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In the international accounts are actively used bank cards (Visa, MasterCard, CirusMaestro, Union Card, DinerS Club, and American Express).
International operations are carried out with the help of computers, electronic signals in the form of entries in the memory banks of computers, transmitted via remote communication. Information is passed on interbank settlements through SWIFT. Joint Stock Company – Worldwide Interbank Financial Telecommunication Network (since 1977) serves about four thousand banks and financial institutions nearly 100 countries.
Currency clearing – settlements in the form of mandatory set-off of international requirements and obligations on the basis of intergovernmental agreements. Unlike the domestic interbank clearing of mutual credits at the exchange clearing not made voluntarily, and without fail in the presence of an intergovernmental agreement. For the first time foreign exchange clearing was introduced in 1931 amid the global economic crisis. They are widely spread before and especially after World War II (with 74 – in 1935 to 400 bilateral clearing – in 1950). In 1950 – 1958's. multilateral clearing – EUROPEAN PAYMENTS UNION (EPU) – covered 17 countries in Western Europe.
Due to clearing international payments exporters and importers made in national currency with the clearing banks, which produce a final set-off of mutual claims and obligations. Exporters are not foreign and local currency. Importers bring in national currency clearing bank.
Bank for International Settlements (Basel) is the agent bank clearing. William Shakespeare wrote: «If there be nothing new, but that which is, hath been before»[44], was a question about the effectiveness of the regulatory activities of international monetary institutions, which in conditions of crisis in the global system has fallen significantly, prompting several governments located in the band to do disruption reconstruction of the whole system of currency regulation.
Historically, the following features of the main forms of international payments:
– Importers and exporters, as well as their banks to enter into definite relations associated with the payment of title and documents.
– International operations are regulated by legislation and banking regulations.
– International operations – the object of unification and universalization of banking operations. In 1930 and 1931 accepted international promissory notes and checks Convention (Geneva), aimed at harmonizing the bill and voucher laws. The Commission on International Trade Law United Nations (UNCITRAL) continues to unify the Bills of Exchange Act. International Chamber of Commerce, established in Paris in the early XX century, Develops Uniform Customs and Practice for Documentary Credits, the collection and contract guarantees. For example, the first rules were developed for collection in 1936, and then revised in 1967 and 1968. Adheres to these rules, the majority of banks in the world.
– International operations are usually documentary in nature, which is exercised against the financial and commercial documents.
The financial instruments include promissory notes (promissory and transfer), checks, payment receipts.
Commercial documents include invoices, shipping documents evidencing shipment or dispatch (bills of lading, receipts, etc.), insurance documents insurance companies, other documents (certificates, bills, etc.).
The bank verifies the content and completeness of these documents.
Chapter 2
1. International operations as part of the international monetary and financial relations
1.1. The evolution of the global monetary system as a factor development of the international monetary and financial relations
1.2. The essence and form of international payments. Government regulation of international payments
International operations are carried out with the help of computers, electronic signals in the form of entries in the memory banks of computers, transmitted via remote communication. Information is passed on interbank settlements through SWIFT. Joint Stock Company – Worldwide Interbank Financial Telecommunication Network (since 1977) serves about four thousand banks and financial institutions nearly 100 countries.
Currency clearing – settlements in the form of mandatory set-off of international requirements and obligations on the basis of intergovernmental agreements. Unlike the domestic interbank clearing of mutual credits at the exchange clearing not made voluntarily, and without fail in the presence of an intergovernmental agreement. For the first time foreign exchange clearing was introduced in 1931 amid the global economic crisis. They are widely spread before and especially after World War II (with 74 – in 1935 to 400 bilateral clearing – in 1950). In 1950 – 1958's. multilateral clearing – EUROPEAN PAYMENTS UNION (EPU) – covered 17 countries in Western Europe.
Due to clearing international payments exporters and importers made in national currency with the clearing banks, which produce a final set-off of mutual claims and obligations. Exporters are not foreign and local currency. Importers bring in national currency clearing bank.
Bank for International Settlements (Basel) is the agent bank clearing. William Shakespeare wrote: «If there be nothing new, but that which is, hath been before»[44], was a question about the effectiveness of the regulatory activities of international monetary institutions, which in conditions of crisis in the global system has fallen significantly, prompting several governments located in the band to do disruption reconstruction of the whole system of currency regulation.
Historically, the following features of the main forms of international payments:
– Importers and exporters, as well as their banks to enter into definite relations associated with the payment of title and documents.
– International operations are regulated by legislation and banking regulations.
– International operations – the object of unification and universalization of banking operations. In 1930 and 1931 accepted international promissory notes and checks Convention (Geneva), aimed at harmonizing the bill and voucher laws. The Commission on International Trade Law United Nations (UNCITRAL) continues to unify the Bills of Exchange Act. International Chamber of Commerce, established in Paris in the early XX century, Develops Uniform Customs and Practice for Documentary Credits, the collection and contract guarantees. For example, the first rules were developed for collection in 1936, and then revised in 1967 and 1968. Adheres to these rules, the majority of banks in the world.
– International operations are usually documentary in nature, which is exercised against the financial and commercial documents.
The financial instruments include promissory notes (promissory and transfer), checks, payment receipts.
Commercial documents include invoices, shipping documents evidencing shipment or dispatch (bills of lading, receipts, etc.), insurance documents insurance companies, other documents (certificates, bills, etc.).
The bank verifies the content and completeness of these documents.
Chapter 2
Organization of payments and the order of execution of mutual financial obligations in international economic cooperation
1. International operations as part of the international monetary and financial relations
1.1. The evolution of the global monetary system as a factor development of the international monetary and financial relations
International monetary system-enshrined in international agreements, a form of organization of monetary and financial relations, which operate independently or serving the international movement of goods and factors of production[45].
Monetary and financial system is a necessary step to promote international trade in goods, financial instruments and the movement of factors of production. It consists of two elements. Currency components of the system is the national currency, the terms of their mutual convertibility and circulation, exchange rate parity, exchange rates and national and international mechanisms of its regulation.
Financial elements of the system are the international financial markets and trading mechanisms to specific financial instruments – currency, securities, and loans.
Independent element of the international financial system is the international settlements, serving as the movement of goods and factors of production and financial instruments.
International financing mechanisms are key elements of macroeconomic adjustment, which is carried out in the country's open economy.
Currency is divided according to its membership to:
– the national currency – legal tender in the issuing of countries;
– foreign currency – legal tender in other countries, used in that country.
