 How Instant Payment Systems can change our world?Robert Taczmann ()
No 4707299, Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences Abstract: Modernizing a national financial system is one of the most complex economical decisions as it has impacts on the whole national economy. Based on my research the fundamen-tals of this process span across the basic idea, market consultation, modeling and simula-tions, discovering technology barriers and regulations by law.The appearance of the basic need is the very first step of a long journey, typically lasts 5 to 10 years. Many countries ? like United Kingdom, United States of America, Switzerland, Poland, Sweden, Denmark, Singapore, Australia as well as the European Central Bank ? have already implemented an instant payment system, though each is different.As first step, a round-table discussion with market players is suggested to collect their ideas and expectations on the new system, however involving government and private sector might also be one of the key success factors. Based on the results, model making and simulation running comes next in order to set the field for the project, via determining payment limits; the way and conditions of clearing and settlement; working model; service hours; and provided services. Technology and resource barriers further helps in cleaning the possible project portfolio, however, a Central Bank is often contemplated as having no limits on these. In reality an instant payment system also needs its funds, basically coming from latter transaction fees charged to individuals spread over typically 10 years. Last but not least the field defined by the legal system has to be checked as many con-necting codes need a change. Even though this is a long and resource absorbing pro-cess most Central Banks acts as legislator, codifying the changes not taking longer than a year.However a new payment system is highly time consuming, the basic idea and the possi-ble solutions have to be challenged in each and every phase of the program. The uniqueness of the program makes it extremely difficult, scaling is a suggested method of avoiding an unsuccessful implementation. Keywords: Instant Payment Systems; Fast; Immediate; Secure; Secondary ID (search for similar items in EconPapers) Published in Proceedings of the Proceedings of the 28th International Academic Conference, Tel Aviv, Apr 2017, pages 138-138 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:sek:iacpro:4707299 Access Statistics for this paper More papers in Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.