Ways to Ensure the Integration of Modern Digital Payment Systems in Commercial Banks

Authors

  • Salayev Rasul Shavkatovich Ph.D., Associate Professor, acting head of the “Banking” department
  • Iskandarov Xurshid Iskandarovich Graduate student of the Academy of Banking and Finance of the Republic of Uzbekistan

Keywords:

digital payments, commercial banks, integration strategies, technology adoption, customer experience, regulatory compliance

Abstract

The rapid development of technology has radically changed the landscape of financial services, especially in the field of digital payments. This article explores strategies that commercial banks can adopt to effectively integrate modern digital payment systems. The analysis highlights the importance of technological adaptation, regulatory compliance and customer-centric approaches to develop a seamless payment ecosystem. By leveraging advanced technology and addressing potential challenges [1], banks can improve operational efficiency, customer satisfaction, and competitive advantage.

References

1. M Bech and J Hancock, “Innovations in payments”, BIS Quarterly Review, March 2020, pp 29-31.

2. D Humphrey, M Willesson, G Bergendahl and T Lindblom, “Benefits from a changing payment technology in European banking”, Journal of Banking and Finance, 30, 2006; and R Levine, “Finance and growth: theory and evidence”, Handbook of Economic Growth, 2005.

3. K Petralia, T Philippon, T Rice and N Véron, “Banking disrupted? Financial intermediation in an era of transformational technology”, Geneva Report 22, September 2019.

4. N Kocherlakota, “Money is memory”, Journal of Economic Theory, vol 81, no 2, 1998, pp 48-51.

5. S Claessens, G Dobos, D Klingebiel and L Laeven, “The growing importance of networks in finance and its effects on competition”, 2003, in A Nagurney, Innovations in financial and economic networks, Elgar, pp 120-121.

6. M Bech, J Hancock and W Zhang, “Fast retail payment systems”, BIS Quarterly Review, March 2020, pp 28-29.

7. For an overview of digital ID systems, see J Ehrentraud, D García Ocampo, L Garzoni and M Piccolo, “Policy responses to fintech: a cross-country overview”, FSI Insights, no 23, January 2020, p 87.

8. CPMI and Markets Committee, Central bank digital currencies, March 2018; and U Bindseil, “Tiered CBDC and the financial system”, ECB, Working Paper Series, no 21, January 2020.

9. F Lupo-Pasini, “The rise of nationalism in international finance: the perennial lure of populism in international financial relations”, Duke Journal of Comparative Law, 30:91, 2019, pp 113-114.

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Published

2024-10-22

How to Cite

Shavkatovich, S. R., & Iskandarovich, I. X. (2024). Ways to Ensure the Integration of Modern Digital Payment Systems in Commercial Banks. EUROPEAN JOURNAL OF BUSINESS STARTUPS AND OPEN SOCIETY, 4(10), 148–151. Retrieved from http://inovatus.es/index.php/ejbsos/article/view/4248

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