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Modernizing Payment Systems In Emerging Economies
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Book Synopsis Modernizing Payment Systems in Emerging Economies by : Robert Listfield
Download or read book Modernizing Payment Systems in Emerging Economies written by Robert Listfield and published by . This book was released on 2016 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors address the following questions in this overview of payment systems: What is a payment system? How can efficient systems contribute to the development of modern, market-based financial institutions and markets? What elements are necessary for payment systems to operate efficiently? What are the operational characteristics of a modern payment system? What is the World Bank approach to selected payment system initiatives, design, and development? Effective, efficient payment systems, they conclude, are vital for the economic development of emerging economies. Efficient payment systems help promote the development of commerce, enhance economic policy oversight, control the risk inherent in moving large values, and reduce the financial, capital and human resources devoted to the transfer of payments. Many emerging economies lack the financial and technical resources to develop such systems. Many turn technical resources to develop such systems. Many turn to the World Bank and other international agencies for assistance. Unfortunately, some believe that the entire solution for an effective payment system rests in obtaining modern computer hardware and believe the World Bank`s sole contribution is to finance hardware costs. Hardware procurement alone will not solve problems of payment systems. These countries need organizational plans and structure for national payment systems before they spend money on computer equipment. They often lack the expertise to design and operate modern payment systems, so they may need technical assistance from financial experts before they invest in systems development. The design of a new payment system should be kept simple. Many emerging economies lack the infrastructure and banking sophistication to leapfrog from basic to state-of-the-art payment systems. The first task is to fix the most serious problems. The second is to upgrade the current systems incrementally, to meet basic standards of timeliness, security, and reliability. As these improvements are made, the countries can turn their attention to long-term, advanced solutions. Each country`s payments system is unique. To simply import another country`s system without adjusting for the target country`s geography, infrastructure, banking and legal structures, culture, and needs could lead to suboptimal solutions. Development of the system should follow a disciplined plan for defining the needs of users and for organizing the project team and project goals.
Book Synopsis Modernizing Payment Systems in Emerging Economies by : Robert Listfield
Download or read book Modernizing Payment Systems in Emerging Economies written by Robert Listfield and published by World Bank Publications. This book was released on 1994 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Banking on Innovation by : Tanai Khiaonarong
Download or read book Banking on Innovation written by Tanai Khiaonarong and published by Springer Science & Business Media. This book was released on 2009-06-01 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Innovation in banking should be directed at improving the infrastructure that fosters efficient financial services and international trade. In this work, innovation theory is used to show how modern payment systems have transformed the technology of banking and facilitated changes in the strategy and structure of financial services organisations. Design, implementation and dissemination of payment systems are described and the analysis of their costs and benefits is combined with case studies of banks undergoing change. By studying firm capabilities, competencies, and resources, the approach is extended to services in general and linked to the ability of firms to compete and promote national economies. Payment systems vary and advanced and developing economies face obstacles in their legal and technical infrastructure, and maturity of banks. By adopting an international perspective, the book offers a unique comparative analysis that shows what kind of investments are likely to be effective.
Book Synopsis General Principles for International Remittance Services by : Group of Ten. Committee on Payment and Settlement Systems
Download or read book General Principles for International Remittance Services written by Group of Ten. Committee on Payment and Settlement Systems and published by . This book was released on 2007 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Payment Systems by : David B. Humphrey
Download or read book Payment Systems written by David B. Humphrey and published by World Bank Publications. This book was released on 1995 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: World Bank Technical Paper No. 260. An efficient payment system is a necessary precondition for business development. This study outlines the basic operating principles of a payment system and reviews its benefits, costs, risks, and problems. It examines in detail the systems currently in place in the developed economies of Europe and the United States and draws from the analyses to support recommendations for restructuring those systems in developing countries. The study reviews the various types of payment practices that exist in mature systems including cash, check, GIRO, debit and credit card, direct debit, and large-value wire transfers. A range of short- and long-term improvements in payment systems are recommended for developing countries. There is a special focus on the Russian payment system and the problems it faces in transition from a centrally planned to an market economy.
Book Synopsis Transforming Payment Systems by : Setsuya Sat?
Download or read book Transforming Payment Systems written by Setsuya Sat? and published by World Bank Publications. This book was released on 1995-01-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emphasizes the importance of designing a well-functioning intergovernmental fiscal system for achieving the reform objectives of economies in transition. This study explores the issues involved in redesigning intergovernmental relations in Albania, Bulgaria, Hungary, Poland, Romania, the Russian Federation, and Ukraine, where extensive political and fiscal decentralization is now underway. The volume focuses on the elements of decentralization in the transitional economies that distinguish them from those in the rest of the world. The book shows that in the transition from a command to a market economy, designing a well-functioning intergovernmental fiscal system is a prerequisite for achieving other reform objectives: macroeconomic stability, private sector development, and a social safety net for those hurt by the transition. The study further demonstrates that a broader analytical framework than is conventionally involved in the study of intergovernmental finance is needed for analyzing fiscal issues in these economies.
Book Synopsis FinTech in Sub-Saharan African Countries by : Mr.Amadou N Sy
Download or read book FinTech in Sub-Saharan African Countries written by Mr.Amadou N Sy and published by International Monetary Fund. This book was released on 2019-02-14 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.
Book Synopsis Securities Clearance and Settlement Systems by : Mario Guadamillas
Download or read book Securities Clearance and Settlement Systems written by Mario Guadamillas and published by World Bank Publications. This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to assess securities clearance and settlement systems, based on international standards and best practices.
