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EXPANSION NON-CASH PAYMENTS IN UZBEKISTAN
I. Sayfiddinov, candidate of economics sciences K.Y. Sotvoldiyev, master Tashkent institute of finance (Uzbekistan, Tashkent)
DOI: 10.24411/2411-0450-2019-10716
Abstract. This article describes the basic mechanism of non-cash payments in Uzbekistan. The analysis of operations by means of non-cash payment is carried out. On the basis of the analysis and evaluation of current situation, the identified problems, the appropriate recommendations and suggestions are worked out for further improvement of the system of non-cash payments.
Keywords: bank, accounts, bank operations, payments, payment system, non-cash payments.
In modern conditions, the problems of increasing the efficiency of banking activities, reducing distribution costs, minimizing the costs of banking operations are of particular relevance. An important role in solving these problems is played by non-cash payments.
The essence of non-cash payments is that they are carried out using banking operations (by transferring accounts), used to replace cash.
Non-cash payments are payments made without the use of cash, through the transfer of money on accounts in credit institutions and offsetting mutual claims. They are of great economic importance in accelerating the turnover of funds, reducing the cash needed for circulation, and reducing distribution costs. The organization of cash payments using non-cash money is much more preferable than cash payments. The extensive use of cashless payments is facilitated by an extensive network of banks, as well as the interest of the state in their development, both for the aforementioned reason and for the purpose of studying and regulating macroeconomic processes^].
The theoretical foundations of cashless settlements have been investigated by many foreign scientists, economists, such as A.V.Shamrayev, G.A. Schwartz, M P. Berezina, A.M.Kosoy, Yu.A.Pryazhnikova, etc.
Non-cash payments and their some problems are studied in scientific works by domestic scientists, economists like I.A.Murugova, K.N. Navruzova, Kh.U. Rakhimova, M.I.Yuldashev.
Non-cash payments are widely used in the development of the banking system and have a number of advantages over payments using cash.
Uninterrupted payments provide the following basic principles of the organization of non-cash payments.
• All enterprises and organizations are required to keep their funds in bank accounts. In the cash desks of enterprises it is allowed to leave only small amounts of cash within the established norms.
• The overwhelming majority of noncash payments must be made through the bank.
• The payment request must be made either before the shipment of the goods, or after it, so as not to delay payment.
• Payments are made from customers' accounts in the bank only with their consent.
• There are several forms of payment and types of payments that enterprises can choose at their discretion.
Compliance with these principles allows the use of non-cash payments as an important tool for the development of a market economy.
Non-cash payments contribute to reducing distribution costs in the form of additional costs for printing, storage, transportation, recalculation of the huge amount of banknotes that would be required in the calculations in cash. At the same time, non-cash payments with the efficient operation of banks make it possible to better regulate the payment flow
and ultimately speed up the turnover of working capital and making payments.
The interbank payment system is designed to make electronic payments in national currency between banks through their correspondent accounts (correspondent accounts) opened with the Central Bank of the Republic of Uzbekistan. For the organization of interbank settlements, banks enter into correspondent relationships with each other (correspondent banks).
The accurate indication of details in electronic payment documents conducted through the Interbank Payment System, including information on customers' settlement accounts, is the basis for timely payments.
In this regard, the National Information Base of Bank Depositors (NIBBD) created in order to issue unique codes to customers of
banks and store information on customers' bank accounts is important in these processes.
According to the Law of the Republic of Uzbekistan "On Electronic Payments"[2], the interbank payment system is intended for making electronic payments between banks through their correspondent accounts opened with the Central Bank of the Republic of Uzbekistan. It is considered an effective payment system that meets international standards.
In connection with the full automation of the work of NIBBD, automated processing of requests received from banks without the influence of the human factor in a short period of time has been ensured. Based on the analysis of the number of active clients and their accounts registered with NIBBD, one can observe their regular growth (1st figure).
Figure 1. The number of customers registered in the National Information Base of Bank Depositors of the Central Bank of the Bank and their accounts[3]
It should be noted that the number of active clients registered in NIBBD as of January 1, 2019 was 1,880,634, as of April 1, 2019, this figure increased by 6.1% and reached 1,995,648. And if the number of current accounts opened As of January 1, 2019, customers accounted for 7,263,621, then as of April 1, 2019, rose by 3.3% and reached 7,506,383.
In addition, the interbank payment system operates on the basis of such principles as high-level security, efficiency and reliability.
At present, a maximum of 1 minute is sufficient for usually making electronic payments through the interbank payment
system of the Central Bank (when the corresponding files arrive from a commercial bank) (usually during peak hours up to 30 seconds).
Thus, for the population, the development of non-cash payments is attractive from the point of view of the convenience of making settlements for purchased durable goods, improving security when spending money. For the banking system, the expansion of non-cash payments creates the possibility of attracting additional credit resources and increasing revenues through the development of new types of paid services.
In our opinion, the prospects for the future development of the payment systems are bright, and the subsequent rapid growth of both their customers and the turnovers of funds should be expected. This is first of all due to the rapid growth of the Internet access around the globe and the rapid implementa-
and online technologies in the financial sector. Also, the risks inherent of the traditional financial system will be likely to prompt individuals and entities to use alternative options more intensively. As a result, payment systems' growth will be likely to get a significant impetus in the near future.
tion of innovations in the field of electronic
References
1. Wikipedia - The free encyclopedia. https://ru.wikipedia.org/
2. Law of the Republic of Uzbekistan "On Electronic Payments", No. LRU-13. December 16, 2005. www.lex.uz
3. Information of Central bank of Uzbekistan. www.cbu.uz
РАСШИРЕНИЕ БЕЗНАЛИЧНЫХ РАСЧЕТОВ В УЗБЕКИСТАНЕ
И. Сайфиддинов, канд. экон. наук К.Ю. Сотволдиев, магистр Ташкентский финансовый институт (Узбекистан, г. Ташкент)
Аннотация. В статье рассмотрен основной механизм функционирования безналичных расчетов в Узбекистане. Проведен анализ операций посредством безналичных форм расчетов. На основе проведенного анализа и оценки текущей ситуации, выявленных проблем разработаны соответствующие рекомендации и предложения по дальнейшему совершенствованию системы безналичных расчетов.
Ключевые слова: банк, счета, банковские операции, платежи, платежная система, безналичные расчеты.