Classifications can be varied for different characters, in order to achieve the objectives of the study relevant is the following: reserve currency – the currency in which the state held its liquid international reserves used to cover the negative balance of payments.
Generally accepted in the world currency, which is accumulated by central banks in foreign exchange reserves. It serves as an investment asset, is a method of determining the exchange parity used as a tool of foreign exchange intervention, if necessary, as well as for the central bank for international settlements.
The most important characteristic is the degree of currency convertibility them – the ability of residents and non-free and unrestricted exchange and use in transactions with real financial assets.
From the standpoint of balance of payments is convertible for current transactions, capital transactions and complete, and in terms of residents – domestic and foreign.
The classification of exchange rate systems based on what is recognized as a reserve asset, that is, with the help of an asset can be settled by the imbalances in international payments. By this criterion standard monetary systems are divided into gold, gold exchange, devising. During different periods of history such assets were gold, the dollar convertible into gold at a fixed rate, any currency accepted for international payments, but above all, freely usable currencies.
The gold standard was based on the formalization of the countries of the gold content per unit of domestic currency liabilities of central banks buy and sell domestic currency in exchange for gold. Gold exchange standard based on the officially established fixed parities of currencies against the U.S. dollar, which in turn was convertible into gold at a fixed rate. The main features of the standard devising lies in the fact that countries can use any system of exchange rates of their choice – a fixed or floating, established unilaterally or through multilateral agreements. The IMF has the authority to oversee the development of exchange rates and arrangements for their establishment. Abolished the official price of gold, and eliminated its role as the official means of payment between the IMF and its members. As an additional reserve asset, special drawing rights (SDRs).
With the development of foreign economic relations and formed the world monetary system as a form of currency relations governed by the national currency laws and interstate relations. The main element of the monetary system of each country is its national currency[46]. Features of the world monetary system and principles of its construction are closely related to the structure of world economy. It is obvious that a change in its structure has evolved and the world monetary system and, consequently, are modified and improved its basic elements:
– the functional form of world money;
– terms of convertibility;
– modes of exchange rate parities and exchange rates;
– the level of foreign exchange regulation and the extent of foreign exchange restrictions;
– unification of the forms of international payments.
The development of the world monetary system is a spiral with a gap of several decades. In the domestic economy, the monetary systems have evolved from the gold coin standard to a gold bullion and gold exchange, and from him – a paper-credit treatment. Evolving global monetary system has moved to the next stage, called the Jamaican system. It was arranged by agreement of member countries by the International Monetary Fund (IMF) in 1976 in Kingston, Jamaica[47], in which formed the basic principles of a new monetary system, embodied in April 1978 in the second amendment to the Articles of Agreement of the IMF. These principles, which are today, are as follows:
– the abolition of the official price of gold was legalized demonetization of gold, but, nevertheless, thanks to the real values of gold, followed by continued extraordinary role of world money and reserve assets;
– gold exchange standard was replaced by a standard SDR, which formally declared the foundation of currency parities, but in practice did not become a standard of value, the main payment and reserve funds;
– instead of a fixed exchange rate of the country officially since 1973, switched to a regime of floating exchange rates, but were able to choose a fixed or floating exchange rate;
– the IMF has the authority to supervise the development of hard currency and the establishment of agreements.
Problems of Jamaican currency system very quickly appeared in the imperfection of floating exchange rates. Moreover, the problems encountered have exacerbated the financial and currency crises. The need to coordinate national action for overcoming the crisis led global economic community to re-evaluate the role of international financial regulators to harmonize the policies of different countries in the field of monetary relations. William Shakespeare wrote: «If there be nothing new, but that which is, hath been before»[48], was a question about the effectiveness of the regulatory activities of international monetary institutions, which in conditions of crisis in the global system has considerably decreased, forcing the governments of several countries in the band to do disruption reconstruction of the whole system of currency regulation.
The IMF has not coped with the task of predicting the crisis of early shocks. Although this program was developed jointly with the World Bank, IMF, passively watching the change in the macroeconomic cycle – the transition from boom to slower growth of bank lending in the financial market and detachment from the real economy, especially in developed countries, particularly the U.S., which led to the global financial and economic crisis[49].
In economic theory, international monetary relations issues remain unchanged. Over the years, changing only the answers[50]. Like the philosophical notion of substance, dualistic in nature. The inner essence of a stable core and the outer reflection of it in our time, so all knowing «dig» to the bottom of the rod, and starts searching with the external reflection, effortlessly accessible to every listener.
To effectively solve problems of macroeconomic management, on the one hand, the actions of the Central Bank of the Russian Federation should be characterized by independence and consistency. On the other hand, measures in the monetary are a must be accompanied by adequate fiscal policies[51].
As rightly pointed out Frederic Bastiat «you cannot give money to some members of the community but by taking it from others»[52] cash equivalent because this is the existing opportunities, money is their «mirror image», and, therefore, imperative redistribution of opportunity or the cost of moving simply changing the terms without affecting the sum.
Tabl. 1
The main stages of the global monetary system
Compiled from: Батманова Е.С. Томилов П.С. Мировая экономика и международные экономические отношения. – Екатеринбург: Издательство ГОУ-ВПО УГТУ-УПИ. 2005. – С. 85.
Monetary and financial system is a necessary step to promote international trade in goods, financial instruments and the movement of factors of production. It consists of two elements. Currency components of the system is the national currency, the terms of their mutual convertibility and circulation, exchange rate parity, exchange rates and national and international mechanisms of its regulation.
Financial elements of the system are the international financial markets and trading mechanisms to specific financial instruments – currency, securities, and loans.
Independent element of the international financial system is the international settlements, serving as the movement of goods and factors of production and financial instruments.
International financing mechanisms are key elements of macroeconomic adjustment, which is carried out in the country's open economy.
Currency is divided according to its membership to:
– the national currency – legal tender in the issuing of countries;
– foreign currency – legal tender in other countries, used in that country.
Classifications can be varied for different characters, in order to achieve the objectives of the study relevant is the following: reserve currency – the currency in which the state held its liquid international reserves used to cover the negative balance of payments.
Generally accepted in the world currency, which is accumulated by central banks in foreign exchange reserves. It serves as an investment asset, is a method of determining the exchange parity used as a tool of foreign exchange intervention, if necessary, as well as for the central bank for international settlements.
The most important characteristic is the degree of currency convertibility them – the ability of residents and non-free and unrestricted exchange and use in transactions with real financial assets.
