Ministry of Agriculture of the Russian Federation
Federal State Educational Institution of Higher Professional Education
"KUBAN STATE AGRICULTURAL UNIVERSITY"
Department of Money Circulation and Credit
COURSE WORK
at the course "Money, credit, banks"
NON-CASH PAYMENT SYSTEM IN THE RUSSIAN FEDERATION
Completed by: 4th year student,
Faculty of Finance and Credit.
group FK-0706 Tatenko A.A.
Krasnodar 2010
Introduction
1. Theoretical foundations of the non-cash payment system in the Russian Federation
1.1 Concept and principles of the non-cash payment system
1.2 Structure of the payment system of the Russian Federation
1.3 Forms of non-cash payments and conditions for their use
2. Current state of non-cash payments in the Russian Federation
2.1 Bank of Russia settlement system
2.2 System of non-cash payments in the Krasnodar Territory (using the example of UralsibYugbank)
2.3 Payment system using bank cards
2.4 Current state of the payment system
3. Prospects for the development of the non-cash payment system in the Russian Federation
3.1 The role of the Bank of Russia in improving the payment system
3.2 Legal and economic approaches to the electronic money development system
3.3 Increasing the role of non-cash payments
Conclusions and offers
List of used literature
Applications
Introduction
In modern conditions, money is an integral attribute of economic life. Therefore, all transactions related to the supply of material assets and the provision of services are completed with monetary payments, which can take both cash and non-cash forms. Organization of cash payments using non-cash money is much preferable to cash payments, since significant savings are achieved on distribution costs. The widespread use of non-cash payments is facilitated by an extensive network of banks, as well as the state’s interest in their development.
In Russia at present there are many problems associated with the organization of non-cash money turnover: it is, as a rule, less than in developed countries, there are practically no non-cash payments between consumers and stores, and there is great distrust of the population in the banking problem. All this complicates the operation of the banking multiplier mechanism.
Therefore, the topic of non-cash money circulation is currently relevant.
Based on the above, we can formulate the purpose of the work: to study the organization of non-cash money circulation in Russia. In accordance with the purpose, you can determine the objectives of this course work:
give the concept of the essence and principles of the non-cash payment system;
Study the structure of the payment system of the Russian Federation;
determine the forms of non-cash payments and the conditions for their use;
consider the current state of non-cash payments in the Russian Federation;
characterize the payment system using bank cards;
analyze the use of various forms of non-cash payments in modern conditions;
consider possible prospects for the development of non-cash money circulation in the context of the development of modern payment systems.
The object of study of the course work is the system of non-cash payments in the Russian Federation.
When writing the work, the dialectical method, abstract-logical and analysis were used.
The sources for writing the work were: statistical information, works of Russian and foreign authors, educational literature, articles from economic journals, analytical data.
1. Theoretical foundations of the non-cash payment system in the Russian Federation
1.1 Concept and principles of the non-cash payment system
In modern conditions, money is an integral attribute of economic life. Therefore, all transactions related to the supply of material assets and the provision of services are completed with monetary payments, which can take both cash and non-cash forms. Organization of cash payments using non-cash money is much preferable to cash payments, since in the first case significant savings on distribution costs are achieved. The widespread use of non-cash payments is facilitated by an extensive network of banks, as well as the state’s interest in their development, both for the above reason and for the purpose of studying and regulating macroeconomic processes.
The development of market relations in the economy required a change in the foundations of the non-cash payment system, including the principles of their organization.
The first principle of non-cash payments in market economic conditions is their implementation through bank accounts, which are opened for clients for storing and transferring funds.
In market economic conditions, carrying out settlements through a bank should be determined by economic feasibility, combined with the economic independence of market entities and their financial responsibility for their actions.
It is important to emphasize that the first principle of non-cash payments in market conditions applies to both legal entities and individuals, while previously it concerned exclusively legal entities, since there was a clear legislative distinction between the spheres of cash and non-cash money turnover.
The second principle of non-cash payments is that payments from accounts must be made by banks on the orders of their owners in the order of priority of payments established by them and within the limits of the account balance. This principle enshrines the right of market entities to determine the order of payments from their accounts. This represents a significant step towards establishing the true economic independence of business executives. Further, in the formulation of this principle, attention is drawn to the absence of an indication of the source of payment, which is also important for establishing the economic independence of the account owner at the disposal of the funds available to him in circulation and the responsibility for ensuring payment. The main requirement in this case made by the bank to the market entity - the participant in the settlements - is that the latter makes payments within the limits of the available balance in the account.
The third principle is the principle of freedom for market participants to choose forms of non-cash payments and secure them in business contracts, with banks not interfering in contractual relations.
This principle is also aimed at establishing the economic independence of all market entities (regardless of the form of ownership) in the organization of contractual and settlement relations and at increasing their financial responsibility for the effectiveness of these relations. The bank plays the role of intermediary in payments.
cashless payment payment Russian
The Regulation on Non-Cash Payments, adopted on October 3, 2002, shows a tendency towards turning the payer into the main subject of the payment transaction, since in all forms of non-cash payments the initiative of payment belongs to the payer. This circumstance corresponds to market relations in the country's economy.
There are also two more principles for organizing non-cash payments: urgency of payment and security of payment.
The principle of urgency of payment means making payments strictly based on the deadlines provided for in business, credit, and insurance; contracts, instructions of the Ministry of Finance of the Russian Federation, collective agreements with workers and employees of enterprises, organizations for the payment of wages or in contracts, labor agreements, contract agreements, etc. The economic meaning of establishing this principle is due to the fact that the recipient of funds is not interested in crediting them to his account at all, at any time, but precisely within a pre-agreed, firmly fixed period. The introduction of the principle of urgency of payment has important practical significance. Enterprises and other subjects of market relations, having information about the degree of urgency of payments, can more rationally build their cash flow, more accurately determine the need for borrowed funds and will be able to manage the liquidity of their balance sheet.
An urgent payment can be made: before the start of a trading operation, i.e. before the supplier ships goods or provides services; immediately after completion of a trade transaction, for example by a payment order from the payer; within a certain period after the completion of a trade operation - on the terms of a commercial loan without issuing a promissory note or with a written promissory note.
In practice, both early and deferred and late payments may occur.
Early payment is the fulfillment of a monetary obligation before the expiration of the agreed period.
A deferred payment characterizes the impossibility of repaying a monetary obligation on time and involves the establishment of a new deadline for this payment, i.e. extension of the originally established payment period, carried out in agreement with the recipient of funds.
Late payments occur when the payer lacks funds and is unable to obtain a bank or commercial loan when the due date is due.
The principle of security of payment is closely related to the previous principle of urgency of payment, since security of payment presupposes, in order to comply with the urgency of payment, the presence of the payer or his guarantor of liquid funds that can be used to pay off obligations to the recipient of funds. Depending on the nature of liquid funds, one should distinguish between operational and long-term security of payment.
Operational security is determined by the presence of the payer or his guarantor with a sufficient amount of first-class liquid funds for payment (cash of a long-term, medium-term and short-term nature, as well as a form of their organization that guarantees timely repayment of the obligation).
Prompt payment support can take various forms (including in the form of depositing funds at the expense of the client or bank for their subsequent transfer to the recipient).
Prospective payment security involves assessing solvency and creditworthiness at the stage of establishing economic relations (providing information on the solvency and creditworthiness of payers).
The principle of security of payments creates a guarantee of payment, strengthens payment discipline in the economy, and, consequently, the solvency and creditworthiness of all participants in the settlements.
All calculation principles are closely related and interdependent. Violation of one of them leads to violation of the others.
Non-cash transactions are reflected in settlement, current and other accounts opened by banks to their clients after the latter submit the relevant documents.
Each enterprise or organization can have only one main account with the bank - settlement or current.
Current accounts are currently opened for organizations and institutions that are not engaged in commercial activities and do not have the status of a legal entity. Traditionally, such accounts are opened for public organizations, institutions and organizations supported by the federal, republican or local budget. The independence of the owner of a current account is significantly limited compared to the owner of a current account. Thus, the owner of a current account can manage funds in the account strictly in accordance with the estimate approved by a higher organization. The list of transactions on current accounts is regulated. This is done at the time of opening the account. Economic bodies that have current accounts in a bank can carry out any operations related to production and investment activities, without establishing any list, as long as these operations do not contradict the law.
To open a current account, the following documents are submitted to commercial bank institutions: an application for opening a current account in the prescribed form; document on state registration of the enterprise; a copy of the constituent agreement on the establishment of the enterprise, certified by a notary; copy of the charter; document confirming the authority of the director of the enterprise; document confirming the authority of the chief accountant of the enterprise; two cards with sample signatures of the first officials of the enterprise with an imprint of its seal; a certificate from the tax office confirming the registration of the enterprise for the collection of taxes; certificate of registration of the enterprise with the pension fund; - registration card of statistical authorities.
1.2 Structure of the payment system of the Russian Federation
Non-cash payments in the Russian Federation are carried out through the payment system of the Bank of Russia and private payment systems, which are represented by intra-bank payment systems for settlements between divisions of one credit organization, payment systems of credit organizations for settlements on correspondent accounts opened in other credit organizations, payment systems of settlement non-bank credit organizations, as well as payment systems between clients of one division of a credit institution.
The Bank of Russia occupies a special place in the Russian payment system. The Bank of Russia, being the operator of its own payment system, coordinates and regulates settlement relations in Russia, monitors the activities of private payment systems, determining the main provisions of their functioning, establishes rules, forms, terms and standards for non-cash payments, and also organizes cash circulation. In addition, the Bank of Russia is developing a procedure for compiling and presenting statistical reporting characterizing the Russian payment system in order to increase its transparency.
The payment system of the Bank of Russia, which is generally a decentralized system, ensures settlements for payments in rubles using funds stored in accounts with the Bank of Russia. The payment system of the Bank of Russia is a gross system, i.e. All payments are settled on participants' accounts on an individual basis.
Territorial branches of the Bank of Russia are located in regions of the Russian Federation, which mainly coincide in territory with the constituent entities of the Russian Federation, and in some cases in regions that unite the territories of several constituent entities of the Russian Federation.
Regional components of the payment system operate in each territorial institution of the Bank of Russia.
In the Bank of Russia payment system, payments are made at two levels: within one regional component - intraregional payments, which make up the bulk of payments passing through the Bank of Russia payment system (almost 90% in quantity and 82% in volume), and payments starting in one regional component and ending in another - interregional payments.
The payment system of the Bank of Russia provides:
crediting funds to customer accounts on the day of receipt; in some regions, the debit and credit of these funds is carried out in a mode close to real time, with the possibility of their immediate use;
the ability to manage liquidity by providing credit institutions with intraday loans secured by collateral (Moscow, St. Petersburg, Yekaterinburg);
implementation of monetary policy measures of the Bank of Russia through servicing credit, deposit, foreign exchange and other transactions of the Bank of Russia;
settlements on the securities market and foreign exchange market.
In terms of security and information protection, the Bank of Russia payment system provides: identification of users, integrity control and confirmation of the authenticity of payment documents, differentiation of access rights and protection from unauthorized access to payment processing system resources, control over settlement transactions, confidentiality (cryptographic protection) of payment information, reservation of software and hardware systems and information resources.
The reasons why credit institutions (branches) give preference to making payments through the Bank of Russia payment system are its reliable operation, the use of modern technologies and information security methods that ensure efficient and reliable service for all payment participants, the possibility of prompt exchange of information and the absence of credit risks. Processing of an ever-increasing number of payments is ensured by the development of information and telecommunication systems.
The acceleration of turnover is associated with an increase in the activity of credit institutions and their clients, the consolidation of accounts of credit institutions, and a further increase in the efficiency of liquidity management, which is facilitated by the measures taken by the Bank of Russia to expand the use of electronic payments and reduce the timing of payments.
The Bank of Russia is working towards increasing the efficiency of the Bank of Russia payment system, primarily through targeted activities to expand the use of electronic payments.
The Bank of Russia is working to include clients among the participants in the exchange of electronic documents. At the same time, work continues to include other clients of the Bank of Russia that are not credit institutions, primarily federal treasury authorities, among the participants in the exchange of electronic documents.
Private payment systems are developing dynamically and are focused on introducing modern technologies for processing settlement documents, providing the most complete and high-quality settlement services in order to attract customers.
1.3 Forms of non-cash payments and conditions for their use
Non-cash payments for goods and services, as well as in connection with financial obligations, are carried out in various forms, each of which has specific features in the nature and movement of payment documents. The payment form is a set of interrelated elements, which include the payment method and the corresponding document flow. Document flow is a system of registration, use and movement of settlement documents and funds, which includes: issuing an invoice by the shipper and transferring it to other participants in the settlements; contents of the payment document and its details; deadlines for drawing up a settlement document and the procedure for presenting it to the bank, as well as to other participants in the settlements; movement of a payment document between banking institutions; procedure and terms of payment of the settlement document, transfer and receipt of funds; the procedure for using the settlement document for mutual control of settlement participants and the implementation of economic impact measures.
In accordance with current legislation, in modern conditions the following forms of non-cash payments are allowed: payment orders; payment requirements; checks; letters of credit.
The forms of settlements between the payer and the recipient of funds are determined by them themselves in business contracts.
Mutual claims regarding settlements between the payer and the payee are considered by both parties without the participation of banking institutions. Controversial issues are resolved in court, arbitration and arbitration.
Claims against the bank related to the performance of cash settlement operations are sent by clients in writing to the bank servicing them.
For untimely or incorrect debiting of funds from the owner’s account, as well as untimely or incorrect crediting by the bank of amounts due to the account owner, the latter has the right to require the bank to pay in its favor a fine in the amount of 0.5% of the amount untimely credited or improperly debited for each day of delay.
A payment order is a written order from the account owner to the bank to transfer a certain amount of money from his account to the account of another enterprise - the recipient of funds in the same or another bank institution. The scheme of its document flow is presented in Appendix A.
The possibilities of application in the calculation of payment orders are diverse. With their help, settlements are made on the farm, both for commodity and non-commodity transactions. In this case, all non-commodity payments are made exclusively by payment orders.
