Money. Credit. Banks. Principles of organizing non-cash money turnover (lecture notes)

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Money. Credit. Banks. Principles of organizing non-cash money turnover (lecture notes)

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Principles of organization of non-cash money circulation

The basis of the payment turnover (payment turnover - the process of continuous movement of means of payment serving economic turnover) is non-cash money and payment turnover. Advantages: high speed of settlements, reduced cost of turnover, increased security and reliability of settlements. The concept includes two other concepts: payments and settlements. Payment is the act of transferring money to fulfill certain monetary obligations. Settlement is an action aimed at repaying a monetary obligation by payment. Both concepts are generally similar, but there are also differences, the essence of which is: settlements for obligations can be carried out not only in cash and non-cash, but also in the procedure of debt offset; non-cash payments are made through commercial banks; money is usually transferred from an account opened in one bank to an account in another bank; non-cash movement consists of their transfer to accounts; In addition to the general obligation to timely and completely transfer money, additional obligations are imposed on the bank.

Payment and settlement system. This set of credit institutions, their associations (clearing and settlement houses) and settlement divisions of the Central Bank, as well as forms of non-cash payments that ensure timely and complete fulfillment of monetary obligations and transfers by business entities, the population and financial institutions, is called the payment and settlement system. It is needed for timely and complete transfer of money in the most effective way.

Principles of organizing cashless payments:

1. The principle of unification and regulation of calculations. A unified system and regulations for conducting transactions between settlement participants within the national banking system are being established.

2. The principle of freedom to choose the form of payment. You can choose any form of payment.

3. The principle of urgency of settlements. Calculations must be carried out within the time limits established by law.

4. The principle of acceptance (consent) to make payments. Debiting funds from the account when performing settlements occurs by order of the account owner.

5. The principle of freedom of disposal of funds. Only the account owner can manage the money in the account.

6. Principle of security of settlements. Designed to provide a guarantee of payment execution, strengthen the solvency and creditworthiness of all payment participants, and, consequently, the reliability of the entire payment and settlement turnover.

7. The principle of independence of the fulfillment of the bank's obligations for settlements from the fulfillment of customer obligations under contracts. The freedom to choose the form of payment should be supplemented by the responsibility of clients for the results of their execution.

8. The principle of documentary registration of settlement transactions.

Subjects of the payment and settlement system: Commercial banks; Clearing and clearing houses (carry out interbank settlements); Payers and recipients of funds (economic entities, population, financial institutions).

Calculation objects: commodity settlements; non-commodity payments; settlements between financial institutions forming banking and interbank non-cash transactions.

Forms of non-cash payments (methods of fulfillment of obligations): Transfer (this is a bank transfer). Divided into credit (the client asks to transfer money) and debit (the client asks to demand money) transfers; documentary collection (an order from the exporter to his bank to receive from the importer the amount of payment under the contract in exchange for transferring commodity and other documents to him and to credit the proceeds to his account); documentary letter of credit (a conditional monetary obligation accepted by a bank on behalf of its client upon presentation by the latter of documents that comply with the terms of the letter of credit, or to authorize another bank to make such payments). In turn, it is divided into

1) divisible and indivisible,

2) translated and non-translated,

3) renewable (revolving) and non-renewable, as well as covered and uncoated; revocable and irrevocable.

Author: Shevchuk D.A.

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