Development of the Financial Law Mechanism for the Functioning of Payment Systems in New Economic Conditions

   The paper suggests promising directions for improving the financial law mechanism of functioning for payment systems, ensuring achievement of the goals of financial market development provided for by the Strategy for the Development of the Financial Market of the Russian Federation until 2030 and the goals of ensuring national security defined by the National Security Strategy of the Russian Federation in the face of unfriendly actions of foreign states. Payment systems are one of the key elements of the payment infrastructure necessary to maintain uninterrupted cash flow in order to fulfill individual civil and public obligations. Since currently unfriendly actions of foreign states are directly aimed at the functioning of payment systems in Russia, it seems important to provide financial law mechanisms that mitigate or eliminate the corresponding negative consequences. Thus, the author proposes to establish requirements for the mandatory use of national financial information transmission systems in the operation of payment systems, and justifies the expediency of creating a special regulation for settlements in case of unilateral termination of participation in the payment system. In addition, the paper proposes financial law mechanisms that take into account the ongoing digitalization of the payment sector and are necessary in this regard to maintain the smooth operation of payment systems. In particular, the paper substantiates the conclusion that it is advisable to unify the rules for assigning MCCs that determine the type of activity of the recipient of funds in order to ensure the correctness of their use when making card transfers. Ultimately, the legal mechanisms proposed in the paper are aimed at improving legislation on payment systems and documents of payment systems.

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