In payments for goods and services, payment orders are used in the following cases: for goods received and services provided, subject to reference in the order to the number and date of the shipping document confirming receipt of goods or services by the payer; for prepayment and service payments; to pay off accounts payable on commodity transactions; when paying for goods and services according to court and arbitration decisions; on rent for premises; payments to transport, utilities, household enterprises for operational services, etc.
In settlements for non-commodity transactions, payment orders are used for: payments to the budget; repayment of bank loans and interest on loans; transfers of funds to state and social insurance authorities; contributions of funds to the authorized funds when establishing joint-stock companies, partnerships; acquisition of shares, bonds, certificates of deposit, bank bills; payment of penalties, fines, penalties, etc.
A payment order is accepted by the bank for execution only if there are sufficient funds in the payer's account. A bank loan can also be used to make a payment if the economic entity has the right to receive it.
The current Regulations on non-cash payments provide for a special procedure for settlements by payment orders when paying for money transfers through communication companies.
Enterprises and organizations are given the right, without limiting the amount, to make money transfers through communications companies for the following purposes: in the name of individual citizens of funds due to them personally; enterprises in places where there is no bank establishment, for expenses for paying wages, for the organized recruitment of workers, for the procurement of agricultural products.
In these cases, the paying company issues a payment order to the nearest post office, indicating the purpose of the transferred amount and submits it to its bank institution.
In turn, the communications company transferring funds issues a payment order through its bank branch addressed to the post office that will pay for these transfers. This order is accompanied by completed money transfer forms of the transferors and a copy of the general list of transfer recipients.
Communications companies pay for received transfers in cash or by crediting funds to the accounts of the transfer recipients. In this case, transfers addressed to legal entities are paid only by non-cash payment and also by orders drawn up in 4 copies for the total amount of all transfers for each recipient.
Payments by payment orders have a number of advantages compared to other forms of payment: relatively simple and fast document flow, acceleration of cash flow, the ability of the payer to pre-check the quality of goods or services being paid, the ability to use this form of payment for non-commodity payments, which makes settlements by payment orders the most promising form of payment.
A payment claim is a requirement from the supplier to the buyer to pay, on the basis of the shipping and commodity documents attached to it, the cost of products delivered under the contract, work performed, services rendered. The scheme of its document flow is presented in Appendix B.
The payment request is issued by the supplier based on the actual shipment of products or provision of services on a standardized form in 3 copies and, together with shipping documents, is sent to the buyer’s bank for payment. It is also possible to accept claims for collection.
Collection is a banking operation through which a bank, on behalf of its client, receives funds due to it from other enterprises and organizations on the basis of settlement, commodity and monetary documents. With the collection service, the supplier's bank itself forwards payment requests to the payer's bank through communication authorities.
Settlements with payment requirements meet the financial and economic interests of both suppliers and buyers, strengthens contractual relations in the economy: the issuance of payment documents is accelerated, since their execution is carried out by the payee himself; the payment is made with the consent of the payer after a preliminary check by him of the supplier’s payment and shipping documents in order to verify the latter’s compliance with the terms of the business agreement; The supplier has the opportunity to receive a factoring loan from the bank during the diversion of funds from economic turnover into goods shipped.
Check - a written order from the payer to his bank to pay from his account to the holder of the check a certain amount of money. There are cash checks and settlement checks. The document flow diagram when paying by check is presented in Appendix B.
Cash checks are used to pay the check holder cash in a bank, for example, for wages, household needs, travel expenses, purchases of agricultural products, etc.
Payment checks - These are checks used for non-cash payments. A settlement check is a document of the established form containing an unconditional written order from the drawer to his bank to transfer a certain amount of money from his account to the account of the recipient of the funds (check holder). A settlement check, like a payment order, is issued by the payer, but unlike a payment order, the check is handed over by the payer to the payee company at the time of the business transaction, which presents the check to its bank for payment.
To receive settlement checks, the client contacts the commercial bank serving him with an application in the prescribed form, which indicates the number of checks and the amount of the total need for settlements by checks. Based on this data, the limit of one check is determined, which must be placed on the back of each check. The application for the issuance of checks is signed by the head of the enterprise, the chief accountant and certified by a seal.
In addition, the bank employee must, against receipt, inform the client about the rules for using checks and warn about liability for lost or stolen checks. The loss resulting from the loss or theft of checks is borne by the drawer himself, unless it is proven that the check was paid due to the negligence or intent of the bank itself.
Along with the checks, the bank is obliged to issue the client an identification card (check card). It is issued in one copy, regardless of the number of checks, and identifies the drawer for each check issued by him.
The front side of the check card must contain the following data: name of the payer's bank and its details; the name of the "check card" and its number; name of the check drawer; sample signature of the drawer; check drawer's personal account number.
The reverse side of the check card lists the conditions under which the bank guarantees payment of checks: the check is issued for an amount not exceeding the limit on it; the drawer's signature on the check and the check card is identical; the drawer's account numbers in the check and card are the same; the check must be presented to the bank within 10 days from the date of its issue; the check must be paid in the full amount for which it is drawn, without any commission.
The listed conditions are signed by the responsible employee of the bank and certified by the latter’s seal.
If the client has used all payment checks, the check card must be returned to the bank and destroyed. The card can be left to the company if the company has declared a new need for checks and the limit for one check has not changed.
Letter of Credit - This is an order from the buyer's bank to the supplier's bank to pay the supplier for goods and services on the terms stipulated in the buyer's letter of credit against the relevant documents submitted by the supplier.
A letter of credit can be intended for settlements with only one supplier. The validity period of a letter of credit is not regulated by banking rules, but is established in the agreement between the supplier and the buyer. With this form of payment, payment is made at the location of the supplier. Unlike other forms of non-cash payments, a letter of credit guarantees payment to the supplier either from the buyer's own funds or from the funds of his bank.
Letters of credit can be opened in two types: covered (deposited) and uncovered (guaranteed). A letter of credit is considered covered if the payer pre-deposits funds for settlements with the supplier. In this case, the payer's bank (issuing bank) debits the funds from the payer's current account and transfers them to the supplier's bank (executing bank) to a separate balance sheet account.
A bill of exchange is an unconditional written promissory note of a form strictly established by law, giving its owner (the drawer of the bill) the indisputable right, upon the maturity of the bill, to demand from the debtor payment of the amount indicated in the bill of exchange. The law distinguishes between two main types of bills: simple and transferable. The scheme of its document flow is presented in Appendix D.
A promissory note (solo bill) is a written document containing a simple and unconditional obligation of the drawer (debtor) to pay a certain amount of money at a certain time and in a certain place to the recipient of funds or his order. A promissory note is issued by the payer himself, and in essence it is his promissory note.
Bill of exchange ( draft) is a written document containing an unconditional order from the drawer (creditor) to the payer to pay the amount of money specified in the bill to a third party or to his order.
Unlike a simple bill of exchange, not two, but at least three persons are involved in a bill of exchange: the drawer (drawer), issuing the bill; the payer (drawee), to whom the order is made to make payment on the bill; bill holder (remitee) - recipient of payment on a bill.
A bill of exchange must be accepted by the payer (drawee), and only after that it acquires the force of an executive document. The acceptor of a bill of exchange, like the drawer of a promissory note, is the principal debtor of the bill and is responsible for paying the bill on time. Acceptance is noted on the left side of the front side of the bill and is expressed with the words “accepted, accepted”, etc. with the obligatory affixing of the payer’s signature.
A bill of exchange is a strictly formal document. It contains a list of required details. The absence of at least one of them deprives the bill of legal force.
Mandatory bill details include: bill mark, i.e. designation of a document with the word “bill”, expressed in the same language in which the document is written; place and time of drawing up the bill of exchange (day, month and year of drawing up); a promise to pay a certain sum of money; indication of the monetary amount in figures and words; payment term; place of payment; the name of the person to whom or on whose order the payment is to be made; signature of the drawer - presented to him in his own handwritten form.
Unlike a promissory note, where the payer is the drawer, in a bill of exchange the payer is a special person - the drawee. The name of the latter is an additional mandatory requisite of the bill of exchange. Typically, the designation of the payer (drawee) is made by putting the named person in the lower left corner on the face of the bill.
The bill of exchange form of payment presupposes its mandatory participation in the organization of banking institutions. In particular, bill legislation provides for the collection of bills by banks, i.e. their execution of instructions from bill holders to receive payments on bills on time. By collecting a bill of exchange, the bank assumes responsibility for presenting the bill on time to the payer and for receiving the payment due on it. Having accepted a bill for collection, the bank is obliged to promptly send it to the bank institution at the place of payment and notify the payer with a summons about the receipt of the document for collection. Upon receipt of the payment, the bank credits it to the client's account and informs him about the execution of the order.
For executing the order to collect bills of exchange, the bank receives from the client a commission in the form of a percentage of the received payment amount. In addition, the bank charges the client all costs associated with sending and receiving documents, as well as costs associated with contesting a bill of exchange in the event of the payer’s refusal to pay on this bill or in the event of his insolvency.
2. Current state of non-cash payments in the Russian Federation
2.1 Bank of Russia settlement system
In the Russian Federation, payments between enterprises are carried out by commercial banks and other credit institutions. Settlements between banks in Russia are carried out through cash settlement centers created by the Central Bank of Russia in republics, territories, regions, cities, and districts. In addition, banking operations for settlements can also be carried out through correspondent accounts of banks opened by them with each other on the basis of interbank agreements.
Relations between the Bank of Russia, credit institutions and their clients are carried out on the basis of agreements. The relationship between the RCC, as a structural division of the Central Bank of the Russian Federation, and its clients, including the credit institutions it serves, is also built on a contractual basis.
The relationship between a commercial bank and the Central Bank in the field of settlements is complicated by interest-free storage of funds and the technical imperfection of the Central Bank payment system. In this situation, the commercial bank tries to minimize the balance on its correspondent account, which ultimately affects its liquidity.
The process of making electronic payments in the Central Bank system is still far from perfect. The very concept of “electronic document”, accepted throughout the world, including in the vast majority of developing countries, exists theoretically in our country, but is not enshrined in legislation.
We must pay tribute to the leadership of the Central Bank of the Russian Federation: they are now very seriously working on all aspects of their banking settlement system.
The priority task envisaged by the Central Bank in its development concept is the creation of a real-time gross settlement system (RTGS). Work on the plan for its implementation has been completed. The purpose of its creation is to establish uniform regulations for the operation of the system for all regions, uniform rules for calculations and a uniform technology for their implementation.
The deployment of a real-time settlement system should turn the entire “pyramid” of interbank settlements in the regions upside down, putting it on the foundation. Now banks work in the traditional and familiar batch processing technology. Before making settlements through the Central Bank institution, they actually carry out “implicit clearing”, reading out mutual obligations. All this happens on a rather shaky legal basis; banks most often do not even have appropriate agreements on opening 761 accounts. Further, the clearing results are formally carried out through the institutions of the Central Bank, and the same scheme applies: clearing at the regional level - making interregional payments, clearing at the interregional level - making payments to the Central Bank.
The creation of a national payment system is necessary, but we should also not forget about global experience when creating such systems. The national payment system, formed on modern banking technologies, is the basis for conducting settlement operations in the economy, but there should not be a monopoly of one payment system. World experience shows us that different systems created by credit and non-credit organizations may exist side by side. In modern payment systems abroad, central banks play a key role.
First, they organize and manage funds transfer systems specifically designed to facilitate real-time gross settlement of individual interbank obligations. At the same time, the Central Bank is directly responsible for managing credit risks.
Secondly, they provide services for interbank settlements to systems of multilateral offsets of mutual claims, identified at the end of a certain settlement cycle.
Thirdly, the Central Bank performs the functions of control and supervision of payment systems.
Fourthly, the Central Bank provides loans to complete settlements.
It is obvious that the creation of an optimal mechanism for the functioning of payment systems should be based on an active dialogue between the private and public sectors, as well as on the effectiveness of official supervision.
.2 System of non-cash payments in the Krasnodar Territory (using the example of UralsibYugbank)
Since 1996, Uralsib Bank has been developing a non-cash payment system using its own ACCORD/BashCard plastic cards, but the development of the system itself began a year earlier. In 1995, the management of Uralsib Bank made a decision to enter the bank into the retail market, i.e. providing private clients with a full range of financial services, in particular, services for opening and maintaining card accounts within the framework of its own payment system, which became the "BashCard" payment system, hereinafter "ACCORD". Today it is one of the most dynamically developing Russian payment systems based on plastic smart cards.
Why was the ACCORD payment system created specifically on the basis of microprocessor plastic cards? The advantages of chip plastic cards are:
reliability,
security,
multifunctionality,
speed of service.
In 1995, the bank held negotiations with a number of large developers of technologies for working with smart cards. After negotiations and a thorough analysis of existing proposals, the choice was made in favor of the domestic developer ScanTek Service. The non-cash payment system "SmartPay" of the ScanTek Service company was developed taking into account the specifics of the activities of Russian banking organizations. The SmartPay system uses PCOS cards from the French company Gemplus, the largest developer and manufacturer of microprocessor plastic cards.
In April 1996, the first issue of BashCard plastic cards took place. At the same time, the first electronic terminals were installed in retail outlets to accept cards for payment for goods and services.
One of the main tools for attracting plastic card holders has become increased interest rates. The profitability of the card account was almost at the level of the profitability of the deposit account, which attracted a sufficient number of private clients and employees of organizations.
The bank began implementing its first salary projects in 1996. When implementing complex salary projects, Uralsib Bank solves many problems of the enterprise, in particular, issuing salaries and creating its own local systems for servicing employees in the canteens, buffets and shops of the enterprise; automation of the coupon system necessary for workers in hazardous industries to receive special food, etc. Today, about 1,200 enterprises and organizations transfer the salaries of their employees to ACCORD.
