Proper Functioning as a Financial and Legal Characteristic of the Operation of Payment Systems

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Abstract

The article discusses financial and legal approaches to the regulation of payment systems in order to ensure their proper functioning. The purpose of writing this article is to establish the content of the concept of “proper functioning of payment systems” and to identify financial and legal ways to achieve this characteristic in the operation of the payment system. To achieve this goal, the author analyzed the provisions of not only Russian legislation on payment systems, but also the legislation of the EAEUnion countries in order to identify the legal characteristics established in relation to the operation of payment systems. The conclusions obtained during the study allow us to assert that the characteristics of the operation of payment systems provided for by law, in particular: efficiency, reliability, stability and continuity, can be combined into a general assessment characteristic “proper functioning of payment systems”, reflecting the objective legal expectations of the state and consumers money transfer services regarding the quality of the payment system and the services it provides. The author has formulated legal characteristics, the achievement of which indicates the proper functioning of payment systems, and also proposed financial and legal methods for their implementation.

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About the authors

Elizaveta S. Larionova

Lomonosov Moscow State University

Author for correspondence.
Email: betsalina@yandex.ru
SPIN-code: 5380-9938
Scopus Author ID: 1069957

postgraduate student of the Higher School of State Audit (faculty)

Russian Federation, Moscow

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