial Institutions in Mobile Payment Market: An Evolutionary Game Approach." In 2012 International Conference on Control Engineering and Communication Technology (ICCECT). IEEE, 2012. http://dx.doi.org/10.1109/iccect.2012.150.
Full textReports on the topic "Payment institution"
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León, Carlos, Paolo Barucca, Oscar Acero, Gerardo Gage, and Fabio Ortega. Pattern recognition of financial institutions’ payment behavior. Banco de la República de Colombia, September 2020. http://dx.doi.org/10.32468/be.1130.
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León-Rincón, Carlos Eduardo, Clara Lía Machado-Franco, Freddy Hernán Cepeda-López, and Miguel Sarmiento. Too-connected-to-fail institutions and payments system's stability: assessing challenges for financial authorities. Bogotá, Colombia: Banco de la República, March 2011. http://dx.doi.org/10.32468/be.644.
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Chandrasekhar, C. P. The Long Search for Stability: Financial Cooperation to Address Global Risks in the East Asian Region. Institute for New Economic Thinking Working Paper Series, March 2021. http://dx.doi.org/10.36687/inetwp153.
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Forced by the 1997 Southeast Asian crisis to recognize the external vulnerabilities that openness to volatile capital flows result in and upset over the post-crisis policy responses imposed by the IMF, countries in the sub-region saw the need for a regional financial safety net that can pre-empt or mitigate future crises. At the outset, the aim of the initiative, then led by Japan, was to create a facility or design a mechanism that was independent of the United States and the IMF, since the former was less concerned with vulnerabilities in Asia than it was in Latin America and that the latter’s recommendations proved damaging for countries in the region. But US opposition and inherited geopolitical tensions in the region blocked Japan’s initial proposal to establish an Asian Monetary Fund, a kind of regional IMF. As an alternative, the ASEAN+3 grouping (ASEAN members plus China, Japan and South Korea) opted for more flexible arrangements, at the core of which was a network of multilateral and bilateral central bank swap agreements. While central bank swap agreements have played a role in crisis management, the effort to make them the central instruments of a cooperatively established regional safety net, the Chiang Mai Initiative, failed. During the crises of 2008 and 2020 countries covered by the Initiative chose not to rely on the facility, preferring to turn to multilateral institutions such as the ADB, World Bank and IMF or enter into bilateral agreements within and outside the region for assistance. The fundamental problem was that because of an effort to appease the US and the IMF and the use of the IMF as a foil against the dominance of a regional power like Japan, the regional arrangement was not a real alternative to traditional sources of balance of payments support. In particular, access to significant financial assistance under the arrangement required a country to be supported first by an IMF program and be subject to the IMF’s conditions and surveillance. The failure of the multilateral effort meant that a specifically Asian safety net independent of the US and the IMF had to be one constructed by a regional power involving support for a network of bilateral agreements. Japan was the first regional power to seek to build such a network through it post-1997 Miyazawa Initiative. But its own complex relationship with the US meant that its intervention could not be sustained, more so because of the crisis that engulfed Japan in 1990. But the prospect of regional independence in crisis resolution has revived with the rise of China as a regional and global power. This time both economics and China’s independence from the US seem to improve prospects of successful regional cooperation to address financial vulnerability. A history of tensions between China and its neighbours and the fear of Chinese dominance may yet lead to one more failure. But, as of now, the Belt and Road Initiative, China’s support for a large number of bilateral swap arrangements and its participation in the Regional Comprehensive Economic Partnership seem to suggest that Asian countries may finally come into their own.
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Payment Systems Report - June of 2020. Banco de la República de Colombia, February 2021. http://dx.doi.org/10.32468/rept-sist-pag.eng.2020.