Book Synopsis The Promise of Fintech by : Ms.Ratna Sahay
Download or read book The Promise of Fintech written by Ms.Ratna Sahay and published by International Monetary Fund. This book was released on 2020-07-01 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: Technology is changing the landscape of the financial sector, increasing access to financial services in profound ways. These changes have been in motion for several years, affecting nearly all countries in the world. During the COVID-19 pandemic, technology has created new opportunities for digital financial services to accelerate and enhance financial inclusion, amid social distancing and containment measures. At the same time, the risks emerging prior to COVID-19, as digital financial services developed, are becoming even more relevant.
Book Synopsis Fintech by : International Monetary Fund
Download or read book Fintech written by International Monetary Fund and published by International Monetary Fund. This book was released on 2019-06-27 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.
Book Synopsis Payment and Settlement Systems in Selected Countries by :
Download or read book Payment and Settlement Systems in Selected Countries written by and published by . This book was released on 2003 with total page 540 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance by : El Bachir Boukherouaa
Download or read book Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Download or read book The Payment System written by Tom Kokkola and published by . This book was released on 2010 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book is designed to provide the reader with an insight into the main concepts involved in the handling of payments, securities and derivatives and the organisation and functioning of the market infrastructure concerned. Emphasis is placed on the general principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The book is aimed at decision-makers, practitioners, lawyers and academics wishing to acquire a deeper understanding of market infrastructure issues. It should also prove useful for students with an interest in monetary and financial issues."--Introduction (Pg. 20, para 8).
Book Synopsis Fintech and Payments Regulation: Analytical Framework by : Mr.Tanai Khiaonarong
Download or read book Fintech and Payments Regulation: Analytical Framework written by Mr.Tanai Khiaonarong and published by International Monetary Fund. This book was released on 2020-05-29 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial technology (Fintech) has prompted authorities to consider their potential financial stability benefits, risks, and effective regulation. Recent developments suggest that regulatory approaches and their legal foundations need to augment entity-based regulation with increasing focus on activities and risks as market structure changes. This paper draws on recent international experiences in modernizing legal and regulatory frameworks for payment services. An analytical framework based on a four-step process is proposed—(i) identifying payment activities; (ii) licensing entities and designating systems; (iii) analyzing and managing risks, and (iv) promoting legal certainty. As payment activities evolve and potential systemic risks heighten, adherence to international standards and additional regulatory requirements should be warranted.
Download or read book Making It Big written by Andrea Ciani and published by World Bank Publications. This book was released on 2020-10-08 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic and social progress requires a diverse ecosystem of firms that play complementary roles. Making It Big: Why Developing Countries Need More Large Firms constitutes one of the most up-to-date assessments of how large firms are created in low- and middle-income countries and their role in development. It argues that large firms advance a range of development objectives in ways that other firms do not: large firms are more likely to innovate, export, and offer training and are more likely to adopt international standards of quality, among other contributions. Their particularities are closely associated with productivity advantages and translate into improved outcomes not only for their owners but also for their workers and for smaller enterprises in their value chains. The challenge for economic development, however, is that production does not reach economic scale in low- and middle-income countries. Why are large firms scarcer in developing countries? Drawing on a rare set of data from public and private sources, as well as proprietary data from the International Finance Corporation and case studies, this book shows that large firms are often born large—or with the attributes of largeness. In other words, what is distinct about them is often in place from day one of their operations. To fill the “missing top†? of the firm-size distribution with additional large firms, governments should support the creation of such firms by opening markets to greater competition. In low-income countries, this objective can be achieved through simple policy reorientation, such as breaking oligopolies, removing unnecessary restrictions to international trade and investment, and establishing strong rules to prevent the abuse of market power. Governments should also strive to ensure that private actors have the skills, technology, intelligence, infrastructure, and finance they need to create large ventures. Additionally, they should actively work to spread the benefits from production at scale across the largest possible number of market participants. This book seeks to bring frontier thinking and evidence on the role and origins of large firms to a wide range of readers, including academics, development practitioners and policy makers.
Book Synopsis Fintech and Financial Inclusion in Latin America and the Caribbean by : Mr. Dmitry Gershenson
Download or read book Fintech and Financial Inclusion in Latin America and the Caribbean written by Mr. Dmitry Gershenson and published by International Monetary Fund. This book was released on 2021-08-20 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite some improvement since 2011, Latin America and the Caribbean continue to lag behind other regions in terms of financial inclusion. There is no clear evidence that fintech developments have supported greater financial inclusion in LAC, contrary to what has been observed elsewhere in the world. Case studies by national policy experts suggest that barriers to entry in the financial sector, along with a constraining regulatory environment, may have hindered a faster adoption of fintech. However, fintech development seems to have accelerated in the wake of the COVID-19 pandemic and with the support of recent policy initiatives.
Book Synopsis Oversight Issues in Mobile Payments by : Tanai Khiaonarong
Download or read book Oversight Issues in Mobile Payments written by Tanai Khiaonarong and published by International Monetary Fund. This book was released on 2014-07-15 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines oversight issues that underlie the potential growth and risks in mobile payments. International experience suggests that financial authorities can develop effective oversight frameworks for new payment methods to safeguard public confidence and financial stability by establishing: (i) a clear legal regime; (ii) proportionate AML/CFT measures to prevent financial integrity risks; (iii) fund safeguarding measures such as insurance, similar guarantee schemes, or “pass through” deposit insurance; (iv) contingency plans for operational disruptions; and (v) risk controls and access criteria in payment systems. Such measures are particularly important for low-income countries where diffusion is becoming more widespread.
