Innovations In International Payments
Innovations In International Payments

Summary/Abstract: In this paper we analyze contemporary trends in international financial markets and the implementation of innovations in the system of international payments. The analysis is based on the consideration of the general character - the importance and role of international financial flows for the development of the world economy, and then gets concretized in the analysis of electronic payment systems in international finance. This paper entertains the application of the system of interbank communications that facilitate and expedite payments between banks in different countries (this is how - thanks to the implementation of automatic and electronic clearing houses in different countries - we facilitate the transfer of money between different countries). Further, this paper analyzes one of the most important achievements in international payments - the computer network SWIFT. Thanks to the World Society for interbank transactions via telecommunications SWIFT (Society for Worldwide International Financial Telecommunication), international payments are made quickly, easily, safely and at low cost. This paper attempts to analyze the number and structure of participants of the system and the number and volume of transactions carried out via SWIFT. When this electronic system for international financial transactions was established (1973) activities were conducted via fax in about 30 minutes. Today, through SWIFT, the inter-bank transactions in international payments are carried out in 20 seconds.

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