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With its annual Payment Systems Report, Banco de la República offers a complete overview of the infrastructure of Colombia’s financial market. Each edition of the report has four objectives: 1) to publicize a consolidated account of how the figures for payment infrastructures have evolved with respect to both financial assets and goods and services; 2) to summarize the issues that are being debated internationally and are of interest to the industry that provides payment clearing and settlement services; 3) to offer the public an explanation of the ideas and concepts behind retail-value payment processes and the trends in retail payments within the circuit of individuals and companies; and 4) to familiarize the public, the industry, and all other financial authorities with the methodological progress that has been achieved through applied research to analyze the stability of payment systems. This edition introduces changes that have been made in the structure of the report, which are intended to make it easier and more enjoyable to read. The initial sections in this edition, which is the eleventh, contain an analysis of the statistics on the evolution and performance of financial market infrastructures. These are understood as multilateral systems wherein the participating entities clear, settle and register payments, securities, derivatives and other financial assets. The large-value payment system (CUD) saw less momentum in 2019 than it did the year before, mainly because of a decline in the amount of secondary market operations for government bonds, both in cash and sell/buy-backs, which was offset by an increase in operations with collective investment funds (CIFs) and Banco de la República’s operations to increase the money supply (repos). Consequently, the Central Securities Depository (DCV) registered less activity, due to fewer negotiations on the secondary market for public debt. This trend was also observed in the private debt market, as evidenced by the decline in the average amounts cleared and settled through the Central Securities Depository of Colombia (Deceval) and in the value of operations with financial derivatives cleared and settled through the Central Counterparty of Colombia (CRCC). Section three offers a comprehensive look at the market for retail-value payments; that is, transactions made by individuals and companies. During 2019, electronic transfers increased, and payments made with debit and credit cards continued to trend upward. In contrast, payments by check continued to decline, although the average daily value was almost four times the value of debit and credit card purchases. The same section contains the results of the fourth survey on how the use of retail-value payment instruments (for usual payments) is perceived. Conducted at the end of 2019, the main purpose of the survey was to identify the availability of these payment instruments, the public’s preferences for them, and their acceptance by merchants. It is worth noting that cash continues to be the instrument most used by the population for usual monthly payments (88.1% with respect to the number of payments and 87.4% in value). However, its use in terms of value has declined, having registered 89.6% in the 2017 survey. In turn, the level of acceptance by merchants of payment instruments other than cash is 14.1% for debit cards, 13.4% for credit cards, 8.2% for electronic transfers of funds and 1.8% for checks. The main reason for the use of cash is the absence of point-of-sale terminals at commercial establishments. Considering that the retail-payment market worldwide is influenced by constant innovation in payment services, by the modernization of clearing and settlement systems, and by the efforts of regulators to redefine the payment industry for the future, these trends are addressed in the fourth section of the report. There is an account of how innovations in technology-based financial payment services have developed, and it shows that while this topic is not new, it has evolved, particularly in terms of origin and vocation. One of the boxes that accompanies the fourth section deals with certain payment aspects of open banking and international experience in that regard, which has given the customers of a financial entity sovereignty over their data, allowing them, under transparent and secure conditions, to authorize a third party, other than their financial entity, to request information on their accounts with financial entities, thus enabling the third party to offer various financial services or initiate payments. Innovation also has sparked interest among international organizations, central banks, and research groups concerning the creation of digital currencies. Accordingly, the last box deals with the recent international debate on issuance of central bank digital currencies. In terms of the methodological progress that has been made, it is important to underscore the work that has been done on the role of central counterparties (CCPs) in mitigating liquidity and counterparty risk. The fifth section of the report offers an explanation of a document in which the work of CCPs in financial markets is analyzed and corroborated through an exercise that was built around the Central Counterparty of Colombia (CRCC) in the Colombian market for non-delivery peso-dollar forward exchange transactions, using the methodology of network topology. The results provide empirical support for the different theoretical models developed to study the effect of CCPs on financial markets. Finally, the results of research using artificial intelligence with information from the large-value payment system are presented. Based on the payments made among financial institutions in the large-value payment system, a methodology is used to compare different payment networks, as well as to determine which ones can be considered abnormal. The methodology shows signs that indicate when a network moves away from its historical trend, so it can be studied and monitored. A methodology similar to the one applied to classify images is used to make this comparison, the idea being to extract the main characteristics of the networks and use them as a parameter for comparison. Juan José Echavarría Governor
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Caribbean Tertiary Institutions and the Impact of the COVID-19 Pandemic. Inter-American Development Bank, May 2021. http://dx.doi.org/10.18235/0003341.
