Mechanism for Modernization of the Payment System of Ukraine

Анотація

The article presents a comprehensive study of the directions of modernization of payment systems of Ukraine in the context of innovations and risks.It is substanti-ated that payment systems are a key infrastructure element of the state's financial system, ensuring the continuity of monetary circulation, the efficiency of interbank settlements and the implementation of financial relationships between economic agents at both the national and global levels.Purpose.The study aims to substantiate the implementation of a moderniza-tion mechanism for Ukraine's payment system based on innovative financial tech-nologies, as well as improving risk management measures within the operating environment, with the ultimate goal of enhancing the efficiency, security, and stability of the payment infrastructure.Results.It is determined that, in the context of deepening international finan-cial integration and the active digitalization of the economy, the effectiveness with which the payment infrastructure functions directly affects the stability of the bank-ing system, the speed of settlements, the level of trust in financial institutions, and the country's overall economic development.It is proven that an effective risk management system is an important element of the mechanism for modernizing Ukraine's payment system, as it allows for the timely identification, assessment and minimization of the impact of internal and external threats on the functioning of the payment infrastructure.It is proven that implementing payment system oversight tools, which are widely used by international financial organizations, increases their reliability, transparency and financial stability.Conclusions.An approach to developing a mechanism for modernizing the payment system within the operating environment of banking institutions has been devised.This approach involves integrating interrelated technical, technological, spatial-reactive, reactive-adaptive, control-monitoring and post-operational support elements.It has been established that using these elements together optimizes pay-ment flows, increases the liquidity of banking institutions and reduces the level of operational and financial risks.It also enables the banking system to adapt to changes in the external environment.The development of digital technologies con-tributes to reducing operating costs and increasing the efficiency of payment sys-tems.However, it also creates new challenges in the field of cybersecurity, requir-ing the implementation of modern information protection tools.

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