The main direction of development of the payment system based on microprocessor plastic cards BashCard was the increase in salary projects and the expansion of the trade and service network that accepts system cards for service. In addition to the main ones, the bank began to introduce additional services using BashCard plastic cards, in particular, the so-called discount and club systems, which provide all kinds of discounts when paying with Uralsib Bank BashCard plastic cards in the trade and service network. Today, about 1,800 shopping centers, supermarkets, pharmacies, restaurants and gas stations accept ACCORD plastic cards for payment.
The number of trade and service enterprises that provide discounts on their goods and services of up to 10% of the cost of each purchase when paying with cards is currently 1,261.
During the first quarter of 2003, the turnover for payments using Uralsib Bank ACCORD cards in stores and service points exceeded $4.5 million.
In order to further develop the payment system, Uralsib Bank, among enterprises participating in the trade and service network of the ACCORD payment system, established a competition “For the best participant in the ACCORD trade and service network.” The criteria for the competitive selection were the quality of card service by sellers, the absence of complaints from buyers, etc. Quarterly rounds were held as part of the competition. The winners were awarded prizes.
In 2000, Uralsib Bank was one of the initiators of the creation of a new Russian payment system, ACCORD, based on microprocessor cards. In addition to the Uralsib bank, it included 22 Russian banks, in particular, the Moscow Impexbank, Etalonbank and Fundament Bank, the Yekaterinburg banks Severnaya Kazna and Grankombank, Network Oil Bank, "Eurasia", bank "Dorozhnik", bank "Pervomaisky" (Izhevsk), "Yugbank" (Krasnodar), "Sotsinvestbank". By their agreement, the banks outlined a single payment card space, within which they intend to provide safe and convenient payments. System participants have compatible software and equipment for working with smart cards. By joining the ACCORD system, banks can develop their plastic business using the experience and capabilities of its other participants. Thus, they can purchase card equipment from the world's leading suppliers on preferential terms by participating in the leasing schemes of Uralsib Bank. In addition, new participants in the system will be provided with ready-made packages of marketing and methodological developments, free consulting and training for plastic specialists.
Uralsib Bank and Hewlett-Packard Russia signed a General Agreement on Strategic Partnership, according to which Hewlett-Packard technologies will form the basis of the bank's Intranet infrastructure. As part of this agreement, the American company Hewlett-Packard will supply Uralsib Bank with a software and hardware solution for doing business on the Internet. Intranet applications are necessary for the bank as a multi-branch financial institution. The introduction of intranet applications will improve the manageability of the extensive infrastructure, optimize business processes, and increase information exchange. Internet technologies will make it possible to attract new customers, personalize and secure the service.
To discuss the results of the development of the ACCORD payment system, as well as its future prospects, every year Uralsib Bank holds an interbank conference in Moscow, “Russian payment system ACCORD: development prospects.” In addition to the participating banks and system partners, the conference is attended by developers and suppliers of card equipment and software.
Uralsib OJSC's immediate plans include the development of remote services for the population and the creation of a mobile banking complex. As a first step in this direction, the possibility of opening an ACCORD plastic card via the Internet on the banking website www.accordcard.ru has been implemented; the first stage of the Internet banking system for holders of Uralsib plastic cards will start in the near future - informing about the account balance and providing a statement about the latest operations.
Today Uralsib Bank has more than 1 million private client accounts. As the demand for the bank's services among the population grows, it decided to expand the network of its offices.
In total, the URALSIB banking group has about 300 offices in 65 cities of Russia, most of which provide all transactions using plastic cards.
Uralsib Bank is a Principal Member of the international payment systems VISA International, MasterCard Worldwide, a member of the American Express, Diners Club, Union Card systems, as well as the founder of the payment system based on Accord chip cards. The bank has several certified processing centers, which allows it to take into account and implement any schemes for connecting partner banks.
Currently, Uralsib Bank acts as a guarantor for more than 240 Russian banks. The total issuance of international cards exceeds 1.8 million. The infrastructure for servicing bank cards includes more than 8,000 POS terminals in the trade and service network, 3,300 cash issuing points and 2,350 ATMs in the Russian Federation.
2.3 Payment system using bank cards
A bank card is a means for drawing up settlement and other documents to be paid at the client’s expense. With its help, you can pay for a purchase in a retail chain and withdraw cash from your account.
The basic rules for the issuance and use of bank cards in the Russian Federation are regulated by the “Regulation on the procedure for issuing bank cards by credit institutions and making settlements for transactions carried out using them” dated 04/09/98 No. 23-P.
As a rule, participants in a payment system based on bank cards are:
card issuing organization;
card holders;
trade organizations servicing cards;
credit institution - acquirer;
processing center;
settlement agent.
The issuer of bank cards issues them, opens card accounts and provides cash and settlement services to clients when performing transactions using bank cards. Two types of cards can be issued: settlement cards - transactions can be made with them within the limits of the account balance; and credit, for which the issuer provides a loan. The name and logo of the issuer must be present on the bank card. A resident credit organization that has a registration certificate from the Central Bank can act as an issuer of cards for individuals and legal entities in the Russian Federation.
Organizations servicing cards, as a rule, are trade or service enterprises that, on the basis of an agreement concluded with an acquirer, accept bank cards as payment for their goods. One organization can accept cards from different issuers.
An acquiring bank is a credit organization that serves trade and service enterprises, transferring money in payment for purchases made to their accounts, and also issues cash to holders of cards issued by other credit organizations.
Processing center is a company that provides information and technological interaction between participants in the payment system. It has information about the status of card accounts of system participants and, accordingly, authorizes all transactions on bank cards. The functions of the processing center also include the collection, processing and distribution of data on transactions with bank cards to system participants.
Settlement agent is a credit organization that carries out mutual settlements between banks - members of the payment system based on data received from the processing center. For this purpose, correspondent relations are established between banks. Thus, the settlement bank credits funds to correspondent accounts of acquiring banks and debits funds from the accounts of card issuing banks.
Depending on the technology used, cards are divided into magnetic stripe cards and microprocessor (chip) cards.
The most common are cards with a magnetic stripe, on which three tracks are distinguished. One of them is designed to rewrite data during each card transaction, and the other two are used for identification purposes. Before such a card is issued to the client, certain characteristics are embossed on its surface to identify the holder. Such a card is used only for identification purposes and does not contain information about the current state of the card account and the restrictions applied to it.
The smart card stores information about the status of the card account and the last few transactions with the card. This card is multifunctional, has high security against unauthorized access and allows authorization in off-line mode. In this case, direct communication between the retail outlet and the processing center is not required. The card exchanges information with the electronic terminal, and “recognition” occurs, after which the balance on the card is reduced by the purchase amount. As a result, the time to obtain authorization is reduced several times.
Payment using bank cards has undoubted advantages for the bank client. The attractiveness of bank cards is determined by their ease of use, a significant level of security for funds stored on a card account in a bank (especially smart cards), the ability to check each operation by contacting the bank, as well as other advantages: the possibility of receiving discounts, bank credit, etc. .
.4 Current state of the payment system
The prospect of the development of payment technologies has been causing debate and discussion among experts around the world for several years now. For Russian scientific literature, due to the fact that in our country most of the innovations in this area are at the testing stage and due to the relative underdevelopment of specialized infrastructure, this topic is relatively new. The proposed overview of the current state of affairs in the financial technology market is intended to some extent fill the existing lack of information.
Currently, the development of new forms of money is determined by the following factors:
globalization of economic relations, in particular financial globalization;
intensification of economic processes;
technocratization of economic relations;
intensification of international government regulation.
Thus, today the developers of the new payment face a triune task:
a) creation of mechanisms to accelerate the circulation of funds,
b) reduction in transaction costs and
c) increasing the level of security of the payment instrument and the payment scheme as a whole.
Options for solving this problem are:
a) expanding the range of services provided to clients by financial institutions (remote banking),
b) transfer of traditional means of payment to a new technological basis (smart cards),
c) creation of fundamentally new payment instruments (electronic and mobile money).
The scheme of the electronic payment system is as follows:
) A person or organization wishing to make and accept payments using electronic money contacts the financial institution that issues this means of payment and opens a deposit account there.
) At the request of the client, the issuer issues electronic money, and the amount of denominations of electronic bills is equal to the amount of the deposit.
) The issue of electronic money is recorded in a computer database, through which payments are subsequently managed.
) When making a payment, the holder of electronic money transfers a certain amount to the number specified by the recipient (trade organization). In fact, in this case there is a contact between two databases, and in one of them - the buyer - a decrease by a certain number of units is recorded, and in the other - an increase in the amount recorded in the database.
) To complete the payment, the recipient presents the electronic bills to the issuer.
) The issuer credits the deposit.
The emergence of another type of means of payment - mobile money - is due to the emergence of so-called mobile commerce. Mobile commerce is the use of mobile handheld devices to receive/transmit information and conduct transactions through public and private networks. In essence, we are looking at the translation of e-commerce into mobile forms. The main difference between mobile commerce is the greater independence of the user from stationary devices.
Developments in the field of mobile payment systems are carried out in two directions: mobile banking and mobile payments. The latter are divided into two classes: card and cardless. The first method is to use your mobile phone as a reader for a traditional credit card.
It is safe to say that the development of means of payment is in strict accordance with modern economic realities, firstly, responding to the needs of market segments that have emerged in recent years, such as Internet trading and mobile commerce, and, secondly, adapting to the current situations of traditional financial institutions (banks and international plastic card systems).
minimizing costs,
the ability to make payments of any denomination, including micropayments,
increasing the security level of both the payment instrument itself and databases containing customer information,
accelerating the circulation of money within national economies and in the world as a whole.
In general, the current situation allows us to say that over the coming decades, new payment instruments will not only take a leading position in the market, but also the tendency for them to displace traditional payment instruments will continue.
Recently, due to the activation and liberalization of financial markets around the world, more attention than before has been paid to payment systems.
This is due to the fact that the reliability of the payment system is extremely important for the effective functioning of the financial market and is essentially the “heart” of the financial market.
A serious disruption to the payment system could have dire consequences for the financial system and the economy as a whole. Serious disruption to the payment system could be caused by problems related to payment infrastructure, liquidity risk and credit risk.
Payment systems may experience a number of risks, including:
liquidity risk arising from the fact that one of the system participants will not have enough funds to fulfill financial obligations in the system in full and on time, although it may be able to do this sometime in the future. This risk does not mean the insolvency of the participant, but means a lack of funds to fulfill the obligation at the moment;
credit risk arising from the fact that one of the participants in the system will not be able to fully fulfill its obligations at the time or at any time in the future. It means the loss of funds by other participants. At first it is no different from liquidity risk;
legal risk arising from the fact that a poor legal framework or unsatisfactory legal instruments will give rise to or exacerbate credit or liquidity risk;
operational risk, which arises from the fact that operational factors such as technical problems or operational errors will give rise to or exacerbate credit or liquidity risk;
systemic risk: in the context of payment systems, this is the risk that the failure of one participant to meet its obligations, or disruption of the system itself, will result in other participants in the system or financial institutions in other sectors of the financial system being unable to meet their obligations when due .
The shocks to systemically important payment systems that arise as a result of the implementation of the listed risks can spread to the entire national and international financial system and markets.
Therefore, the problem of minimizing risks and protecting against their occurrence is an international one.
3. Prospects for the development of the non-cash payment system in the Russian Federation
3.1 The role of the Bank of Russia in improving the payment system
The Bank of Russia’s activities to improve the payment system are aimed at ensuring the effective and uninterrupted functioning of the payment system and its further development and, as a result, strengthening financial stability in the country and the effective implementation of monetary policy.
The Bank of Russia is taking measures to develop the system of gross settlements in real time in the direction of expanding the composition of participants and the range of services provided by the system, contributing to an increase in the number and volume of payments made through the system and reducing financial risks in the Russian payment system as a whole.
The Bank of Russia continues to work to improve the methodological and information base in the field of payment systems, take measures to expand non-cash payments, as well as measures to reduce cash payments, monitor the state of retail payments in the economy, carried out both in cash and non-cash. This work is carried out taking into account international standards and practices of foreign central banks.
In accordance with the legally established functions (Article 80 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)", the Bank of Russia intends to largely complete measures to establish a procedure for monitoring by the Bank of Russia of private payment systems, violations in the activities of which may affect the stability of the financial system Russian Federation or significantly affect the population's confidence in the national currency - the ruble as a means of payment.
Any commercial bank is required to have an account with the Bank of Russia for storing required reserves. The procedure for opening the said account and carrying out transactions on it is established by the Bank of Russia.
The Bank of Russia is the organizer of non-cash money circulation, a methodological center for the development of rules, forms and terms of settlements, and standards of payment documents. It also organizes, regulates, coordinates and licenses the organization of settlement systems in the Russian Federation. Through its institutions, it carries out settlements between other credit institutions and is generally responsible for the efficient and uninterrupted functioning of the domestic settlement system.
The management of the banking multiplier mechanism, and therefore the issue of non-cash money, is carried out exclusively by the central bank, while the issue is carried out by a system of commercial banks. The Central Bank, managing the banking multiplier mechanism, expands or narrows the issuing capabilities of commercial banks, thereby performing one of its main functions - the function of monetary regulation.
The Bank of Russia also pursues a policy of ensuring the efficient and uninterrupted functioning of the payment system, increasing its speed and reliability. However, it not only creates a methodological and organizational base, but is also a direct participant in this system, carrying out interbank settlements through its divisions.
The Bank of Russia, using the support of the state, has the opportunity to:
provide internal payment systems with modern telecommunications means;
register all payment transactions occurring between banks;
exercising supervision over the banking system as a whole, as well as over the activities of each bank separately, promptly adopt measures to stabilize the financial situation of payment system participants in order to prevent breaks in the links of the settlement network;
due to its special status, having sufficient liquidity and absolute solvency, reduce the risk of non-payment in settlements with its participation to zero.
The Bank of Russia also regulates and supervises the functioning of settlement systems outside the Bank of Russia.
3.2 Legal and economic approaches to the electronic money development system
To analyze the impact of electronic money on the monetary system and identify the main consequences of its widespread use, first of all, it is necessary to clearly define the very concept of electronic money in order to distinguish payment systems that use electronic money from other systems and isolate electronic money from the entire set of financial products.