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The COVID-19 pandemic forced the closure of schools across the Caribbean, including tertiary institutions. Colleges and universities turned to digital solutions and modified their pedagogy in order to sustain continuity of learning. Other adaptations like flexible payment schemes were made to allow students to stay enrolled. The University of West Indies CCEP and CLRI and the IDB co-hosted a conversation titled “Caribbean Tertiary Institutions and the Impact of the COVID-19 Pandemic,” which sought to explore how tertiary institutions were coping with the impact of the COVID-19 pandemic. The conversation focused on the most prominent challenges and what measures the institutions had taken to deal with them, what they felt they had done well in adapting, and how sustainable they deemed those measures in supporting their operations in the medium to long term. A follow-up meeting was held with several students from UWI to further explore how they had been impacted. This publication shares the responses to these questions, offers lessons learned and outlines next steps for the Caribbean Tertiary Institutions and the IDB.
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Financial Stability Report - First Semester of 2020. Banco de la República de Colombia, March 2021. http://dx.doi.org/10.32468/rept-estab-fin.1sem.eng-2020.
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In the face of the multiple shocks currently experienced by the domestic economy (resulting from the drop in oil prices and the appearance of a global pandemic), the Colombian financial system is in a position of sound solvency and adequate liquidity. At the same time, credit quality has been recovering and the exposure of credit institutions to firms with currency mismatches has declined relative to previous episodes of sudden drops in oil prices. These trends are reflected in the recent fading of red and blue tonalities in the performance and credit risk segments of the risk heatmaps in Graphs A and B.1 Naturally, the sudden, unanticipated change in macroeconomic conditions has caused the appearance of vulnerabilities for short-term financial stability. These vulnerabilities require close and continuous monitoring on the part of economic authorities. The main vulnerability is the response of credit and credit risk to a potential, temporarily extreme macroeconomic situation in the context of: (i) recently increased exposure of some banks to household sector, and (ii) reductions in net interest income that have led to a decline in the profitability of the banking business in the recent past. Furthermore, as a consequence of greater uncertainty and risk aversion, occasional problems may arise in the distribution of liquidity between agents and financial markets. With regards to local markets, spikes have been registered in the volatility of public and private fixed income securities in recent weeks that are consistent with the behavior of the international markets and have had a significant impact on the liquidity of those instruments (red portions in the most recent past of some market risk items on the map in Graph A). In order to adopt a forward-looking approach to those vulnerabilities, this Report presents a stress test that evaluates the resilience of credit institutions in the event of a hypothetical scenario thatseeks to simulate an extreme version of current macroeconomic conditions. The scenario assumes a hypothetical negative growth that is temporarily strong but recovers going into the middle of the coming year and has extreme effects on credit quality. The results suggest that credit institutions have the ability to withstand a significant deterioration in economic conditions in the short term. Even though there could be a strong impact on credit, liquidity, and profitability under the scenario being considered, aggregate capital ratios would probably remain at above their regulatory limits over the horizon of a year. In this context, the recent measures taken by both Banco de la República and the Office of the Financial Superintendent of Colombia that are intended to help preserve the financial stability of the Colombian economy become highly relevant. In compliance with its constitutional objectives and in coordination with the financial system’s security network, Banco de la República will continue to closely monitor the outlook for financial stability at this juncture and will make the decisions that are necessary to ensure the proper functioning of the economy, facilitate the flow of sufficient credit and liquidity resources, and further the smooth functioning of the payment system. Juan José Echavarría Governor
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Financial Stability Report - September 2015. Banco de la República, August 2021. http://dx.doi.org/10.32468/rept-estab-fin.sem2.eng-2015.