From the standpoint of balance of payments is convertible for current transactions, capital transactions and complete, and in terms of residents – domestic and foreign.
The classification of exchange rate systems based on what is recognized as a reserve asset, that is, with the help of an asset can be settled by the imbalances in international payments. By this criterion standard monetary systems are divided into gold, gold exchange, devising. During different periods of history such assets were gold, the dollar convertible into gold at a fixed rate, any currency accepted for international payments, but above all, freely usable currencies.
The gold standard was based on the formalization of the countries of the gold content per unit of domestic currency liabilities of central banks buy and sell domestic currency in exchange for gold. Gold exchange standard based on the officially established fixed parities of currencies against the U.S. dollar, which in turn was convertible into gold at a fixed rate. The main features of the standard devising lies in the fact that countries can use any system of exchange rates of their choice – a fixed or floating, established unilaterally or through multilateral agreements. The IMF has the authority to oversee the development of exchange rates and arrangements for their establishment. Abolished the official price of gold, and eliminated its role as the official means of payment between the IMF and its members. As an additional reserve asset, special drawing rights (SDRs).
With the development of foreign economic relations and formed the world monetary system as a form of currency relations governed by the national currency laws and interstate relations. The main element of the monetary system of each country is its national currency[46]. Features of the world monetary system and principles of its construction are closely related to the structure of world economy. It is obvious that a change in its structure has evolved and the world monetary system and, consequently, are modified and improved its basic elements:
– the functional form of world money;
– terms of convertibility;
– modes of exchange rate parities and exchange rates;
– the level of foreign exchange regulation and the extent of foreign exchange restrictions;
– unification of the forms of international payments.
The development of the world monetary system is a spiral with a gap of several decades. In the domestic economy, the monetary systems have evolved from the gold coin standard to a gold bullion and gold exchange, and from him – a paper-credit treatment. Evolving global monetary system has moved to the next stage, called the Jamaican system. It was arranged by agreement of member countries by the International Monetary Fund (IMF) in 1976 in Kingston, Jamaica[47], in which formed the basic principles of a new monetary system, embodied in April 1978 in the second amendment to the Articles of Agreement of the IMF. These principles, which are today, are as follows:
– the abolition of the official price of gold was legalized demonetization of gold, but, nevertheless, thanks to the real values of gold, followed by continued extraordinary role of world money and reserve assets;
– gold exchange standard was replaced by a standard SDR, which formally declared the foundation of currency parities, but in practice did not become a standard of value, the main payment and reserve funds;
– instead of a fixed exchange rate of the country officially since 1973, switched to a regime of floating exchange rates, but were able to choose a fixed or floating exchange rate;
– the IMF has the authority to supervise the development of hard currency and the establishment of agreements.
Problems of Jamaican currency system very quickly appeared in the imperfection of floating exchange rates. Moreover, the problems encountered have exacerbated the financial and currency crises. The need to coordinate national action for overcoming the crisis led global economic community to re-evaluate the role of international financial regulators to harmonize the policies of different countries in the field of monetary relations. William Shakespeare wrote: «If there be nothing new, but that which is, hath been before»[48], was a question about the effectiveness of the regulatory activities of international monetary institutions, which in conditions of crisis in the global system has considerably decreased, forcing the governments of several countries in the band to do disruption reconstruction of the whole system of currency regulation.
The IMF has not coped with the task of predicting the crisis of early shocks. Although this program was developed jointly with the World Bank, IMF, passively watching the change in the macroeconomic cycle – the transition from boom to slower growth of bank lending in the financial market and detachment from the real economy, especially in developed countries, particularly the U.S., which led to the global financial and economic crisis[49].
In economic theory, international monetary relations issues remain unchanged. Over the years, changing only the answers[50]. Like the philosophical notion of substance, dualistic in nature. The inner essence of a stable core and the outer reflection of it in our time, so all knowing «dig» to the bottom of the rod, and starts searching with the external reflection, effortlessly accessible to every listener.
To effectively solve problems of macroeconomic management, on the one hand, the actions of the Central Bank of the Russian Federation should be characterized by independence and consistency. On the other hand, measures in the monetary are a must be accompanied by adequate fiscal policies[51].
As rightly pointed out Frederic Bastiat «you cannot give money to some members of the community but by taking it from others»[52] cash equivalent because this is the existing opportunities, money is their «mirror image», and, therefore, imperative redistribution of opportunity or the cost of moving simply changing the terms without affecting the sum.
Tabl. 1
The main stages of the global monetary system
1.2. The essence and form of international payments. Government regulation of international payments
Current international monetary and financial relations include the operations of different nature – from payments for goods and services before payment for the provision and maintenance of international loans, transfers of pensions and salaries to sales and purchases of foreign securities and property[53].
Psychological basis of any human activity is the mechanics of the human psyche, which pushes him to recognize the needs, demands satisfaction, and the person on the basis of their theoretical knowledge and life experience of exploring ways to achieve the goal. This happens through his own motivation, or on the basis of external stimulation, which occurs as a result of burdening the public property needs.
Given that the efficiency of the closed system inferior to the open, meeting the needs of the entire complex is more expedient to implement jointly, that is to give your needs the element of publicity. At least for a few subjects and on the basis of separate contributions to achieve the result by mutually beneficial structural interdependence[54]. The mechanics of achieving this result is based on the exchange in particular and multifaceted cooperation through the division of labor in general.
The ability of individual actors – the most stable element of their economic activity, in view of the commodity offered to exchange them, showing them a professional, industry specialization. Thus, already being a prerequisite to commodity exchange or barter. However, a more efficient exchange on the basis of a universal equivalent of a multiple product of each subject in the form of «money that goes with the merchant»[55], whom in modern economic relations serves the monetary unit, money. However, this issue remains unresolved even today in the field of international cooperation and solved in a specific situation or more constant in some sectors of economic cooperation.
The world and its phenomena are dynamic, if at first glance, it seems otherwise, it is necessary either to change the lens, or just look at a different angle. To maintain the momentum of the dynamics in economic relations, but mostly for her influence on a public entity governed by the calculated ratio of participants. Every sovereign in its territory shall have the power to establish its own unit of account, the currency in which there shall be canceled and liabilities. Part 1[56], Art. 75 of the Constitution of the Russian Federation shall establish circulation in the Russian monetary unit of the Russian Federation granted the exclusive right to issue ruble Russian central bank to ban the introduction of other money. External essence of money is being used for correspondence of mutual obligations, to implement the «exchange opportunities»[57], as wrote Carl Menger. The inner essence of the concentration of labor, the expression of what they are in the form of purchasing power, the «price of money»[58] as refined J.A. Schumpeter.