The term “electronic money” has become widely used in scientific circles, is reflected in a number of official documents and is enshrined in law. However, there are different approaches to understanding the term “electronic money” in different sources.
Electronic money is “stored value or prepaid products where a record of the consumer's holdings or value is stored on a device in the consumer's possession.” Electronic money can "be used to make payments through POS terminals, direct transfers between two devices, or over open computer networks such as the Internet."
Electronic money is broadly defined as “an electronic store of monetary value on a technical device that can be widely used to make payments to companies other than the issuer, without necessarily using bank accounts in the transaction, but acting as a prepaid bearer instrument.”
Thus, electronic money, on the one hand, is considered as a stock of monetary value that is stored electronically on some device and can circulate in this form in the payment system as a means of payment. This approach to defining electronic money as a monetary value that has a specific form, associated with some technology for storing this value (in this case, in electronic form), can be conditionally called technological.
Electronic money is a monetary value representing a claim on the issuer, which:
stored on an electronic device,
Issued after receiving funds in an amount not less than this value,
accepted as a means of payment by enterprises other than the issuer.
A legal approach that considers the functioning of electronic money as a set of legal relations, according to which electronic money is defined as a monetary obligation of the issuer, and in the process of circulation acts as a monetary claim against it, allows us to draw analogies between electronic money and traveler's checks, bills or interest-free loans.
The definition of electronic money as a prepaid financial product characterizes the economic side of its functioning, therefore this approach is economic.
So, there are three approaches to defining the concept of “electronic money”: economic, legal and technological. However, all three approaches are interrelated and characterize only different aspects of electronic money. In our opinion, the most complete definition, taking into account all the features of electronic money, should be as follows:
Electronic money is a prepaid financial product, which is characterized by the following features:
represents a monetary obligation of the issuer,
issued after the issuer receives funds in an amount not less than the issued value,
does not require the use of bank accounts for transactions,
accepted as a means of payment by economic entities other than the issuer,
information about the amount of monetary value is stored electronically on a device in the possession of the holder.
The main advantage of electronic money is the much lower transaction costs compared to cash and checks.
For a payment system to operate effectively, it must rely on rules governing the rights and responsibilities of the parties involved in the payment process, under normal operating conditions and during settlement process failure.
Bank of Russia in order to regulate the settlement system through bank cards and in accordance with the Civil Code of the Russian Federation, federal laws “On the Central Bank of the Russian Federation (Bank of Russia)”, “On Banks and Banking Activities”, on the basis of the Law of the Russian Federation “On Currency Regulation and Currency Control" a regulation has been developed "On the procedure for issuing bank cards by credit institutions and making settlements for transactions carried out using them." The issue of bank cards and settlements using them make it possible to reduce the amount of cash in circulation in the Russian Federation.
The current Russian legislation does not have a set of rules governing payments and settlements, risk distribution and responsibility of credit institutions and their clients, both for electronic and paper transfers of funds. In the Civil Code of the Russian Federation (Part II), two chapters are devoted to this issue: Chapter 45 “Bank Account”, Chapter 46 “Settlements”. The main body regulating and regulating settlement relations in various settlement systems is the Bank of Russia, which consolidates and establishes certain standards for conducting settlement operations in the regulations of the Bank of Russia. As a result of the insufficiency of the regulatory framework for the functioning of the payment system, the potential probability of losses when transferring funds is quite high.
3.3 Increasing the role of non-cash payments
Non-cash payments are the final stage of the implementation of business contracts and represent one of the forms of economic independence of self-supporting enterprises. Enterprises are financially interested in the normal and uninterrupted process of sales of manufactured products, an integral part of which are non-cash payments.
An important feature of the modern non-cash payment system is the automation of document processing at different stages of processing. Manual work is almost completely eliminated when preparing settlement documents. Automated accounting and control of documents received for further processing. The process of posting payments to accounts both within banking institutions and between them is also automated.
Full automation of the non-cash payment system is of enormous importance for streamlining banking document flow, reducing payment terms, and can guarantee against illegal access to payment documents. Despite the establishment of unified deadlines for the processing and passage of financial documents in banks, the introduction of fines for unreasonable delays in settlements, the state of settlements does not improve. As before, the client still has no way to accurately determine when his funds arrived in the bank and when in his current account.
There is a need for complete technical re-equipment of banks on the basis of personal computers, the speedy introduction of local networks for processing accounts, the implementation of electronic settlements between bank clients, between banks and payment centers, as well as with various regions of Russia. Banks, actively mastering advanced technology, strive to adopt international settlement experience. The global trend in this area is the displacement of not only cash, but also checks from payment circulation. The widespread use of electronic cash payments, further automation and computerization of banking activities are the main prerequisites for the successful implementation and development of interbank clearing.
Clearing is a system of regular non-cash payments based on offsetting mutual claims and obligations of legal entities and individuals for goods (services) and securities. The concept of payments during clearing allows you to significantly reduce the balance of payments and the total amount of circulating means of payment, expands the scope of non-cash turnover, and facilitates its management. Through clearing, settlements are simplified, cheaper and faster, existing cash (cash) is preserved, and thereby the level of profitability and liquidity of settlement participants is increased. Clearing in the banking sector can be carried out both within a country and between countries.
A clearing institution is an organization that is a legal entity under the laws of the Russian Federation, declaring itself as a center for mutual settlements, which, on the basis of a license issued by the Central Bank of the Russian Federation, is granted the right to carry out settlement (clearing) operations, as well as a limited number of banking operations that support clearing .
The main goals of creating a clearing institution are:
· acceleration and optimization of settlements between banks and other credit institutions in the Russian Federation, with other countries;
· increasing the reliability and reliability of calculations;
· development and provision of new forms of non-cash money (checks, bills, credit cards);
· rational use of temporarily free resources of banks;
· introduction of modern international technologies, standards, entry into the global banking system;
· creation of a modern information banking structure.
A clearing institution equipped with software and hardware systems must provide:
reception, transmission of data via communication channels using hardware and software;
reliable multi-level data protection from unauthorized access, use, distortion and falsification at the stages of information processing and storage;
control of data reliability at all stages.
It is necessary to highlight some banking operations that support clearing:
· opening and maintaining accounts for clients and correspondent banks;
· provision of brokerage and consulting services, leasing operations;
· acquiring the right to claim for the supply of goods and services, accepting the risks of using such claims and collecting these claims (forfeiting), as well as performing these operations with additional control over movement (factoring).
These operations can be carried out both in rubles and in foreign currency, subject to the appropriate license.
Conclusions and offers
Non-cash payments are cash payments by making entries in bank accounts, when money is debited from the payer's account and credited to the recipient's account. Non-cash payments in the economy are organized according to a certain system, which is understood as a set of principles for organizing non-cash payments, the requirements for their organization, determined by specific business conditions, as well as forms and methods of payments and related document flow.
The principles and forms of organizing payments, payment instruments, payment methods and the risks arising during their implementation are separate elements of the payment system. The advantage of a particular payment system lies, first of all, in how quickly, reliably and economically settlements and payments are made.
The main form of payments in the Russian Federation is currently credit transfers using payment orders. Their use can be associated with both commodity and non-commodity operations.
The means that determine the development of the enterprise's cash settlement system include settlements by checks, letters of credit and collection. In many cases, they can be more effective than paying in advance.
Having examined the economic content and theoretical foundations of the organization of non-cash payments, it can be noted that the system of non-cash payments continues to improve for almost a century.
Non-cash payments are an integral part of the reproduction process; the study of their historical development is of particular importance today, since Russia is at a stage of economic instability.
World experience in organizing non-cash payments indicates the inevitable displacement of cash from payment circulation.
Frequent changes in regulatory and legislative acts governing non-cash payments lead to serious difficulties in practical work.
The development of the scientific and technical process, the desire to get closer to world standards contributes to the State and the Central Bank taking measures to introduce new, more advanced technologies in the organization and implementation of non-cash payments. There have been positive changes in the overall structure of payments. The share of telegraph and postal payments was reduced to a minimum; the share of electronic payments reached 100%.
The main disadvantages that make it difficult to carry out non-cash payments are:
worsening crisis phenomena in the country's economy;
insolvency and bankruptcy of enterprises;
imperfection of software and hardware;
insufficiently active updating of legal norms in the field of non-cash payments;
there is no established system of control over the sphere of settlements by the State and the Central Bank.
accelerating the transition to advanced software systems;
speedy automation of the non-cash payment system;
providing access to the global level;
widespread use of clearing;
intensifying work with clients by developing and implementing a balanced procedure for calculating interest on balances on current and current accounts. In addition, it is necessary to offer clients a number of additional services related, for example, to trust management of client funds, agency services in the securities market, consulting services on legal and general economic issues, as well as financial analysis of the client’s state of affairs;
improve the regulatory framework, simplify the settlement process.
Organization of cash payments using non-cash money is much preferable to cash payments, since then significant savings are achieved on distribution costs. The widespread use of non-cash payments is facilitated by an extensive network of banks, as well as the state’s interest in their development, both for the above reason and for the purpose of studying and regulating macroeconomic processes.
To succeed in business, managers of both banks and enterprises must understand and take into account all the benefits and costs of implementing automated payment systems.
Thus, despite all the difficulties in making non-cash payments, it can be noted that there are trends in the country for the successful development of payments and bringing them closer to world standards.
List of used literature
1. Civil Code of the Russian Federation (parts one, two and three) with amendments and additions.
2. Federal Law of July 10, 2002 N 86-FZ “On the Central Bank of the Russian Federation (Bank of Russia)” as amended. and additional
Regulations of the Central Bank of the Russian Federation dated October 3, 2002 No. 2-P “On non-cash payments in the Russian Federation” (as amended and supplemented).
Regulations of the Central Bank of the Russian Federation No. 23-P dated 04/09/98 “On the procedure for issuing bank cards by credit institutions and making settlements on transactions carried out using them.”
Regulation of the Central Bank of the Russian Federation No. 36-P dated June 23, 1998. "On interregional electronic settlements carried out through the settlement network of the Bank of Russia" taking into account additions and changes.
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Applications
Appendix A
Document flow diagram for settlements by payment orders
Shipment of products, provision of services with transfer of invoices;
Submitting a payment order to the bank to transfer funds to the supplier;
Transfer of documents to the CC to reflect account transactions;
Registration of documents passed through the CC and submitting them to the RCC;
Debiting funds from the correspondent account of the payer's bank and sending a credit memo for MFIs to the RCC (branch B);
Debiting funds from the correspondent account of the supplier's bank and crediting them to the supplier's current account;
An extract from the supplier's current account indicating the crediting of funds for the payment request.
Appendix B
Document flow diagram for payments for goods and services using payment requests and orders
Shipment of products, provision of services;
2- issuing a set of payment requests and orders and sending it along with shipping documents to the payer’s bank;
Transfer of received documents for acceptance;
Return of payment requests-orders by acceptance of the payer;
Registration of documents passed through the CC and their transfer to the RCC;
Drawing up a credit memo and sending it with a copy of the payment request-order (2nd copy) to the RCC (branch B) with simultaneous debiting of funds from the correspondent account of the payer’s bank;
Crediting funds to the correspondent account of the supplier's bank;
Debiting funds from the supplier's correspondent account and crediting them to the supplier's current account;
An extract from the supplier's current account about the crediting of funds under the payment request-order.
Appendix B
Document flow diagram for payments by checks
Submitting an application to the bank to receive checks and a payment order for depositing funds for settlements by checks in a separate account “Settlement checks”;
2- debiting funds from the payer’s current account and crediting them to the bank;
Return to the payer of check forms issued by the bank along with an identification card;
Transfer of funds deposited in the account to the RCC;
Issuance of a check by the payer and delivery to the supplier at the time of receipt of goods, services, works;
Submitting checks to the bank for collection at the register (in four copies);
Transfer of the check with the register (in two copies) to the RCC;
Transfer of funds to the RCC to the correspondent account of the supplier’s bank;
Sending registers of checks to the supplier's bank;
Debiting funds from the bank's correspondent account and crediting funds to the supplier's current account.
Appendix D
Schemes of document flow of a bill of exchange
1- goods, services, funds;
2- bill of exchange;
Bill for acceptance;
Accepted bill;
An order from the drawer (drawer) to pay a bill of exchange.
Appendix D
Various card systems
Non-cash money has specific features that should be paid attention to, especially since the terminology used does not reveal the specific features of such money and its circulation.
Features of non-cash payments are manifested in the following:
In cash payments, the payer and the recipient take part, transferring cash. In non-cash payments there are three participants: the payer, the recipient and the bank in which such payments are made in the form of entries in the accounts of the payer and recipient;
Participants in non-cash payments have a credit relationship with the bank. These relationships are manifested in the amounts of balances on the accounts of participants in such settlements. There are no such credit relations in cash circulation;
Movements (transfers) of money belonging to one participant in the settlements in favor of another are made through entries in their accounts, as a result of which the credit relations of the bank with the participants in such transactions change. In other words, here a credit transaction is carried out using money. Thus, the circulation of cash is replaced by a credit operation. This emphasizes the importance of the expedient organization of lending processes to regulate the money supply, consisting of non-cash money and cash.
Along with the widespread use of non-cash payments, the use of various valuable papers(obligations of enterprises and banks) to make payments without direct circulation of funds. There are common features and significant differences between these types of settlement operations.
In contrast to non-cash payments, which consist of transferring funds to the accounts of bank clients and carried out with the participation of the bank in each transaction, there is a fairly significant non-cash turnover carried out using various securities (liabilities of enterprises and banks).
In such operations, the circulation of cash is replaced by the movement of securities expressing various credit relationships. This replacement of cash circulation is characterized by features compared to non-cash payments. One of the features is that with non-cash transactions, the participation of the bank in each settlement transaction carried out using securities is optional. Thus, a bill or other obligation can be used for payment subject to the execution of an endorsement (endorsement), but without transferring money to the bank accounts of participants in transactions.
Another feature is the following. In non-cash payments, the payer’s funds stored in his bank account can be used as a universal means of payment for settlements with various recipients: their consent is not required.
