THE ROLE OF THE BANK OF RUSSIA IN THE NATIONAL PAYMENT SYSTEM

The national payment system is not just an infrastructural component of the financial system, it is the circulatory system of the country's economy. Developed national payment system is able to timely and accurately distribute financial resources between all economics’ subjects, ensuring faster and more efficient implementation of the tasks set for economics’ subjects and the government. The formation and development of national payment system in Russia is carried out by the mega-regulator-the Bank of Russia, but the current approaches and directions of national payment system development, as well as new opportunities for digitalization, require improvement in infrastructure and in the organizational aspect. The research of the role of mega-regulator of the national payment system, the peculiarities in relations between Bank of Russia and participants of payment system, contradictory and dual role of the regulator, presented global approaches of regulators in relation of national payment systems. The best practices of the European Union and individual countries in creating effective national payment systems are presented and analyzed. The authors make conclusions about insufficient of participation of the Bank of Russia in the development of national payment systems, create and given recommendations and proposals for improving the national payment systems, expanding the role and functions of the Bank of Russia in the national payment systems, taking effective activities for its development. The formulated directions of development of payment systems which can be used by Bank of Russia for improvement of strategy of development of payment systems, creation of effective and demanded by society of national payment system.

Bank of Russia, national payment system, the role of mega-regulator, fast payments systems