Performing a logical ascent from mental image to a man to institutional education, to the sovereign state, and being fixed at an intermediate stage – the world community, promote mutual problem needs economically active subjects remains valid. For «movement is life» and human activities on behalf of the individual, society and the purpose and means of subsistence, as Ludwig von Mises wrote in his book «Human Action. A Treatise on Economics»[59]. Thus, the calculations, as a catalyst for the movement are the object of attention of all participants in community activities and are worthy of a comprehensive study of the scientific community, in particular in the spectrum of the mechanics of their conduct.
In the legal field, the obligation arising from attempts to satisfy the immediate need, the subject of law contradistinguish contractor generates a chain of activities on the «domino effect» from the counterparty to the counterparty. Continuity, stability, completeness of each act of this activity is important for the international community, in view of universal interconnection and interdependence, in order to avoid a negative result from the «butterfly effect» is able to break out. Assessing the prospects for the future, it would be foolish to give much weight to things, uncertain[60].
In the material world match the actual set of circumstances under the influence of events and actions previously agreed plan indicates the proper performance of mutual obligation that generates confidence in this subject, and strengthens its intangible asset called reputation. Similarly, in physics, developed a theory that the hypothesis, the assumption by the actual evidence, a single point of coincidence of the hypothesis with the actual reality of nature, becomes a theory, and exists as long as there is no other confirmation of the hypothesis refuted.
To explain the same set of experimental data can be offered different theories. Check them with the output of these effects, which are available testing experience. The content of these consequences should be different from the content of the data used in constructing the theory. If such effects do not withdraw, then the theory is fundamentally unverifiable[61]. «Nothing comes from nowhere and does not disappear». Describing the practice entrepreneur J.A. Schumpeter coined the term «neue kombinationen»[62]. A person is in principle an employer only if it «carries neue kombinationen» – it ceases to be such when they established the «case» will continue to operate within the circuit. That is, the entrepreneur provides practical innovation. If his idea is successful, the economic actors who have less marked the beginning of a creative appreciate it. According to George A. Akerlof are naturally the first entrepreneurs to become merchants who have skill to determine the quality of inputs and to certify the quality of the finished product[63]. There is a natural introduction of the idea of the inner world of business with the potential employer, and they interpret the innovation, organizing commercial «case». Globalization of economic space allows creative individuals to gain access to information resources around the world and generate any actual ideas. Business entities to choose innovative projects and implement them in any area, from their point of view, the most commercially friendly.
Production, as is known, is the interaction of various factors[64] for the implementation of any neue kombinationen connection is required, the combination, the coordination of individual factors, not always, or rather even not always located in the possession of a businessman, acting in their subject, whether public, public interest , which also stimulated by the global economic cooperation.
The form of business determines the legal status of the entrepreneur as the subject of economic relations in the broadest sense, the owner of commercial property, because her choice is an important issue to be addressed before the organization of any commercial project. In the process of implementing a business plan, due to environmental dynamics all subject to change, like the stability of the earlier decision, which varies depending on the circumstances of reality, the entrepreneur changes the shape and way of doing business[65].
As part of the global economy lasting processes, but rather «the direction and degree of change in national economic life of the set of elements compared to the previous point»[66], called the market conditions are «business processes» global and global crises points and starting end of the previous economic cycle.
To fully participate in this «game» called the international economic cooperation, however, as to begin a local business from the subject required his personal attachment to its nature depends on its role and the remuneration for their participation. The ultimate party «game», the consumer receives the rent as the excess of demand over the prevailing scale of the classical market, basically this is a false social value lost during the formation of the market and the market value of the accumulated savings in the form of money, an extra element to achieve the equivalent exchange[67].
A simple model implementation neue kombinationen, at a minimum requires:
– material resources;
– administrative resources;
– financial resources;
– innovative resources.
Accordingly, the actors and their remuneration are as follows:
The owner – rent;
The worker – wage;
The capitalist – the percentage;
The entrepreneur – a profit.
«It is easier to obtain than to keep», to maintain «stability zones» and the established order of the mechanism established by the provision of Art. 57[68] of the Constitution of the Russian Federation. Entrepreneur as a reward for his activity and the idea of business expects to receive income, the worker for his labor a guaranteed wage, the capitalist expects a capital gain, and the government imposes taxes and fees on its territory owners and users, whether natural, or man-made objects[69].
The nature of international economic cooperation is multifaceted[70]. To describe its essence, the inner essence is to maintain world stability, permanence, the protection of existing values, the external entity is a reflection of the actual needs of stake holders to evaluate and order fulfillment.
Commitment generated by the commission of any act of the participants of this relationship remains «a feeling of incompleteness», in the science of psychology there is a «Zeigarnik effect» whereby indeed interrupted, «unerledigter Handlunge»[71] is a strong position in the subject's memory rather than acts of completed actions. With regard to institutional and public entities believe it is undeniable accounting and provide periodic reporting on performance results.
In terms of institutional organization relationships in terms of turnover of public goods, the basis of civil rights are the property relations carried out in three areas: innovation, production, commercial, and financial[72].
So, how do at this stage of development is organized pursuant to mutual financial obligations within the framework of international economic cooperation.
Fundamental principles of this system are the subjects, which represent the private, institutional and public education sovereigns.
Individuals – are physical persons, residents in the attitude of one or more of the state, and foreign nationals (non-residents) in relation to other.
Institutional Education – an association created to carry out joint activities and to achieve certain goals in the composition, which is composed of different reasons individuals, institutional, educational, public sovereigns.
A public entity – the state, public association with all the attributes to separate sovereign territory, the presence of which, in effect, and distinguishes it from modern institutional structures already so similar to the state, but it is located in one of the jurisdictions.
Operators, agents are specialized institutional education, acting in accordance with the laws of the jurisdiction and the presence of registration. The activities carried out under a special permit, license of the Central Bank of the sovereign public, which gives them the right to perform certain banking transactions in accordance with standard operating procedures, which registered the order of their conduct.
Under Part 2[73] of Art. 75 of the Constitution of the Russian Federation, as a significant public entity accounting relations, established by the Central Bank of Russia, so it is not «a natural product of banking development»[74]. Created by the will of the state and burdened with the primary function of protecting and sustaining the national currency. Detail its legal status is defined by the Federal Law «On Central Bank of Russian Federation (Bank of Russia)» № 86-FL[75].