As for payment using securities, it can be made subject to the recipient’s consent to such payment. The possibility of consent is further complicated by the fact that when paying, for example, with a bill of exchange, the recipient must remit taxes on the products sold, despite the fact that the proceeds have not yet been received.
There is one more feature. It consists in the fact that participants in settlements using securities assume certain responsibility for the redemption of the security. Thus, if a bill of exchange was used for settlements between legal entities, for which there is a corresponding endorsement (endorsement), then if the drawer is unable to repay the debt, the participants in the settlement transaction performed using the bill of exchange are responsible for paying the debt on the bill.
Participants in non-cash payments do not assume such responsibility.
The above indicates the existence of grounds for distinguishing between non-cash payments and non-cash turnover.
An important advantage of non-cash transactions performed through the transfer of securities is that such operations can be carried out in the absence of funds in the payer’s bank account. It is this circumstance that has led to the expansion of the use of such operations in the conditions of the existing payment crisis in the Russian Federation. Thanks to non-cash circulation using securities (bills, etc.), the negative consequences of the payment crisis are eliminated to a certain extent.
However, one should not, on the one hand, lose sight of the fact that settlements using securities are carried out with the participation of a loan (accounting for bills of exchange, loans against securities, etc.); on the other hand, the previously discussed features of such calculations cannot be ignored.
This indicates the advisability of a balanced approach to expanding the use of non-cash payments using securities, especially since the possibility of the appearance in circulation of securities not related to the processes of production and trade turnover is not excluded.
The expansion of the practice of non-cash payments using electronic technology contributed to the emergence of the term “electronic money”. Essentially, in such operations, non-cash payments are made with the difference that instead of managing funds using documents drawn up on paper (orders, checks, etc.), with electronic technology, the corresponding orders are executed through electronic signals. Therefore, there are hardly any grounds for recognizing the existence of such an independent type of money as electronic money.
In addition to non-cash cash turnover, which occurs on the basis of replacing the movement of cash with credit transactions, in economic practice there are also money of account that does not circulate, but is used in mutual settlements. Thus, when offsetting mutual claims in the amount of the offset amount, money of account functions, but does not circulate.
This type of use of money also occurs when using barter, when the cost of mutual supplies is counted(counting money comes into play here) only if it is unequal, the barter transaction is completed by transferring the unaccounted amount.
Despite the features inherent in non-cash money, they have many common features with cash. This is manifested primarily in the same monetary unit of cash and non-cash money. It is also important that there is a close connection between these types of money, expressed in the transition of one to another. For example, cash, when deposited into any bank account, turns into non-cash money. On the contrary, when receiving cash from the balance in a bank account, non-cash money turns into cash.
The manifestation of the unity of these types of money is that the regulation of the volume of money in non-cash circulation, as well as cash, is carried out with the help of credit. Thus, the emergence, as well as an increase or decrease in the mass of money in non-cash circulation, occurs as a result of credit transactions, just as is the case with the mass of cash.
Non-cash payments are carried out on the basis of payment documents of the established form and in compliance with the appropriate document flow. Depending on the type of payment documents, method of payment and organization of document flow in the bank, payers and recipients of funds have the following main forms of non-cash payments: settlements by payment orders, letter of credit form of settlements, settlements by checks, settlements by payment requests-orders.
The forms of settlements between the payer and the recipient of funds are determined by the contract (agreement, separate agreements).
The development of forms of non-cash payments in the historical aspect is presented in Table. 1. After the October Revolution of 1917, profound changes took place in our country in the economic life of society. The banking system was reformed; Major changes affected the monetary system due to the civil war, military intervention and, later, the transfer of the economy to a peaceful basis. During this period, despite the narrowing of the scope of commodity-money relations, non-cash payments using bills of exchange, checks, and bank transfers were still used. However, there was no single unified system of non-cash payments in the country.
During the credit reform of 1930 - 1932. commercial credit and indirect bank credit were replaced by direct bank credit, and accordingly the use of bills of exchange in the country was prohibited. At the same time, such forms of non-cash payments as acceptance, letter of credit and settlements on special accounts were introduced for the first time. The latter was a kind of letter of credit form of payment and implied the opportunity for the buyer: a) to pay several suppliers from one special account on which funds for settlements were previously reserved; b) receive cash from a special account to pay office expenses and to pay travel allowances to the buyer’s authorized representative who accepted the goods for quality at the supplier’s location.
Credit reform of the 30s. summed up certain results in the economic development of the country and was aimed at creating economic prerequisites for the transition from a market economy to a planned (administrative command) economy. Study of credit reform of the 30s. is of particular importance today, since Russia is currently undergoing a reverse movement from an administrative-command to a market economy, but at a new stage of historical development. In particular, in the field of settlements, since 1989, the country again began to use a bill of exchange for settlement transactions.
During the existence of a planned socialist economy, the system of non-cash payments underwent major changes, but its main advantage was the strict unification of forms of non-cash payments throughout the country and strict control over compliance with payment discipline by state banks.
The modern economic development of the country has a number of features, the most important of which is transition to the market. A transitional economy cannot be stable. In the monetary sphere, this manifests itself in the aggravation of contradictions. Manifestations of the economic crisis in Russia (as in most countries of the former socialist camp) were: a severance of economic ties between economic entities, a sharp drop in production volumes, inflation, a payment crisis, aggravation of tensions in the monetary sphere (budget deficit, growth of internal and external debts , currency crisis, banking liquidity crisis), insolvency and bankruptcy of enterprises and financial institutions, increasing political and social tension, etc. In these conditions, the desire to overcome the payment crisis, including by improving the non-cash payment system, was obvious. As a result, the Bank of Russia took measures to limit the scope of application of payment forms that do not provide a guarantee of payment (for example, the acceptance form of payment was abolished; later the Central Bank of the Russian Federation provided for the possibility of using payment requests for the direct debiting of funds from an account in payment of taxes to the budget, fines, penalties, penalties and by agreement between suppliers and buyers of products). At the same time, the practice of using payment orders with prepayment was expanded.
It should be noted that at present, enterprises and organizations often resort to using bills of exchange to clear up non-payments, however There is no independent bill of exchange form of payment in our country. A bill of exchange as a payment document can be used in a letter of credit form of payment, as well as in settlements in the order of offsetting mutual claims. In addition, banks and their clients are developing special payment schemes using bills of exchange. The experience of Inkombank, Tveruniversalbank, and Siberian Trade Bank in this area is widely known. Each form of non-cash payments, despite the peculiarities of its use in different countries or at different historical stages of development of each country, has common inherent features (document flow procedure, type of payment document, payment method).
So, the variety of forms of payment used and the principles for choosing one or another form of payment when concluding contracts and transactions depend on the specific economic situation in the country, and undergo significant changes when reforms are carried out in the economic sphere.
The choice of payment form is mainly determined by:
The nature of economic relations between counterparties;
Features of the supplied products and the conditions for their acceptance;
Location of the parties to the transaction;
Method of transporting goods;
Financial situation of legal entities.
To make it easier to study the material, we divide the article into topics:
4) payment requirements;
5) collection orders.
Payment documents must contain the following details (taking into account the features of each form and the procedure for making non-cash payments):
1) name of the settlement document and form code according to OKUD OK 01193;
2) the number of the payment document, the day, month and year of its issue;
3) type of payment;
4) name of the payer, his account number (TIN);
5) name and location of the payer’s bank, its bank identification code (BIC), correspondent account or sub-account number;
6) name of the recipient of funds, his account number, taxpayer identification number (TIN);
7) Name and location of the recipient's bank, its bank identification code (BIC), correspondent account or sub-account number;
8) purpose of payment. The tax to be paid is highlighted in the payment document as a separate line (otherwise there must be an indication that the tax is not paid). The specifics of indicating the purpose of payment in relation to certain types of payment documents are regulated by the relevant chapters and paragraphs of the Regulations on non-cash payments;
9) the amount of payment, indicated in words and numbers;
10) order of payment;
11) type of operation in accordance with the rules of conduct in the Bank of Russia and credit institutions located on the territory of the Russian Federation;
12) signature (signature) of authorized persons (persons) and seal impression (in established cases). Payment documents are valid for presentation to the servicing bank for ten calendar days, not counting the day of their issue.
Payment documents are presented to the bank in the number of copies required for all participants in the settlements, and all copies of the payment document must be filled out identically.
Payment documents are accepted by banks for execution if the first copy (except for checks) contains two signatures of persons entitled to sign settlement documents, or one signature (if there is no person on the staff of the organization who can be granted the right to sign the second signature) and a Seal imprint (except for checks) ), stated in the card with sample signatures and seal impressions.
Payment documents are accepted by banks for execution regardless of their amount. When the bank accepts payment documents, they are checked in accordance with the requirements established by the accounting rules and the Regulations on non-cash payments.
Settlements by payment orders
A payment order is an order from the account owner (payer) to the bank servicing him, documented as a settlement document, to transfer a certain amount of money to the recipient's account opened in this or another bank. The payment order is executed by the bank within the period provided for by law, or within the period established by bank account agreements or determined by business customs applied in banking practice.
Funds can be transferred based on payment orders:
For goods supplied, work performed, services rendered;
To budgets of all levels and to extra-budgetary funds;
For the purpose of returning/placing credits (loans) deposits and paying interest on them;
For other purposes provided for by law or agreement.
In accordance with the terms of the agreement between counterparties, payment orders can be used for advance payment of goods, work, services or for making periodic payments. Payment orders are accepted by the bank regardless of the availability of funds in the payer's account. If there are no or insufficient funds in the payer's account, and also if the bank account agreement does not define the terms of payment for settlement documents in excess of the funds available in the account, payment orders are placed in a card index.
The bank checks the correctness of filling out and execution of the payment order and makes a note about the date of its receipt: Then the last copy of the order is returned to the client as confirmation of acceptance of the payment order for execution.
If there are no or insufficient funds in the payer’s account, and also if the bank account agreement does not specify the terms of payment for settlement documents in excess of the funds available in the account, payment orders are placed in the card index in off-balance sheet account 90902 “Settlement documents not paid on time.” In this case, on the front side in the upper right corner of all copies of the payment order, a mark in any form is placed on the placement in the card index indicating the date. Payment of payment orders is made as funds are received in the order established by law.
The rules for making settlements allow partial payment of payment orders from the card index in off-balance sheet account 90902 “Settlement documents not paid on time.” In case of partial payment of a payment order, the bank uses a payment order of the established form. When issuing a payment order for partial payment, the bank’s stamp, date, and the signature of the bank’s responsible executive are affixed to all copies in the “Bank Marks” field. The first copy of the payment order for partial payment is certified by the signature of the bank employee who controls the settlements.
On the front side of a partially paid payment order, a note is made in the upper right corner: “Partial payment.” The entry for partial payment is made by the responsible executive of the bank. When making a partial payment under a payment order, the first copy of the payment order by which the payment was made is placed in the bank's daily documents, the last copy of the payment order serves as an attachment to the payer's statement.
At the last partial payment under a payment order, the first copy of the payment order by which this payment was made, together with the first copy of the paid payment order, is placed in the documents of the day. The remaining copies of the payment order are issued to the client simultaneously with the last copy of the payment order attached to the personal account statement.
When paying a payment order, the date of debiting funds from the payer’s account is indicated on all copies of the payment document (in case of partial payment - the date of the last payment).
The bank is obliged to inform the payer, upon his request, about the execution of the payment order no later than the next business day after the payer contacts the bank, unless a different period is provided for in the bank account agreement. The procedure for informing the payer is determined by the bank account agreement.
Advantages of settlements by payment orders:
The organization of document flow is simplified;
Acceleration of cash flow is ensured;
The payer has the opportunity to exercise preliminary control of paid goods and services;
Possibility to use when making settlements for non-commodity payments.
Calculations by payment requests
Payment request is a settlement document containing the demand of the creditor (recipient of funds) under the main agreement to the debtor (payer) for payment of a certain amount of money through the bank.
Payment requirements are applied when making payments for goods supplied, work performed, services rendered. Settlements through payment requests can be carried out with or without the payer's prior acceptance.
Acceptance - consent to payment.
Without the payer's acceptance, settlements with payment requests are carried out in the following cases:
1) established by law;
2) provided for by the parties to the main agreement, subject to the provision of the bank servicing the payer with the right to write off funds from the payer’s account without his order.
In addition to the details established for filling out payment documents, the payment request shall indicate:
Payment terms;
Deadline for acceptance;
The date of sending (delivering) to the payer the documents provided for in the contract, if these documents were sent (handing) to the payer;
Name of the goods (work performed, services rendered), number and date of the contract, numbers of documents confirming the supply of goods (performance of work, provision of services), date of delivery of the goods (performance of work, provision of services), method of delivery of the goods and other details.
In a payment request paid with the payer’s acceptance, in the “Terms of payment” field, the recipient of the funds enters “With acceptance.”
The period for accepting payment requests is determined by the parties to the main agreement, but must be at least five working days.
When registering a payment request, the creditor (recipient of funds) under the main agreement in the “Term for acceptance” field indicates the number of days established by the agreement for accepting the payment request. In the absence of such an indication, the period for acceptance is considered to be five working days.
On all copies of payment requests accepted by the executing bank, the responsible executor of the bank in the field “Final deadline for acceptance” enters the date upon which the payment request expires. When determining the date, working days are taken into account. The day the bank receives the payment request is not included in the calculation of the specified date.
Payment requests are placed by the executing bank in the file cabinet of settlement documents awaiting acceptance for payment until the payer's acceptance is received, the acceptance is refused (full or partial), or the acceptance period expires.
The payer, within the period established for acceptance, submits to the bank the appropriate document on the acceptance of the payment request or refusal in whole or in part from its acceptance on the grounds provided for in the main agreement, including in the event of a discrepancy between the applied payment form and the concluded agreement, with a mandatory reference to clause, number, date of the contract and indicating the reasons for refusal.
