| Abstract [eng] |
The recent situation in the financial sector has preconditioned the fact that all transactions must be performed by applying some payment instrument. Thus it has become crucial for businesses to have access to convenient, efficient, fast and cheap payment instruments that can assist in maintaining the circulation of cash flows. Moreover, payment instruments have become significant to the governmental institutions and consumers as well. During the past decade, payment service providers have started developing new innovative non-cash payment instruments. In finance markets, the liquidity of a specific market depends on trust and confidence of clearing and settlement tools. For instance, if financial instruments are not properly managed, payments may face legal, financial or operational risks that could lead to significant disruptions of the financial system or the economy as a whole. The present thesis analyzes the significance of non-cash payment instruments, their characteristics as well as risks, and the relationship between non-cash payments and macroeconomic indicators. |