In this world everything has its price, the price is set in the currency of a State, between actors in international economic cooperation is most often recorded in the contract price in the currency EURO or USD, in view of current practice. And she has developed through standard SDR, which is practically obsolete and is used by inertia, a multi-system formation is projected to include it as the Yen and possibly the Chinese Yuan, ruble considered as a candidate for this role, it is premature[76].
However, examining the individual operations, as a conclusion that it depends on the interests and understandings of the parties.
The legal basis for using the Russian ruble in international transactions is the Federal Law «On Currency Regulation and Currency Control» № 173-FL[77].
Even in the first edition of the law (October 1992) was declared that the foreign exchange operations with the Russian ruble current account balance of payments are made without any restrictions. This is possible already at the first stage of market reforms in Russia to ensure the growth of liquidity in the currency market of the Russian Federation and prevent the use of ruble in payments for foreign trade, primarily with the CIS countries. On June 1, 1996 pursuant to Decree of the President of Russia Russian Federation acceded to Article VIII of the Statute of the International Monetary Fund, which meant that the assumption of international obligations in support of the Russian currency convertibility on current account[78].
Based on these norms Russian commercial banks have the right to open correspondent accounts «Loro» in rubles for foreign banks with the ability to enroll in them proceeds from the sale of goods and services in Russia in favor of foreign companies – participants of foreign trade operations.
The currency, the money there and turned into cash and cashless. With regard to the activities of institutional actors have set limits, particularly in the Russian Federation has the following positions. «Payments in cash in the Russian Federation between entities and between legal person and a citizen engaged in entrepreneurial activities without forming a legal entity (hereinafter – the individual entrepreneur), between individual entrepreneurs associated with their business activities under one contract signed between these parties may be in an amount not exceeding 100 thousand rubles»[79]. Regarding the relations prevailing in the area of movement of goods across the customs border of the State of a reservation. «Customs fees paid in cash in accordance with Art. 331 of the Customs Code of the Russian Federation shall be exercised in accordance with Russian law, and not in accordance with the agreement concluded between certain parties. In this regard, when making these payments in cash rules Instructions № 1843-I does not apply»[80]. This clause was the basis for creating a specialized banking product «custom maps», «maps of foreign economic activity» referred to in different ways by individual lending institutions and[81], indeed, is a standardized (template) means of payment of customs payments on treasury bills of the Russian Federation.
Most of the complexity of the relationship are dispositive, folding, when equal entities shall cooperate on a voluntary mutual benefit, they are in the regulatory framework established by the ability to negotiate, to dialogue and reach a balanced conclusion as a result of negotiations.
So, consider the following situation. There is a subject which has the ability to provide goods or services, and the subject in need of this product or service, they know about each other, but still were in direct interaction and, consequently, the reputation of each other can only bring «outside help».
Risks in collaboration missing, as Homer wrote «dangerous maneuvering between rocks»[82] is present on this side and on the other hand, reached an agreement on price, product, date, it remains to solve the issue of making payments, how to organize calculations for specificity has led to what we have deal with the goods.
Options to address the issue:
– due to the fact that the subject goods has wished to implement it, and found a potential buyer one of the most simple solution is to supply the goods and pay the agreed price by bank transfer to the buyer's account to the seller. With such an arrangement at once manifested payment risk, for various reasons, the same output will only further costly legal collection formed the debt;
– if the volume of supplies divided into parties and payments, respectively, and divided into tranches, we can carry out periodic monitoring of the implementation of mutual commitments and control each other spending estimates in the form of an open account. The buyer receives the shipment after receiving the proceeds from its sale, or receipt of funds from the use of the goods in neue kombinationen takes payment and so on until the execution of mutual agreement in full;
– the concept of professional, expert testifies to the possession of the subject of theoretical knowledge and practical skills, that is, he goes in a certain area. In economic relations, the seller arranges for its own convenience, automation of the sales process «fork intermediaries» which communicates with the outside world and it is, except for access to a significant flow of external agents to me. Because a network of dealers is selling goods to buyers. In this scheme of cooperation buyer may cast doubt on whether the goods from the seller and its insurance, risk minimization, may insist on payments in the form of a documentary collection, that is, the seller will carry the shipment of goods from the warehouse, to delivery to the conditioned space, and receive payment for goods in based on this fact confirming documents. Significant risk of the seller under this assumption is that the buyer may refuse to purchase.
The solution to minimize this risk, the author's opinion, may be costing and losses from the performance of obligations of the seller to the buyer. The buyer would have brought as a deposit (Art. 380, 381 of the Civil Code)[83]. Thus the buyer would affirm its intention to purchase goods and to «insure» against improper performance of an obligation to deliver the goods by the seller;
– if confidence in the uniqueness of its product and doubts about the solvency of the buyer, the seller is willing to provide warranty receipt of payment for goods and insisting on payment in the form of a letter of credit, so the buyer or their own, or borrowed money used to open letters of credit, what makes sure the seller and ships the goods, due to the Credit provides a package of documents to the bank and get cash, goods and the buyer.
Credit institutions (banks) involved in the calculations as operators (agents) are professional intermediaries in monetary engaged in banking operations, the remuneration for the performance of which is one of the articles of their income as «burdening the activity of a person obliges him to compensate for time spent and strength»[84].
To increase their competitiveness and attractiveness, credit institutions form a network of branches and representative offices, is one of the options for resolving the issue. Another is the result of the expression «do not have a hundred rubles, and a hundred friends» through the establishment of correspondent relations and opening of accounts Loro and Nostro lenders time keeping remains at the required volumes, can meet the customer need to transfer funds within the framework of international economic cooperation in light of its of interest. However, one should consider the risks of interbank loans, the level of which is usually lower than on loans to customers[85].
For the calculation of commercial banks – one of the main areas of activity[86]. Development of International Settlements is the ratio of static models taken from the overall dynamics of the use of tools and execution of financial obligations in the framework of international economic cooperation.
Payment method is a method of performance, and its choice depends on several factors caused, first of all the aspirations of the parties and their level of interaction. In mathematical science is the concept of «+» infinity and «-» infinity, which are impossible to achieve the aspiration of a point. In organizing the settlement of relations among the parties such aspirations. At the same psychology of their actions is as follows.
The motive for the entry into the relationship and the cause of their activity is originated and unmet need. One side needs to be in the product or service, and another, being able to provide a service or product having wished to implement their own capacity for adequate compensation, and preferably in the form of «silver, which goes from the merchants»[87] accounting currency. Although depending on the arrangements and the needs of the parties in practice meets the set of combinations of forms of payment. However, the essence remains the same one of the parties expects the execution of financial obligations, and agrees to comply with it is different with the appropriate correspondence.