Acceptance of a payment request or refusal of acceptance (full or partial) is formalized by a statement of acceptance, refusal of acceptance in the manner established by the Regulations on Non-Cash Payments. An accepted payment request, no later than the business day following the day the application was received, is written off by a memorial order from an off-balance sheet accounting account for the amounts of settlement documents awaiting acceptance for payment, and is paid from the payer’s account.
In case of complete refusal of acceptance, the payment request is written off by a memorial order from the off-balance sheet account of the amounts of settlement documents; awaiting acceptance for payment, and no later than the business day following the day the application was received, the issuing bank receives it along with a copy of the application for the return of funds to the recipient.
A copy of the application, together with a copy of the payment request and a memorial order, is placed in the documents of the day as the basis for writing off the amount of the payment request from the off-balance sheet account of the amounts of settlement documents awaiting acceptance for payment, and returning the settlement document without payment.
In case of partial refusal of acceptance, the payment request no later than the business day following the day of receipt of the application is written off in full by a memorial order from the off-balance sheet account of the amounts of settlement documents awaiting acceptance for payment, and is paid in the amount accepted by the payer.
One copy of the application, together with the first copy of the payment request, is placed in the documents of the day as the basis for debiting funds from the client’s account, another copy of the application, no later than the business day following the day the application is received, is sent to the issuing bank for transfer to the recipient of the funds.
If the application for acceptance or refusal of acceptance is not received within the prescribed period, the payment request on the next business day after the expiration of the acceptance period is written off by a memorial order from the off-balance sheet account Zeta of the amounts of settlement documents awaiting acceptance for payment, and is returned to the issuing bank with an indication on the reverse side of the first copy of the payment request reason for return: “Consent to acceptance was not received.”
All disagreements arising between the payer and the recipient of funds are resolved in the manner prescribed by law.
Without acceptance, debiting funds from an account in cases stipulated by the main agreement is carried out by the bank if there is a condition in the bank account agreement about debiting funds without acceptance or on the basis of an additional agreement to the bank account agreement containing the corresponding condition. The payer is obliged to provide the servicing bank with information about the creditor (recipient of funds), who has the right to submit payment requests for debiting funds without acceptance, the name of the goods, works or services for which payments will be made, as well as about the main agreement (date, number and the corresponding clause providing for the right to write off without acceptance).
The absence in the bank account agreement of a condition on the debiting of funds without acceptance or of an additional agreement to the bank account agreement is grounds for the bank to refuse to pay the payment request without acceptance. This payment request is paid in accordance with the preliminary acceptance procedure with a period for acceptance of five working days.
Letter of credit payment form
A letter of credit is a conditional monetary obligation issued on behalf of a client in favor of his counterparty under an agreement according to which the bank that opened the letter of credit (the issuing bank) may = make a payment or authorize another bank to make such payments, subject to the provision of the documents provided for in the letter of credit.
Banks can open the following types of letters of credit:
Covered (escrowed) and uncovered (guaranteed);
Revocable and irrevocable (can be confirmed).
When opening a covered (deposited) letter of credit, the issuer bank transfers, at the expense of the payer's funds or the loan provided to him, the amount of the letter of credit (coverage) at the disposal of the bank executing the payment for the entire validity period of the letter of credit. When correspondent relations are established between banks, an uncovered (guaranteed) letter of credit may be opened in the executing bank.
When opening an uncovered (guaranteed) letter of credit, the issuing bank grants the executing bank the right to write off funds from the bank's correspondent account maintained by it within the amount of the letter of credit or indicates in the letter of credit another method of reimbursing the executing bank for the amounts paid under the letter of credit in accordance with its terms.
Each letter of credit must contain information about whether it is revocable or irrevocable. If such an indication is absent, the letter of credit is considered revocable. A revocable letter of credit can be amended or canceled by the issuing bank without prior agreement with the supplier. The payer can give all orders to change the terms of a revocable letter of credit to the supplier only through the bank, which accordingly notifies the executing bank (supplier's bank), and it, in turn, notifies the supplier. At the same time, the executing bank is obliged to pay for documents corresponding to the terms of the letter of credit, issued by the supplier and accepted by the supplier's bank before receiving notification of the change or cancellation of the letter of credit.
The terms of an irrevocable letter of credit cannot be changed or canceled without the consent of the supplier in whose favor it was opened. The terms of an irrevocable letter of credit are considered changed or an irrevocable letter of credit is considered canceled from the moment the executing bank receives the consent of the recipient of the funds. Partial acceptance of changes to the terms of an irrevocable letter of credit by the recipient of funds is not permitted.
Transfer of documents on the opening of a letter of credit and its conditions, on confirmation of a letter of credit, on changing the terms of a letter of credit or its closure, as well as on the bank’s consent to accept (refusal to accept) the submitted documents can be carried out by banks using any means of communication that allow reliably identifying the sender of the document.
The amount and procedure for payment for bank services during settlements under letters of credit are regulated by the terms of contracts concluded with clients and agreements between banks participating in settlements under letters of credit.
When opening a letter of credit, the application is submitted in the number of copies required by the payer's bank to fulfill the terms of the letter of credit. In the event that the bank that issued the letter of credit, on behalf of the payer, transfers funds to another bank - the supplier’s bank, a separate balance sheet account “Letters of Credit for Payment” is opened in the supplier’s bank for settlements. At the payer's bank, letters of credit received from clients are recorded in the off-balance sheet account “Issued letters of credit.” In this case, the letter of credit will be executed directly by the bank servicing the supplier. To receive funds under a letter of credit, the supplier, having shipped the goods, submits to the bank serving him a register of accounts and other shipping documents provided for by the terms of the letter of credit. Cash payments from letters of credit are not permitted.
A letter of credit is closed at the supplier's bank for the following reasons:
Expiration of the letter of credit, of which the executing bank notifies the issuing bank;
Supplier's statement of refusal to further use the letter of credit before expiration (the executing bank notifies the issuing bank);
Buyer's application for full or partial revocation of the letter of credit.
All claims arising between the parties to the settlements are resolved without the participation of the bank.
Payments by checks
A check is a security document containing an unconditional order from the drawer to the bank to pay the amount specified in it to the check holder.
The drawer of the check is a legal entity that has funds in the bank, which it has the right to dispose of by issuing checks. Check holder is a legal entity in whose favor the check is issued. The payer of a check is the bank in which the drawer's funds are located.
The drawer does not have the right to revoke a check before the expiration of the established period for presenting it for payment. Presentation of a check to the bank serving the check holder to receive payment is considered presentation of the check for payment.
Check forms are strict reporting forms and are recorded in banks in the off-balance sheet account “Strict reporting forms”.
The check may be covered by the drawer's bank:
Deposited by the drawer in a separate account;
On the corresponding account of the drawer, but not higher than the amount guaranteed by the bank and agreed upon with the drawer when issuing the check, in this case the bank can guarantee the drawer payment of checks at the expense of the bank in the event of a temporary lack of funds in the drawer’s account.
To receive checks, the client submits an application to the bank signed by persons who have the right to sign documents to carry out transactions on the account. In the application and the coupon accompanying it, the client indicates the account number from which checks will be paid. Along with the application for the issuance of checks, a payment order is submitted to deposit the required amount of funds in a separate personal account of the drawer.
A check cannot be issued for an amount that exceeds that indicated on the reverse side of the check and in the checkbook. The deadline for presenting a check for payment to a bank institution is 10 days, not counting the day of its issue. Checks accepted from enterprises and organizations are handed over to the cash settlement center.
Bank of Russia institutions that accept checks from commercial banks carefully check the correctness of their completion and pay the checks. Funds are debited from the drawer's account by the bank on the basis of the register of checks received from the cash settlement center (CSC), the checks themselves remain in storage at the CSC.
For non-cash payments, checks issued by credit institutions can also be used. Such checks can be used by clients of the credit institution issuing these checks, as well as in interbank settlements if there are correspondent relationships. However, such checks are not used for settlements through divisions of the Bank of Russia settlement network.
If the circulation of checks is limited to a credit institution and its clients, checks are used in payment transactions on the basis of an agreement on settlements by checks, which is concluded between the credit organization and its clients.
Payments for collection
Collection settlements are a banking operation through which the bank (hereinafter referred to as the issuing bank), on behalf and at the expense of the client, on the basis of settlement documents, carries out actions to receive payment from the payer.
For collection settlements, the issuing bank has the right to involve another bank (executing bank).
Payments for collection are carried out on the basis of payment requests, payment of which can be made by order of the payer (with acceptance) or without his order (in the non-acceptance order), and collection orders, payment of which is made without the order of the payer (in the indisputable order).
Payment requests and collection orders are submitted by the recipient of funds (collector) to the payer's account through the bank serving the recipient of funds (collector).
Collection orders are used in the following cases:
The indisputable procedure for collecting funds is established by law;
Collection is carried out according to enforcement documents;
They are provided for in the agreement (subject to the provision of the bank servicing the payer with the right to write off funds from the payer’s account without his order).
Collection documents for the collection of funds from accounts issued on the basis of writs of execution are accepted by the recovering bank if the original of the writ of execution or a duplicate thereof is available. At the same time, collection orders for writing off funds in an indisputable manner are not accepted for execution in cases where the executive document attached to the collection order is presented after the expiration of the period established by law.
Writs of execution for the collection of periodic payments (alimony, compensation for harm caused to health, etc.) remain in force for the entire time for which these payments are awarded. The deadline for presenting executive documents is calculated for each payment separately.
Collection payments can be made on the basis of payment requests, which are paid on the basis of the payer’s order (with acceptance) or without his order (in the non-acceptance order), and collection orders, the payment of which is made without the payer’s order (in the indisputable order).
Payment requests and collection orders are submitted by the recipient of funds to the payer's account through the bank serving the creditor, who must execute them within three days.
Payment documents are paid as funds are received into the payer's account in the order established by law. Partial payment of claims and collection orders is also possible.
By failing to execute or improperly executing the client’s order to receive payment based on a payment request or collection order, the issuing bank is liable to the client in accordance with the law.
The absence in a bank account agreement or an additional agreement to it of a condition on writing off funds in an indisputable manner and the failure to provide the corresponding funds about the creditor are grounds for the bank to refuse to pay the collection order.
The bank may suspend the write-off of funds indisputably in the following cases:
Such a decision was made by the body entrusted with the implementation of control functions;
A judicial act was submitted to suspend the collection;
There are other grounds provided for by law.
Interbank settlements
Settlements carried out between business entities (enterprises, organizations) determine mutual settlements between banks. Interbank settlements arise when the payer and recipient of funds are serviced by different banks, as well as when banks mutually lend. Interbank settlements are settlements between credit institutions and their branches.
The levels of settlement relationships between banks have common features and differences. These types of relationships differ in the form of organization and economic content.
The organizational differences are that in settlements between credit institutions they are implemented as relationships between economically separate entities, and in inter-branch settlements - within the boundaries of one bank.
In terms of economic content, settlements between commercial banks and within one bank (inter-branch) differ in the payment boundary, the method of relationship and the technology of implementation. The payment limit within the framework of settlements between credit institutions is limited by the available funds in the correspondent account; between branches of the same institution they are not limited. There are also differences in the legal formalization of the procedure and methods of settlement. When making payments between credit institutions, their settlement relationships are fixed in contracts; when making inter-branch settlements, they are determined by the rules established by the head bank for all divisions. Branches of one bank are strictly limited in the choice of payment methods.
The organization of settlements between independent credit institutions is based on specific relationships that arise between banks - correspondent relationships.
When conducting interbank settlements, three main methods are used:
1) debiting and crediting funds to accounts opened by banks with the Bank of Russia;
2) making payments through NOSTRO and LORO accounts, which are opened by banks to each other on a bilateral basis;
3) settlements are carried out through accounts opened either with a correspondent bank or with a specialized settlement or clearing organization.
Settlements between credit institutions, despite the variety of methods for carrying them out, are based on common principles. These principles correspond to the principles of the non-cash payment system, but also have certain specifics.
TOlike thisspecificprinciples include:
Supporting participants in interbank settlements;
Monitoring the correctness of interbank payments;
Unconditional payment for interbank obligations;
Carrying out a payment within the limits of available funds in the correspondent account.
Compliance with these principles allows us to ensure the timeliness and completeness of settlement transactions.
The key role in organizing interbank settlements belongs to the Bank of Russia. According to the current legislation, it is a methodological center that exercises control and supervision over this area of relationships. The Bank of Russia organizes and manages through its institutions - cash settlement centers - a system of transfers of funds between banks on a gross basis, carries out final clearing settlements by transferring net obligations and claims based on the results of offset to accounts opened with the RCC. If there is a need for credit institutions, the Bank of Russia can provide services to complete settlements by providing loans.
An important element of interbank settlements carried out directly by credit institutions are correspondent accounts. A correspondent account, in essence, is a bank account in which free funds are stored intended for settlements with counterparties. The range of transactions carried out on correspondent accounts is quite wide.
These accounts are accounted for:
1) operations for settlement and cash services, lending and other services to clients of the bank itself:
- with insurance companies,
— with the Bank of Russia;
2) transactions on interbank loans and deposits, securities, purchase and sale of currencies, transfer of reserve requirements;
3) business operations of the bank.
At the same time, the bank can carry out part of its customer service operations in cash.
A commercial bank may have several correspondent accounts; their nature and number are determined by the bank’s participation in other subsystems of interbank settlements.
Settlements between banks are carried out through the RCCs created by the Bank of Russia, which act as intermediaries in the transfer of funds when using the first method of interbank settlements. The second method of interbank settlements is based on the opening of direct correspondent accounts and the establishment of direct correspondent relations.
An agreement on correspondent relations with another credit institution governs the relationship between the parties.
In particular, it contains:
The procedure for opening and closing accounts;
List of required documents;
List of transactions carried out on the account;
Account operation mode;
Electronic information exchange technology.
When making settlements through the RCC, a commercial bank opens one correspondent account at its location, in addition, the credit institution has the right to open one correspondent sub-account in the name of each branch at its location.
An agreement is concluded between the RCC and the credit institution, which defines the procedure for settlement services, the rights and obligations of the parties, the method of exchanging information, and liability for non-fulfillment or improper performance under the agreement.
