Instant-payments-systems

School: Florida Southern College - Course: FSC 2016 - Subject: Accounting

Instant Payments Systems - analysis of selected systems, role of the central bank and development directions Payment Systems Department Warsaw, 2015

Prepared by: Payment Systems Department Edited by: Radosław Łodyga Team of authors: Agnieszka Gajo Robert Klepacz Radosław Łodyga Joanna Sadłowska Adam Tochmański

Introduction5 1. Introduction to instant payments6 1.1. Definition of instant payments6 1.2. Premises underlying the creation of instant payments systems7 1.3. Classification of instant payments systems according to the principles of clearing and settlement8 1.4. Other methods of instant payments14 1.5. Role of the central bank in instant payments systems16 1.6. SWOT analysis of instant payments systems18 2. Directions of instant payments systems development in the European Union and worldwide, on the basis of selected examples20 2.1. Initiative concerning setting-up of a consistent standard of instant payments in the EU22 2.2. Analysis of selected instant payments systems24 2.2.1. Faster Payments Service-the United Kingdom25 2.2.2. Betalningar i realtid (BiR)-Sweden36 2.2.3. The Swiss Interbank Clearing (SIC)-Switzerland38 2.2.4. New Payments Platform-Australia45 3. Directions for the development of instant payments systems in Poland, including information gained from a questionnaire survey of banks50 3.1. Express Elixir System50 3.2. BlueCash payments system62 3.3. The P2P mobile payments service in the BLIK system77 3.4. Comparison of BlueCash and Express Elixir payments systems and their role in the Polish payment system83 3.5. Results of the questionnaire survey addressed to banks92 4. Summary96 5. Proposed actions supporting development of instant payments systems in Poland99 List of boxes100 List of schemes101 List of figures102