Credit institutions which are the operator’s money attract deposits and open accounts in which funds are placed individuals and entities. In this case the client's order imperative for the credit institution. As a form of customer orders is entitled to require the issuance of money in cash, or transfer an amount to another account, the account of another person in another credit institution. Thus, there will be transfer of money orders a person to the account holder and therefore, it would oblige him either to this amount, or will meet financial commitments in a given volume.
Cashless payments are made through lending institutions (branches) or the central banks of the accounts opened under the contract of bank account or a correspondent account contract (sub account).
Payment transactions to transfer money through credit institutions (branches) can be implemented using:
– correspondent accounts (subaccounts) opened at the Central Bank;
– correspondent accounts opened in other credit institutions;
– accounts of settlement participants that are open to non-bank credit organizations;
– accounts inter branch settlements open within the same credit institution.
Write-off of funds from the account shall be ordered by the owner or without an order of the account holder in cases prescribed by law or contract between the bank and the client.
Write-off of funds from the account on the basis of settlement documents, within available funds in the account. The order of registration, reception, processing of electronic payment instruments and payment transactions of their use is governed by separate regulations and concluded between the Central Bank of the State or credit institutions and their customer’s treaties governing the exchange of electronic documents with information security.
If insufficient funds in the account to meet all the requirements presented to him by debit as they arrive in the order established by law.
Restriction of the rights of the account holder to dispose of the on cash is not allowed, with certain exceptions.
As members of the calculations are considered payers and recipients of funds (the claimant), as well as serving their banks and correspondent banks. Modern bank is a competitive bank with a wide and flexible assortment not only of bank but other financial services adapted to the needs of different groups of clients[88], but banks do not intervene in contractual agreements yet, but only carry out the mandatory monitoring.
Competing claims on transactions between the payer and the recipient of funds, but through the fault of banks shall be determined in accordance with legislation without the participation of banks.
Banks carry out transactions on the accounts on the basis of settlement documents. Settlement document provides a designed as a document on paper or, in certain cases, an electronic payment instrument:
– the disposal of the payer, the client or the bank to write off the funds from your account and transfer them to the recipient of funds;
Psychological basis of any human activity is the mechanics of the human psyche, which pushes him to recognize the needs, demands satisfaction, and the person on the basis of their theoretical knowledge and life experience of exploring ways to achieve the goal. This happens through his own motivation, or on the basis of external stimulation, which occurs as a result of burdening the public property needs.
Given that the efficiency of the closed system inferior to the open, meeting the needs of the entire complex is more expedient to implement jointly, that is to give your needs the element of publicity. At least for a few subjects and on the basis of separate contributions to achieve the result by mutually beneficial structural interdependence[54]. The mechanics of achieving this result is based on the exchange in particular and multifaceted cooperation through the division of labor in general.
The ability of individual actors – the most stable element of their economic activity, in view of the commodity offered to exchange them, showing them a professional, industry specialization. Thus, already being a prerequisite to commodity exchange or barter. However, a more efficient exchange on the basis of a universal equivalent of a multiple product of each subject in the form of «money that goes with the merchant»[55], whom in modern economic relations serves the monetary unit, money. However, this issue remains unresolved even today in the field of international cooperation and solved in a specific situation or more constant in some sectors of economic cooperation.
The world and its phenomena are dynamic, if at first glance, it seems otherwise, it is necessary either to change the lens, or just look at a different angle. To maintain the momentum of the dynamics in economic relations, but mostly for her influence on a public entity governed by the calculated ratio of participants. Every sovereign in its territory shall have the power to establish its own unit of account, the currency in which there shall be canceled and liabilities. Part 1[56], Art. 75 of the Constitution of the Russian Federation shall establish circulation in the Russian monetary unit of the Russian Federation granted the exclusive right to issue ruble Russian central bank to ban the introduction of other money. External essence of money is being used for correspondence of mutual obligations, to implement the «exchange opportunities»[57], as wrote Carl Menger. The inner essence of the concentration of labor, the expression of what they are in the form of purchasing power, the «price of money»[58] as refined J.A. Schumpeter.
Performing a logical ascent from mental image to a man to institutional education, to the sovereign state, and being fixed at an intermediate stage – the world community, promote mutual problem needs economically active subjects remains valid. For «movement is life» and human activities on behalf of the individual, society and the purpose and means of subsistence, as Ludwig von Mises wrote in his book «Human Action. A Treatise on Economics»[59]. Thus, the calculations, as a catalyst for the movement are the object of attention of all participants in community activities and are worthy of a comprehensive study of the scientific community, in particular in the spectrum of the mechanics of their conduct.
In the legal field, the obligation arising from attempts to satisfy the immediate need, the subject of law contradistinguish contractor generates a chain of activities on the «domino effect» from the counterparty to the counterparty. Continuity, stability, completeness of each act of this activity is important for the international community, in view of universal interconnection and interdependence, in order to avoid a negative result from the «butterfly effect» is able to break out. Assessing the prospects for the future, it would be foolish to give much weight to things, uncertain[60].
In the material world match the actual set of circumstances under the influence of events and actions previously agreed plan indicates the proper performance of mutual obligation that generates confidence in this subject, and strengthens its intangible asset called reputation. Similarly, in physics, developed a theory that the hypothesis, the assumption by the actual evidence, a single point of coincidence of the hypothesis with the actual reality of nature, becomes a theory, and exists as long as there is no other confirmation of the hypothesis refuted.
To explain the same set of experimental data can be offered different theories. Check them with the output of these effects, which are available testing experience. The content of these consequences should be different from the content of the data used in constructing the theory. If such effects do not withdraw, then the theory is fundamentally unverifiable[61]. «Nothing comes from nowhere and does not disappear». Describing the practice entrepreneur J.A. Schumpeter coined the term «neue kombinationen»[62]. A person is in principle an employer only if it «carries neue kombinationen» – it ceases to be such when they established the «case» will continue to operate within the circuit. That is, the entrepreneur provides practical innovation. If his idea is successful, the economic actors who have less marked the beginning of a creative appreciate it. According to George A. Akerlof are naturally the first entrepreneurs to become merchants who have skill to determine the quality of inputs and to certify the quality of the finished product[63]. There is a natural introduction of the idea of the inner world of business with the potential employer, and they interpret the innovation, organizing commercial «case». Globalization of economic space allows creative individuals to gain access to information resources around the world and generate any actual ideas. Business entities to choose innovative projects and implement them in any area, from their point of view, the most commercially friendly.