The Bank of Russia accepts payment documents regardless of the balance of funds in the correspondent account of a credit institution; payments are made within the limits of the balance of funds.
A payment made by a credit institution through the settlement network of the Bank of Russia is considered:
Irrevocable - after debiting funds from the correspondent account of a credit institution, confirmed by an extract or electronic official information documents;
Final - after funds are credited to the recipient's account, confirmed accordingly.
The correspondent account of a credit organization may be closed at the initiative of the credit organization itself or on the basis of an application from the liquidation commission upon its liquidation.
Settlements between branches of a credit organization are called interbranch settlements.
Mutual settlements between branches can be divided into two types:
1) movement of resources within one bank;
2) carrying out operations carried out on behalf of clients.
The means of interbranch settlements is an interbranch advice note (MFO). This document is drawn up by the RCC and sent to another RCC to complete inter-branch settlements. Advice notes are usually sent by special communications or telegraph.
One of the settlement methods is clearing. Clearing is a system of relations in which the monetary claims of participants are repaid by their own monetary obligations without the use of money or with its minimal use. Depending on the frequency of mutual settlements, clearing can be one-time or permanent. One-time clearing is carried out sporadically as accounts receivable and payable accumulate. Permanent clearing is carried out periodically, regardless of the state of monetary obligations and monetary claims of participants. Based on the composition of participants, clearing can be bilateral or multilateral, when settlements are carried out between groups of enterprises, united, as a rule, on an industry or territorial basis.
Organization of cash handling
Organizing cash handling is one of the most important functions of a credit institution. It allows you to meet the needs of business entities and the population in cash, as well as carry out their storage and transportation.
Bank cash operations are operations related to the collection, reception, storage and issuance of cash, foreign currency and other valuables.
To provide comprehensive cash services to individuals and legal entities, as well as to carry out transactions with cash and other valuables, credit institutions create a cash department equipped in accordance with the requirements for structure and technical scale developed by the Bank of Russia.
The cash department includes: storage of valuables; operational cash desks (receipt, expense, income and expense, evening cash desks, recount cash desks), a reception room for issuing money to collectors, a storage room or safe room and a number of other premises necessary for performing cash transactions.
The composition of the premises of the cash department, as well as the feasibility of creating certain cash departments, is determined by the management of a commercial bank based on the types and volumes of cash transactions performed.
To improve and expand cash services to the population, credit institutions can open appropriately equipped operating cash desks outside the cash desk to carry out operations for accepting and issuing deposits (in rubles and foreign currency), selling and purchasing securities, and accepting utility payments from individuals. Operating cash desks outside the cash desk, located in organizations, in addition to the above operations, they issue funds for wages and social payments, as well as other operations for which a commercial bank has a license. The credit institution can install ATMs, machines for accepting and issuing cash, including using a personal computer installed at the cashier’s workplace (electronic cashiers), terminals operating in automatic mode and intended for receiving cash from clients and storing it (automatic safes).
The head of the credit organization and the cash desk manager are officials responsible for the safety of valuables, monitor the timely posting of money received at the cash desks of the credit organization, organize cash services for their clients and bear responsibility in accordance with the laws of the Russian Federation and regulations of the Bank and Russia.
The procedure for conducting cash transactions is regulated by the Bank of Russia, which issues and regulates money circulation. The main Document for organizing cash operations is the Regulations on the procedure for conducting cash transactions in credit institutions on the territory of the Russian Federation, approved by the Central Bank of the Russian Federation No. 199P (hereinafter referred to as the Regulations on conducting cash transactions). The regulation establishes the procedure for carrying out banking operations in terms of organizing cash operations, collection, transportation and storage of cash and valuables for credit institutions and their branches. On the basis of this document, credit organizations develop their regulations on the cash department and job descriptions of cash workers. Servicing credit institutions for cash transactions is carried out by cash settlement centers of the Bank of Russia, which for each credit institution set the minimum amount of cash (cash balance in the operating cash desk) based on the volume of cash turnover passing through the cash desk.
Cash and other valuables of a credit institution are stored in a valuables vault. It is equipped in accordance with the requirements of the Regulations on the conduct of cash transactions. The storage facility is locked with at least two keys held by officials responsible for the safety of valuables.
In the vault, money and other valuables are stored in metal cabinets. Racks, safes, carts that are locked with a key by the cash register manager.
Ruble cash, foreign currency and payment documents in foreign currency, other valuables are stored separately.
Pre-prepared cash and other valuables for delivery to customers on the next business day are stored separately from cash and valuables from the operating cash desk.
Securities and forms of securities are stored in bundles according to their types.
Banknotes, coins, foreign currency, payment documents in foreign currency and other valuables in the vault are recorded in the book of accepted and issued money (valuables) (hereinafter referred to as the money book). The book is kept by the cash register manager. The balances of valuables recorded in the money book are checked by the chief accountant with the data of the Balances of the corresponding accounts of the accounting account.
At the end of the operating day, the storage facility is closed by officials responsible for the safety of valuables, in the presence of security, and is handed over to guard.
Procedure for cash service for clients
The direct execution of cash transactions is carried out by cash and collection employees of the credit institution, with whom agreements on full financial responsibility are concluded. They are obliged to strictly observe the procedure for conducting cash transactions, which stipulates that operations for accepting and issuing cash can only be carried out on the basis of an incoming and outgoing cash document drawn up in the established manner by the accounting and operational employee, and his responsibilities also include checking the legality of the execution of cash transactions.
Cash workers of incoming and outgoing cash registers are provided with sample signatures of operational employees authorized to sign incoming and outgoing documents, and operational employees associated with the preparation of incoming and outgoing cash documents are provided with sample signatures of cash employees of the specified cash registers. Sample signatures are certified by the signatures of the manager and chief accountant and sealed with the seal of the credit institution.
In addition, transaction workers have cards with sample signatures and seals of clients who receive cash from their accounts.
Organization of cash acceptance
Operations for accepting cash in credit institutions are carried out: during the operating day - cash desks, and after its end - evening cash desks.
Cash is accepted from clients based on an advertisement for cash deposits, which is a set of documents consisting of an advertisement, an Order, and a receipt. The operational worker checks the legality of the transaction, the possibility of its completion, the correctness of filling out the announcement for a cash contribution, registers the amount of money in the cash register upon receipt and transfers it to the cashier. The cashier signs this announcement, the receipt and the order for it, puts a stamp on the receipt and issues it to the money bearer. The cashier keeps the announcement for a cash contribution; the order for the announcement is returned to the operational employee to credit the specified amount to the account of the cash carrier.
Reception and issuance of cash to citizens, as well as employees of credit institutions, is carried out according to incoming and outgoing cash orders.
Acceptance of money for utility, tax and other payments is carried out according to notices and receipts of established forms.
The rules for maintaining accounting records in a credit institution provide that the document flow for incoming cash transactions must be organized so that the issuance of receipts to clients for crediting the amount to their accounts is carried out only after the actual receipt of money in the cash register, with the exception of contributions to citizens' deposits, which can be recorded on personal accounts. depositors' accounts before receiving money. In this case, documents confirming the contribution to the deposit and (or) a bank book are issued to the depositor after the actual receipt of money at the bank's cash desk.
At the end of the operating day, the cashier draws up a certificate about the amount of funds received and the number of monetary documents received at the cash desk.
The total amount on the certificate must match the amount of cash received. These certificates are compared with the entries in the cash receipt journal of the operational employee. Reconciliations are documented by the signatures of the cashier in the cash journals and the signatures of the operational employees on the certificate of each cashier.
Cash received at the cash desk during the operating day, together with receipt documents and a certificate about the amount of money received and the number of cash documents received at the cash desk, is handed over to the cash register manager under the book of accounting of accepted and issued money (valuables).
At the end of the operating day, money from enterprises is accepted by the evening cash desks. Upon completion of receiving money, the cashier and the operational employee check the cash with the data in the cash register and receipt documents, which should bear the stamp of the “Evening cash register” seal, and sign the cash register. Received money, incoming cash documents, a cash register and a seal at the end of the evening cash register operations are stored in a guarded safe. On the morning of the next day, money and cash receipt documents are handed over to the cash register manager against receipt. Then the incoming cash documents are transferred to the chief accountant, who, after checking, signs the cash register and passes it along with announcements for cash contributions to the operating employees for recording in the accounts in the media.
All cash received during the operating day must be entered into the operating cash desk and credited to the appropriate customer accounts on the same business day. If money is accepted from clients at the evening cash desk during the postoperative period, then they are credited to the corresponding accounts of clients of the credit institution no later than the next business day.
Organization of cash issuance
Credit institutions issue cash on the basis of checks, and to bank employees on the basis of bank debit orders.
To carry out expense cash transactions, the cash register manager issues the required amount of money to the cash register employees of the expense cash registers for reporting against a receipt in the money accounting book.
When receiving cash, the client presents the cash receipt to the transaction employee, who, after appropriate verification and execution, records the amount of the check in the cash journal for the expense and issues the person receiving the money a control stamp from the cash receipt for presentation to the cashier. The cashier checks the check details, compares the control stamp number with the check numbers and issues money to the client. The checks themselves remain in cash documents for the credit institution.
At the end of the operating day, the cashier checks the amount of money he received on account from the cash register manager with the amounts indicated in the expense documents and the actual balance of money, draws up a certificate about the amount of money issued and the amount received on account, signs it and checks the cash turnover shown in it with entries in the cash registers of operating employees. The reconciliation is confirmed by the signatures of the cashier in the cash journal, and the signatures of the operational employee in the cashier’s certificate.
The cash worker submits the balance of cash and expenditure cash documents, the reporting certificate against receipt in the book of accounting of accepted and issued money to the cash register manager. When performing incoming and outgoing transactions, one cash employee draws up a summary certificate of cash turnover.
The rules for maintaining accounting records in a bank stipulate that the organization of cash cash transactions should exclude the possibility of:
Payment for incorrectly executed documents, checks with signatures and seal imprints that do not correspond to the declared samples, and checks issued from a book that does not belong to
Receipts of checks and other cash expenditure documents at the cash desk, bypassing the relevant operational employees and the bank controller;
Making unreasonable corrections and additions to cash documents and journals.
Organization of collection and delivery of cash
Collection and delivery of cash and other valuables can be carried out by the credit institution itself or on a contractual basis by specialized collection services licensed by the Bank of Russia to carry out these operations.
The head of the bank's collection department is responsible for organizing the delivery of valuables, creating conditions that ensure the safety of transported valuables and the safety of the collection team.
Each collector foreman is given a power of attorney to receive and deliver valuables, stamps, appearance cards, and empty bags.
A commercial bank supplies its branches and operating cash desks outside the cash desk with cash on the basis of their requests. For cash and other valuables sent through collectors, separate inventories are drawn up, in triplicate, certified by the signature of the bank's cash manager and seal. The first copy of the inventory is sent to the recipient, the second remains with the sending bank, the third, after completing the task, is transferred to the collection department. Then cash and other valuables are packed into bags and sealed under the supervision of the cash register manager. When accepting money and valuables, the senior brigade and collector signs the debit order and the second copy of the inventory.
Collection of clients' funds is carried out on the basis of concluded agreements. In the collection department for working with clients, a list of organizations serviced by collectors is maintained.
Each organization with which a collection agreement is concluded, depending on the volume of revenue, is issued collection bags with serial numbers, in which the proceeds are then handed over to collectors. They check the integrity of the packaging, the clarity of the seal imprints (containing the number and abbreviated name of the organization or its brand name), sign the delivery notes and put a collection stamp.
The cashier of the collecting organization writes out a forwarding slip in triplicate for each bag of cash handed over to collectors. The first copy is placed in the bag along with the proceeds and serves as the basis for posting the money to the cash register manager. The second copy (invoice) is given to the collector when the bag is handed over to him. After the money is recalculated and credited to the client’s account, this copy is sent to him as confirmation of the accepted amount. The third copy remains with the collecting organization.
A certificate is drawn up for the total number of bags with cash and empty bags accepted by the evening cash desk, and bags with cash and other valuables delivered to the credit institution after the closing of the evening cash desk or in its absence are stored in specially designated safes.
On the morning of the next day, the cash register and operational employees hand over bags with cash and other valuables and invoices for them; to the recounting office.
After counting the money and determining the cash amounts for each cash employee in the control sheets, the forwarding sheets and invoices for the bags are transferred to the Cashier Manager. Invoices for bags are sent to operational employees to record the results of recalculation of revenue in the cash register upon receipt and to credit the accepted amounts to the appropriate customer accounts.
Bags with cash and other valuables delivered from branches and cash desks outside the cash desks of credit institutions, and accompanying documents to them are also handed over to cash and operational employees of the evening cash register or to the supervisory employee of the recalculation cash desk, or to the cash register manager against a receipt in the certificate of bags accepted by the evening cash register with cash and empty bags.
Cash delivered by collectors is registered at the cash desk with cash receipt orders.
The procedure for concluding an operating cash register
The manager of the cash register according to the certificates of cash workers who carried out operations for receiving and issuing money, certificates about bags with cash and empty bags accepted by the evening cash register, as well as according to the data of outgoing and incoming cash orders, on the basis of which money from the operating cash desk was issued or accepted by him personally, draws up a summary statement of cash turnover for the day, compares its results with accounting data. The reconciliation is formalized by the signature of the chief accountant (his deputy) on the summary certificate of cash turnover.
After this, based on the turnover of cash inflows and outflows reflected in the cash register manager’s summary certificate, the balance of cash in the operating cash desk of the credit institution, as well as the balance of other valuables at the beginning of the next day, is displayed in the book of cash and other valuables, which are certified by signatures officials responsible for the safety of valuables.
Money. Credit. Banks [Answers to exam papers] Varlamova Tatyana Petrovna
21. The role of non-cash payments in commercial activities
In the modern economy, the vast majority of settlements between legal entities are made using the system non-cash payments.