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From this edition, the Financial Stability Report will have fewer pages with some changes in its structure. The purpose of this change is to present the most relevant facts of the financial system and their implications on the financial stability. This allows displaying the analysis more concisely and clearly, as it will focus on describing the evolution of the variables that have the greatest impact on the performance of the financial system, for estimating then the effect of a possible materialization of these risks on the financial health of the institutions. The changing dynamics of the risks faced by the financial system implies that the content of the Report adopts this new structure; therefore, some analyses and series that were regularly included will not necessarily be in each issue. However, the statistical annex that accompanies the publication of the Report will continue to present the series that were traditionally included, regardless of whether or not they are part of the content of the Report. In this way we expect to contribute in a more comprehensive way to the study and analysis of the stability of the Colombian financial system. Executive Summary During the first half of 2015, the main advanced economies showed a slow recovery on their growth, while emerging economies continued with their slowdown trend. Domestic demand in the United States allowed for stabilization on its average growth for the first half of the year, while other developed economies such as the United Kingdom, the euro zone, and Japan showed a more gradual recovery. On the other hand, the Chinese economy exhibited the lowest growth rate in five years, which has resulted in lower global dynamism. This has led to a fall in prices of the main export goods of some Latin American economies, especially oil, whose price has also responded to a larger global supply. The decrease in the terms of trade of the Latin American economies has had an impact on national income, domestic demand, and growth. This scenario has been reflected in increases in sovereign risk spreads, devaluations of stock indices, and depreciation of the exchange rates of most countries in the region. For Colombia, the fall in oil prices has also led to a decline in the terms of trade, resulting in pressure on the dynamics of national income. Additionally, the lower demand for exports helped to widen the current account deficit. This affected the prospects and economic growth of the country during the first half of 2015. This economic context could have an impact on the payment capacity of debtors and on the valuation of investments, affecting the soundness of the financial system. However, the results of the analysis featured in this edition of the Report show that, facing an adverse scenario, the vulnerability of the financial system in terms of solvency and liquidity is low. The analysis of the current situation of credit institutions (CI) shows that growth of the gross loan portfolio remained relatively stable, as well as the loan portfolio quality indicators, except for microcredit, which showed a decrease in these indicators. Regarding liabilities, traditional sources of funding have lost market share versus non-traditional ones (bonds, money market operations and in the interbank market), but still represent more than 70%. Moreover, the solvency indicator remained relatively stable. As for non-banking financial institutions (NBFI), the slowdown observed during the first six months of 2015 in the real annual growth of the assets total, both in the proprietary and third party position, stands out. The analysis of the main debtors of the financial system shows that indebtedness of the private corporate sector has increased in the last year, mostly driven by an increase in the debt balance with domestic and foreign financial institutions. However, the increase in this latter source of funding has been influenced by the depreciation of the Colombian peso vis-à-vis the US dollar since mid-2014. The financial indicators reflected a favorable behavior with respect to the historical average, except for the profitability indicators; although they were below the average, they have shown improvement in the last year. By economic sector, it is noted that the firms focused on farming, mining and transportation activities recorded the highest levels of risk perception by credit institutions, and the largest increases in default levels with respect to those observed in December 2014. Meanwhile, households have shown an increase in the financial burden, mainly due to growth in the consumer loan portfolio, in which the modalities of credit card, payroll deductible loan, revolving and vehicle loan are those that have reported greater increases in risk indicators. On the side of investments that could be affected by the devaluation in the portfolio of credit institutions and non-banking financial institutions (NBFI), the largest share of public debt securities, variable-yield securities and domestic private debt securities is highlighted. The value of these portfolios fell between February and August 2015, driven by the devaluation in the market of these investments throughout the year. Furthermore, the analysis of the liquidity risk indicator (LRI) shows that all intermediaries showed adequate levels and exhibit a stable behavior. Likewise, the fragility analysis of the financial system associated with the increase in the use of non-traditional funding sources does not evidence a greater exposure to liquidity risk. Stress tests assess the impact of the possible joint materialization of credit and market risks, and reveal that neither the aggregate solvency indicator, nor the liquidity risk indicator (LRI) of the system would be below the established legal limits. The entities that result more individually affected have a low share in the total assets of the credit institutions; therefore, a risk to the financial system as a whole is not observed. José Darío Uribe Governor
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Financial Stability Report - Second Semester of 2020. Banco de la República de Colombia, March 2021. http://dx.doi.org/10.32468/rept-estab-fin.sem2.eng-2020.