Production, as is known, is the interaction of various factors[64] for the implementation of any neue kombinationen connection is required, the combination, the coordination of individual factors, not always, or rather even not always located in the possession of a businessman, acting in their subject, whether public, public interest , which also stimulated by the global economic cooperation.
The form of business determines the legal status of the entrepreneur as the subject of economic relations in the broadest sense, the owner of commercial property, because her choice is an important issue to be addressed before the organization of any commercial project. In the process of implementing a business plan, due to environmental dynamics all subject to change, like the stability of the earlier decision, which varies depending on the circumstances of reality, the entrepreneur changes the shape and way of doing business[65].
As part of the global economy lasting processes, but rather «the direction and degree of change in national economic life of the set of elements compared to the previous point»[66], called the market conditions are «business processes» global and global crises points and starting end of the previous economic cycle.
To fully participate in this «game» called the international economic cooperation, however, as to begin a local business from the subject required his personal attachment to its nature depends on its role and the remuneration for their participation. The ultimate party «game», the consumer receives the rent as the excess of demand over the prevailing scale of the classical market, basically this is a false social value lost during the formation of the market and the market value of the accumulated savings in the form of money, an extra element to achieve the equivalent exchange[67].
A simple model implementation neue kombinationen, at a minimum requires:
– material resources;
– administrative resources;
– financial resources;
– innovative resources.
Accordingly, the actors and their remuneration are as follows:
The owner – rent;
The worker – wage;
The capitalist – the percentage;
The entrepreneur – a profit.
«It is easier to obtain than to keep», to maintain «stability zones» and the established order of the mechanism established by the provision of Art. 57[68] of the Constitution of the Russian Federation. Entrepreneur as a reward for his activity and the idea of business expects to receive income, the worker for his labor a guaranteed wage, the capitalist expects a capital gain, and the government imposes taxes and fees on its territory owners and users, whether natural, or man-made objects[69].
The nature of international economic cooperation is multifaceted[70]. To describe its essence, the inner essence is to maintain world stability, permanence, the protection of existing values, the external entity is a reflection of the actual needs of stake holders to evaluate and order fulfillment.
Commitment generated by the commission of any act of the participants of this relationship remains «a feeling of incompleteness», in the science of psychology there is a «Zeigarnik effect» whereby indeed interrupted, «unerledigter Handlunge»[71] is a strong position in the subject's memory rather than acts of completed actions. With regard to institutional and public entities believe it is undeniable accounting and provide periodic reporting on performance results.
In terms of institutional organization relationships in terms of turnover of public goods, the basis of civil rights are the property relations carried out in three areas: innovation, production, commercial, and financial[72].
So, how do at this stage of development is organized pursuant to mutual financial obligations within the framework of international economic cooperation.
Fundamental principles of this system are the subjects, which represent the private, institutional and public education sovereigns.
Individuals – are physical persons, residents in the attitude of one or more of the state, and foreign nationals (non-residents) in relation to other.
Institutional Education – an association created to carry out joint activities and to achieve certain goals in the composition, which is composed of different reasons individuals, institutional, educational, public sovereigns.
A public entity – the state, public association with all the attributes to separate sovereign territory, the presence of which, in effect, and distinguishes it from modern institutional structures already so similar to the state, but it is located in one of the jurisdictions.
Operators, agents are specialized institutional education, acting in accordance with the laws of the jurisdiction and the presence of registration. The activities carried out under a special permit, license of the Central Bank of the sovereign public, which gives them the right to perform certain banking transactions in accordance with standard operating procedures, which registered the order of their conduct.
Under Part 2[73] of Art. 75 of the Constitution of the Russian Federation, as a significant public entity accounting relations, established by the Central Bank of Russia, so it is not «a natural product of banking development»[74]. Created by the will of the state and burdened with the primary function of protecting and sustaining the national currency. Detail its legal status is defined by the Federal Law «On Central Bank of Russian Federation (Bank of Russia)» № 86-FL[75].
In this world everything has its price, the price is set in the currency of a State, between actors in international economic cooperation is most often recorded in the contract price in the currency EURO or USD, in view of current practice. And she has developed through standard SDR, which is practically obsolete and is used by inertia, a multi-system formation is projected to include it as the Yen and possibly the Chinese Yuan, ruble considered as a candidate for this role, it is premature[76].
However, examining the individual operations, as a conclusion that it depends on the interests and understandings of the parties.
The legal basis for using the Russian ruble in international transactions is the Federal Law «On Currency Regulation and Currency Control» № 173-FL[77].
Even in the first edition of the law (October 1992) was declared that the foreign exchange operations with the Russian ruble current account balance of payments are made without any restrictions. This is possible already at the first stage of market reforms in Russia to ensure the growth of liquidity in the currency market of the Russian Federation and prevent the use of ruble in payments for foreign trade, primarily with the CIS countries. On June 1, 1996 pursuant to Decree of the President of Russia Russian Federation acceded to Article VIII of the Statute of the International Monetary Fund, which meant that the assumption of international obligations in support of the Russian currency convertibility on current account[78].
Based on these norms Russian commercial banks have the right to open correspondent accounts «Loro» in rubles for foreign banks with the ability to enroll in them proceeds from the sale of goods and services in Russia in favor of foreign companies – participants of foreign trade operations.
The currency, the money there and turned into cash and cashless. With regard to the activities of institutional actors have set limits, particularly in the Russian Federation has the following positions. «Payments in cash in the Russian Federation between entities and between legal person and a citizen engaged in entrepreneurial activities without forming a legal entity (hereinafter – the individual entrepreneur), between individual entrepreneurs associated with their business activities under one contract signed between these parties may be in an amount not exceeding 100 thousand rubles»[79]. Regarding the relations prevailing in the area of movement of goods across the customs border of the State of a reservation. «Customs fees paid in cash in accordance with Art. 331 of the Customs Code of the Russian Federation shall be exercised in accordance with Russian law, and not in accordance with the agreement concluded between certain parties. In this regard, when making these payments in cash rules Instructions № 1843-I does not apply»[80]. This clause was the basis for creating a specialized banking product «custom maps», «maps of foreign economic activity» referred to in different ways by individual lending institutions and[81], indeed, is a standardized (template) means of payment of customs payments on treasury bills of the Russian Federation.