Non-cash payments between business entities complete the last stage of the circulation of funds in the economy. The receipt of money in a bank account indicates that the product of production has been sold, that is, it has received public recognition, the costs of its creation have been reimbursed, and the profit concentrated in the enterprise’s bank account can be used for its intended purpose and the production process can continue.
Such calculations help concentration of monetary resources in banks. Temporarily available funds are one of the sources of lending and allow the development of credit relationships.
The timeliness and speed of settlements between business organizations, their financial situation, as well as the state of payment discipline in the country depend on the correct organization of the non-cash payment system as a whole.
The economic basis of non-cash payments is material production. As a result, the predominant part of the payment turnover for these settlements (approximately 3/4) falls on settlements for commodity transactions, i.e., payments for goods shipped, work performed, services rendered.
The rest of the payment turnover (approximately 1/4) is settlements for non-commodity transactions, i.e. settlements of enterprises and organizations with the budget, state and social insurance bodies, credit institutions, governing bodies, courts, arbitration, etc.
Based on the territorial location of enterprises and the banks that serve them, they are distinguished:
1) out-of-town payments;
2) one-city calculations.
Settlements between enterprises and organizations serviced by one or different banking institutions located in the same locality are called homogeneous, or local, calculations. Settlements between enterprises and organizations serviced by banking institutions located in different localities are called out-of-towners.
According to the legislation of the Russian Federation, legal entities and organizations are required to make settlements on invoices presented to them using a non-cash payment system. Enterprises can pay each other in cash, if only the transaction amount is less than 60 thousand rubles.
The establishment of this restriction was caused by the need for the state to monitor the movement of funds between companies in order to prevent the legalization of illegally earned money and to prevent enterprises from hiding part of their income from taxation.
However, the use of non-cash payments is beneficial not only to the state, but also to the enterprises themselves, since it allows you to quickly make payments to other cities, monitor compliance with the terms of the contract by suppliers and contractors, etc. For example, the buyer may refuse to pay funds under the contract, if the goods turned out to be of poor quality, or, conversely, when using a letter of credit, the supplier receives money almost immediately after shipment of the goods. It should be noted that large corporations simply cannot make payments in cash, since they often enter into contracts worth over several million rubles and have partners in different countries.
However, it should be noted that the non-cash payment system in the Russian Federation has its drawbacks, the main one of which is the insufficiently prompt processing of payments through the settlement system. Another negative aspect is the distrust of business companies in the credit and banking system caused by the 1998 crisis.
This text is an introductory fragment. author Varlamova Tatyana Petrovna12. Forms of non-cash payments Non-cash payments for goods and services, as well as in connection with financial obligations, are carried out in various forms, each of which has specific features in the nature and movement of payment documents. Form of payments
From the book Money. Credit. Banks [Answers to exam papers] author Varlamova Tatyana Petrovna20. Prospects for the development of non-cash payments Improvement of the payment system in the Russian Federation is solved through the creation and development of an electronic system of interbank settlements (ELSIMER), which allows taking into account and actively using the capabilities of modern
From the book Money. Credit. Banks [Answers to exam papers] author Varlamova Tatyana Petrovna81. The role of banks in the development of commercial activity In creating a new market economy for Russia with various forms of ownership, the role of the banking system is great. With its help, the following are carried out: 1) redistribution and mobilization of capital; 2) regulation
author Shevchuk Denis Alexandrovich103. Basic principles of organizing non-cash payments Cash payments can take both cash and non-cash forms. Organization of cash payments using non-cash funds is much preferable to cash payments, since in the first
From the book Finance and Credit author Shevchuk Denis Alexandrovich103. Basic principles of organizing non-cash payments Non-cash payments are cash payments by making entries in bank accounts, when money is debited from the payer’s account and credited to the recipient’s account. Non-cash payments in the economy are organized according to
From the book Finance and Credit author Shevchuk Denis Alexandrovich105. Basic forms of non-cash payments In accordance with the current legislation, in modern conditions the following forms of non-cash payments are allowed: payment orders, payment requests - orders, checks, letters of credit. Organization
author Rozhdestvenskaya Tatyana Eduardovna3. Forms of non-cash payments Non-cash payments are carried out in certain forms, which are understood as conditions established by legislators for the fulfillment of monetary obligations through a credit institution, differing in the procedure for crediting funds to the account
From the book Banking Law author Kuznetsova Inna Alexandrovna53. Forms of non-cash payments Forms of non-cash payments and the procedure for their application are regulated in Chapter. 45 of the Civil Code of the Russian Federation. In accordance with these standards, the Bank of Russia issued regulations. However, many issues of banking regulation in the field of settlements are
author86. General provisions on the organization of non-cash payments Non-cash payments are payments that are made without the participation of cash, through the movement of funds through bank accounts (from the payer’s account to the recipient’s account) or by offsetting mutual
From the book Finance of Organizations. Cheat sheets author Zaritsky Alexander Evgenievich87. Principles of organizing non-cash payments 1. Legal regime of non-cash payments: the implementation of non-cash payments is regulated by 1) the Civil Code of the Russian Federation (part two); 2) Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)”, Federal Law “On Banks and Banking Activities”; 3)
From the book Finance of Organizations. Cheat sheets author Zaritsky Alexander Evgenievich88. Forms of non-cash payments All non-cash payments are carried out on the basis of payment documents. The latter come in different types, just as there are different forms of payment and different approaches to organizing banking document flow. Based on these
author26. Principles of organizing non-cash payments 1. Legal regime of non-cash payments. The implementation of non-cash payments is regulated by: 1) the Civil Code of the Russian Federation (part two); 2) Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)”, Federal Law “On Banks and Banking Activities”; 3)
From the book Money, Credit, Banks. Cheat sheets author Obraztsova Lyudmila Nikolaevna27. Forms of non-cash payments All non-cash payments are carried out on the basis of payment documents. The latter come in different types, just as there are different forms of payment and different approaches to organizing banking document flow. Based on these
author Shevchuk Denis AlexandrovichTopic 43. Bank transfer (BP). Its role in the system of non-cash payments and the process of organizing business transactions is an order from one bank to another to pay a certain amount to the recipient of the transfer (in international payments, banks carry out transfers on behalf of their
From the book Banking: a cheat sheet author Shevchuk Denis AlexandrovichTopic 76. Non-cash payment system. Its role, elements. Forms of non-cash payments Non-cash payments are payments made between f.l. and Yu.L. without using cash by transferring funds through a bank from the payer’s settlement (current) account to
From the book Commercial Law author Gorbukhov V A54. Concept and forms of non-cash payments In commercial activities between entities, it is customary to use non-cash forms of payments. Non-cash payments are banking transactions that involve the transfer of conventional monetary forms from the payer’s account to the account
TEST
in the discipline "Money.Credit.Banks"
Topic System of non-cash payments and their main forms.
Moscow – 2011
| Introduction……………………………………………………………………………… | 3 |
| 1. The concept of non-cash payments, the principles of their organization in the Russian Federation…. | 4 |
| 2. Settlements by payment orders, letter of credit and collection…. | 9 |
| 2.1. Settlements by payment orders……………………………………………………… | 9 |
| 2.2. Letter of credit form of payment………………………………….. | 10 |
| 2.3. Payments for collection……………………………………………… | 12 |
| 3. Payments using checks, bills and bank cards……… | 14 |
| 3.1. Payments using checks…………………………………. | 14 |
| 3.2. Settlements using bills……………………………… | 16 |
| 3.3. Payments using bank cards…………………… | 18 |
| Conclusion………………………………………………………………… | 21 |
| Bibliography……………………………………. | 23 |
| Appendix 1. Scheme of settlements by payment orders…………… | 25 |
| Appendix 2. Schemes of the letter of credit form of payment with preliminary deposit of funds ………………………….. | 25 |
| Appendix 3. Scheme of a letter of credit form of payment using a bank guarantee……………………………………. | 26 |
| Appendix 4. Scheme of settlements for collection …………………………… | 26 |
| Appendix 5. Scheme of payments by checks………………...……………… | 27 |
| Appendix 6. Scheme of payment by bill of exchange……………………………… | 27 |
| Appendix 7. Payment scheme using plastic cards | 28 |
INTRODUCTION
In accordance with the Civil Code of the Russian Federation, payments within the territory of Russia are made by cash or non-cash payments. In cash payments, funds are transferred in the form of banknotes and coins, and in non-cash payments, the right to a sum of money is transferred by preparing the appropriate settlement documents and making entries in accounts.
The Civil Code establishes that the choice of cash or non-cash payment is directly related to the nature of the transaction performed, as well as the legal status of the participants. Settlements of legal entities, as well as settlements with the participation of citizens related to their business activities, as a general rule, are carried out in a non-cash manner.
Having appeared in monetary circulation, such instruments as bills of exchange, checks, bank cards, which ensure the replacement of cash payments with non-cash transactions, which simplifies and speeds up the mechanism of economic relations in the market of the Russian Federation.
The purpose of the work is to consider the system of non-cash payments and determine the principles of organizing non-cash money circulation and forms of non-cash payments carried out in Russia. To achieve this goal, it is necessary to solve the following tasks:
1. Reveal the content of the concept of non-cash payments and the principles of their organization.
2. Consider the main forms of non-cash payments: payments by payment orders, letter of credit and collection.
3. Describe the features of settlements using checks, bills and bank cards.
The object of study is non-cash payments.
The work is based on materials presented in educational literature, periodicals, and on the Internet.
1. THE CONCEPT OF NON-CASH PAYMENTS AND THE PRINCIPLES OF THEIR ORGANIZATION IN THE RUSSIAN FI EDERATION
Non-cash money circulation is the movement of non-cash money through bank accounts. It follows that it is the banking system that is the basis of non-cash money circulation. The main document on which non-cash payments in the Russian Federation are based is “Regulations on non-cash payments in the Russian Federation” dated April 12, 2001 No. 2-P, the Civil Code of the Russian Federation and laws on banking activities. In accordance with the legislation, the Bank of Russia is responsible for organizing non-cash payments in the Russian Federation. It is the body coordinating, regulating and licensing the organization of settlement, including clearing, systems in the Russian Federation.
The Bank of Russia establishes rules, forms, terms and standards for non-cash payments. The total period for making payments by non-cash payments should not exceed two business days if the specified payment is made within the territory of a constituent entity of the Russian Federation, and five business days if the specified payment is made within the Russian Federation.
The Bank of Russia carries out interbank non-cash payments through its institutions (RCC). Foreign currency as a means of payment when making non-cash payments for goods (work, services) can only be used in cases established by federal laws.
With a non-cash form of payment, entries are made on bank accounts: money is debited from the payer’s account and credited to the recipient’s account.
Settlements involving citizens that are not related to their business activities can be made in cash (Article 140 of the Civil Code) without limiting the amount or by bank transfer.
Settlements between legal entities, as well as settlements with the participation of citizens related to their business activities, are made, as a rule, by bank transfer. Settlements between these persons can also be made in cash, unless otherwise provided by law.
A cashless payment system requires an extensive branch network. In Russia, the Bank of Russia has the most extensive branch network in the form of RCC and Sberbank.
The non-cash payment system includes: the Central Bank, the Central Bank of the Bank of Russia, commercial banks, non-bank credit organizations, clearing organizations, legal entities, individual entrepreneurs, and the population.
To carry out non-cash payments, bank accounts are opened for clients to store and transfer funds. The movement of funds is carried out at the request of the client in the form of an appropriate document. Bank accounts can be of different types. The movement of non-cash money comes both from banks in the direction of bank clients and their counterparties in the form of transfers of funds, in the form of loans, and in the opposite direction to banks when repaying loans, when money is received in client accounts. Interbank settlements are made directly between banks or through the Bank of Russia RCC. The second type of payment is predominantly used - through the RCC. Interbank payments can also be made through interbank clearing. This is a system of non-cash payments between banks by offsetting mutual monetary claims of legal entities.
Cashless payments– these are settlements made by banks transferring funds from accounts to customer accounts, based on payment documents drawn up according to uniform standards and rules.
Non-cash payments are carried out through credit organizations and (or) the Bank of Russia on accounts opened on the basis of bank account or correspondent account agreements, unless otherwise established by law and not stipulated by the payment form used.
Cashless payments– these are settlements carried out without the use of cash, through the transfer of funds to accounts in credit institutions and offsets of mutual claims 17. Non-cash payments are of great economic importance in accelerating the turnover of funds, reducing the cash required for circulation, and reducing distribution costs; organizing cash payments using non-cash money is much preferable to cash payments. The widespread use of non-cash payments is facilitated by an extensive network of banks, as well as the state’s interest in their development, both for the above-mentioned reason and for the purpose of studying and regulating macroeconomic processes 13 .
Non-cash payments in the Russian Federation are carried out through the payment system of the Bank of Russia, intrabank payment systems for settlements between divisions of one credit organization, payment systems of credit organizations for settlements on correspondent accounts opened in other credit organizations, payment systems of settlement non-bank credit organizations, as well as through systems settlements between clients of one division of a credit institution (branch) 15.
Basic principles of organizing non-cash payments:
1. Legal regime for settlements and payments.
Due to the role of the payment system as a basic element of any modern society. Non-cash payments in the Russian Federation are regulated by the Civil Code of the Russian Federation (Articles 861-885), Regulations of the Central Bank of the Russian Federation dated October 3, 2002. No. 2-P “On non-cash payments in the Russian Federation.” As well as special legislative and by-laws, which include federal laws No. 86-FZ of July 10, 2002. “On the Central Bank of the Russian Federation”, No. 48-FZ dated March 11, 1997. “On bills of exchange and promissory notes”, etc.
The procedure for non-cash payments in the national economy is defined in the Regulations “On non-cash payments in the Russian Federation” dated October 3, 2002. No. 2-P with subsequent changes and additions. According to this provision, the organization of non-cash payments in the Russian Federation is based on the following rules:
1. Given the variety of forms of ownership and activity of enterprises in the conditions of development of commodity-money relations, enterprises retain the right to freely choose forms of payment and secure them in contracts. Restriction of freedom of choice on the part of a commercial bank is not allowed.
2. Funds from enterprise accounts are written off by order of the account owner.
