Finance and Credit
 

Payment system under the legislation of the Russian Federation

Vol. 24, Iss. 6, JUNE 2018

Received: 22 January 2018

Received in revised form: 12 February 2018

Accepted: 5 March 2018

Available online: 30 June 2018

Subject Heading: Banking

JEL Classification: E42, F24, G21

Pages: 1292—1303

https://doi.org/10.24891/fc.24.6.1292

Kakabadze T.M. Golden Crown Payment System, Moscow, Russian Federation
temomk@gmail.com

ORCID id: not available

Importance The article describes the norms of the Federal Law “On national payment system” and the legal acts of the Bank of Russia regulating the legal status of the payment systems including the procedure of the payment system operators registration.
Objectives The paper is to identify the problems of distinction between payment services and payment systems and to define the features of such a distinction.
Methods The research uses the analysis of the current legislation of the Russian Federation, the legal acts of the Bank of Russia and the practice of payment services and payment systems activities.
Results The author identifies the differentiation between the payment service and the payment system. He also considers the examples of juridical constructions of legal relations arising within the topic of the article.
Conclusions and Relevance The problem of distinction between the payment service and the payment system will always be of significant importance. The Bank of Russia handles this issue. The correct analysis of financial operators can help to appropriate the right legal status: the legal service (without registration by the Bank of Russia) or the payment system (with registration by the Bank of Russia).

Keywords: payment system, payment service, money transfers

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