Full textAbstract:
The Colombian financial system has not suffered major structural disruptions during these months of deep economic contraction and has continued to carry out its basic functions as usual, thus facilitating the economy's response to extreme conditions. This is the result of the soundness of financial institutions at the beginning of the crisis, which was reflected in high liquidity and capital adequacy indicators as well as in the timely response of various authorities. Banco de la República lowered its policy interest rates 250 points to 1.75%, the lowest level since the creation of the new independent bank in 1991, and provided ample temporary and permanent liquidity in both pesos and foreign currency. The Office of the Financial Superintendent of Colombia, in turn, adopted prudential measures to facilitate changes in the conditions for loans in effect and temporary rules for rating and loan-loss provisions. Finally, the national government expanded the transfers as well as the guaranteed credit programs for the economy. The supply of real credit (i.e. discounting inflation) in the economy is 4% higher today than it was 12 months ago with especially marked growth in the housing (5.6%) and commercial (4.7%) loan portfolios (2.3% in consumer and -0.1% in microloans), but there have been significant changes over time. During the first few months of the quarantine, firms increased their demands for liquidity sharply while consumers reduced theirs. Since then, the growth of credit to firms has tended to slow down, while consumer and housing credit has grown. The financial system has responded satisfactorily to the changes in the respective demands of each group or sector and loans may grow at high rates in 2021 if GDP grows at rates close to 4.6% as the technical staff at the Bank expects; but the forecasts are highly uncertain. After the strict quarantine implemented by authorities in Colombia, the turmoil seen in March and early April, which was evident in the sudden reddening of macroeconomic variables on the risk heatmap in Graph A,[1] and the drop in crude oil and coal prices (note the high volatility registered in market risk for the region on Graph A) the local financial markets stabilized relatively quickly. Banco de la República’s credible and sustained policy response played a decisive role in this stabilization in terms of liquidity provision through a sharp expansion of repo operations (and changes in amounts, terms, counterparties, and eligible instruments), the purchases of public and private debt, and the reduction in bank reserve requirements. In this respect, there is now abundant aggregate liquidity and significant improvements in the liquidity position of investment funds. In this context, the main vulnerability factor for financial stability in the short term is still the high degree of uncertainty surrounding loan quality. First, the future trajectory of the number of people infected and deceased by the virus and the possible need for additional health measures is uncertain. For that reason, there is also uncertainty about the path for economic recovery in the short and medium term. Second, the degree to which the current shock will be reflected in loan quality once the risk materializes in banks’ financial statements is uncertain. For the time being, the credit risk heatmap (Graph B) indicates that non-performing and risky loans have not shown major deterioration, but past experience indicates that periods of sharp economic slowdown eventually tend to coincide with rises in non-performing loans: the calculations included in this report suggest that the impact of the recession on credit quality could be significant in the short term. This is particularly worrying since the profitability of credit establishments has been declining in recent months, and this could affect their ability to provide credit to the real sector of the economy. In order to adopt a forward-looking approach to this vulnerability, this Report presents several stress tests that evaluate the resilience of the liquidity and capital adequacy of credit institutions and investment funds in the event of a hypothetical scenario that seeks to simulate an extreme version of current macroeconomic conditions. The results suggest that even though there could be strong impacts on the credit institutions’ volume of credit and profitability under such scenarios, aggregate indicators of total and core capital adequacy will probably remain at levels that are above the regulatory limits over the horizon of a year. At the same time, the exercises highlight the high capacity of the system's liquidity to face adverse scenarios. In compliance with its constitutional objectives and in coordination with the financial system's security network, Banco de la República will continue to closely monitor the outlook for financial stability at this juncture and will make the decisions that are necessary to ensure the proper functioning of the economy, facilitate the flow of sufficient credit and liquidity resources, and further the smooth operation of the payment systems. Juan José Echavarría Governor