Modern Challenges of Payment Systems’ Efficient Functioning

The paper substantiates that the basis of the effective functioning of banking institutions in conditions of uncertainty is the identification and management of risks inherent in banking activity. Therefore, the purpose of the article is to substantiate the essence of payment systems, their role in ensuring the acceleration of monetary turnover both at the level of a sovereign country and at the international level; and also to study the international experience of central banks and the approaches of experts of the World Bank and the International Monetary Fund regarding the oversight of payment systems in order to ensure their effective functioning. The article defines that the sphere of payment systems belongs to the risky spheres of activity, which are characterized by such types of risks as legal, payment, operational, systemic and financial risks. At the same time, it is emphasized that cyber risk is the component of operational risk and cyber risk is considered as the risk of the implementation of cyber threats against information resources and/or information infrastructure, as well as the consequences of such events. Considering that modern payment systems are intermediaries in the funds’ movement, and, therefore, they are at risk of negative influences, challenges, threats and dangers, that can lead to damaging the national interests of states, it is proposed to consider cyber risk as a separate type of risk of the payment systems functioning.