Most of the complexity of the relationship are dispositive, folding, when equal entities shall cooperate on a voluntary mutual benefit, they are in the regulatory framework established by the ability to negotiate, to dialogue and reach a balanced conclusion as a result of negotiations.
So, consider the following situation. There is a subject which has the ability to provide goods or services, and the subject in need of this product or service, they know about each other, but still were in direct interaction and, consequently, the reputation of each other can only bring «outside help».
Risks in collaboration missing, as Homer wrote «dangerous maneuvering between rocks»[82] is present on this side and on the other hand, reached an agreement on price, product, date, it remains to solve the issue of making payments, how to organize calculations for specificity has led to what we have deal with the goods.
Options to address the issue:
– due to the fact that the subject goods has wished to implement it, and found a potential buyer one of the most simple solution is to supply the goods and pay the agreed price by bank transfer to the buyer's account to the seller. With such an arrangement at once manifested payment risk, for various reasons, the same output will only further costly legal collection formed the debt;
– if the volume of supplies divided into parties and payments, respectively, and divided into tranches, we can carry out periodic monitoring of the implementation of mutual commitments and control each other spending estimates in the form of an open account. The buyer receives the shipment after receiving the proceeds from its sale, or receipt of funds from the use of the goods in neue kombinationen takes payment and so on until the execution of mutual agreement in full;
– the concept of professional, expert testifies to the possession of the subject of theoretical knowledge and practical skills, that is, he goes in a certain area. In economic relations, the seller arranges for its own convenience, automation of the sales process «fork intermediaries» which communicates with the outside world and it is, except for access to a significant flow of external agents to me. Because a network of dealers is selling goods to buyers. In this scheme of cooperation buyer may cast doubt on whether the goods from the seller and its insurance, risk minimization, may insist on payments in the form of a documentary collection, that is, the seller will carry the shipment of goods from the warehouse, to delivery to the conditioned space, and receive payment for goods in based on this fact confirming documents. Significant risk of the seller under this assumption is that the buyer may refuse to purchase.
The solution to minimize this risk, the author's opinion, may be costing and losses from the performance of obligations of the seller to the buyer. The buyer would have brought as a deposit (Art. 380, 381 of the Civil Code)[83]. Thus the buyer would affirm its intention to purchase goods and to «insure» against improper performance of an obligation to deliver the goods by the seller;
– if confidence in the uniqueness of its product and doubts about the solvency of the buyer, the seller is willing to provide warranty receipt of payment for goods and insisting on payment in the form of a letter of credit, so the buyer or their own, or borrowed money used to open letters of credit, what makes sure the seller and ships the goods, due to the Credit provides a package of documents to the bank and get cash, goods and the buyer.
Credit institutions (banks) involved in the calculations as operators (agents) are professional intermediaries in monetary engaged in banking operations, the remuneration for the performance of which is one of the articles of their income as «burdening the activity of a person obliges him to compensate for time spent and strength»[84].
To increase their competitiveness and attractiveness, credit institutions form a network of branches and representative offices, is one of the options for resolving the issue. Another is the result of the expression «do not have a hundred rubles, and a hundred friends» through the establishment of correspondent relations and opening of accounts Loro and Nostro lenders time keeping remains at the required volumes, can meet the customer need to transfer funds within the framework of international economic cooperation in light of its of interest. However, one should consider the risks of interbank loans, the level of which is usually lower than on loans to customers[85].
For the calculation of commercial banks – one of the main areas of activity[86]. Development of International Settlements is the ratio of static models taken from the overall dynamics of the use of tools and execution of financial obligations in the framework of international economic cooperation.
Payment method is a method of performance, and its choice depends on several factors caused, first of all the aspirations of the parties and their level of interaction. In mathematical science is the concept of «+» infinity and «-» infinity, which are impossible to achieve the aspiration of a point. In organizing the settlement of relations among the parties such aspirations. At the same psychology of their actions is as follows.
The motive for the entry into the relationship and the cause of their activity is originated and unmet need. One side needs to be in the product or service, and another, being able to provide a service or product having wished to implement their own capacity for adequate compensation, and preferably in the form of «silver, which goes from the merchants»[87] accounting currency. Although depending on the arrangements and the needs of the parties in practice meets the set of combinations of forms of payment. However, the essence remains the same one of the parties expects the execution of financial obligations, and agrees to comply with it is different with the appropriate correspondence.
Credit institutions which are the operator’s money attract deposits and open accounts in which funds are placed individuals and entities. In this case the client's order imperative for the credit institution. As a form of customer orders is entitled to require the issuance of money in cash, or transfer an amount to another account, the account of another person in another credit institution. Thus, there will be transfer of money orders a person to the account holder and therefore, it would oblige him either to this amount, or will meet financial commitments in a given volume.
Cashless payments are made through lending institutions (branches) or the central banks of the accounts opened under the contract of bank account or a correspondent account contract (sub account).
Payment transactions to transfer money through credit institutions (branches) can be implemented using:
– correspondent accounts (subaccounts) opened at the Central Bank;
– correspondent accounts opened in other credit institutions;
– accounts of settlement participants that are open to non-bank credit organizations;
– accounts inter branch settlements open within the same credit institution.
Write-off of funds from the account shall be ordered by the owner or without an order of the account holder in cases prescribed by law or contract between the bank and the client.
Write-off of funds from the account on the basis of settlement documents, within available funds in the account. The order of registration, reception, processing of electronic payment instruments and payment transactions of their use is governed by separate regulations and concluded between the Central Bank of the State or credit institutions and their customer’s treaties governing the exchange of electronic documents with information security.
If insufficient funds in the account to meet all the requirements presented to him by debit as they arrive in the order established by law.
Restriction of the rights of the account holder to dispose of the on cash is not allowed, with certain exceptions.
As members of the calculations are considered payers and recipients of funds (the claimant), as well as serving their banks and correspondent banks. Modern bank is a competitive bank with a wide and flexible assortment not only of bank but other financial services adapted to the needs of different groups of clients[88], but banks do not intervene in contractual agreements yet, but only carry out the mandatory monitoring.
Competing claims on transactions between the payer and the recipient of funds, but through the fault of banks shall be determined in accordance with legislation without the participation of banks.
Banks carry out transactions on the accounts on the basis of settlement documents. Settlement document provides a designed as a document on paper or, in certain cases, an electronic payment instrument:
– the disposal of the payer, the client or the bank to write off the funds from your account and transfer them to the recipient of funds;
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