Eva Jančíková
Stanislava Veselovská
niversity of Economics in Bratislava, Faculty of International Relations, Dolnozemská cesta 1, 852 35 Bratislava 5, Slovakia
Pan-European university, Faculty of Economics, Tematinska 10, 851 05 Bratislava 5, Slovakia
DOI: https://doi.org/10.31410/ITEMA.2018.526

2nd International Scientific Conference on Recent Advances in Information Technology, Tourism, Economics, Management and Agriculture – ITEMA 2018 – Graz, Austria, November 8, 2018, CONFERENCE PROCEEDINGS published by the Association of Economists and Managers of the Balkans, Belgrade, Serbia; ISBN 978-86-80194-13-4

The banking industry is under permanent pressure for innovation of banking services and banking products. In 2014 all members of Eurozone implemented new payment system developed under Single Euro Payment Area project (SEPA). SEPA project harmonizes the way euro payments are made across Europe. In 2016 other member states of European Union joined this platform. SEPA allows consumers, businesses and public administrations to make and receive credit transfers, direct debit payments and credit cards under the same basic conditions. SEPA credit transfer is realized in one banking day. The non-banking competition in payments pressed banks to go further and the result was the implementation of first SEPA instant payment in 2017 realized in max. 10 seconds. The Society for Worldwide Interbank Telecommunication (SWIFT), which is one of the most important institutions accelerated innovations in international payments, offers a new cross border payment system known as SWIFT global payments innovation (SWIFT gpi).  The aim of this paper is to define innovations in payments, especially: SEPA instant payment and SWIFT gpi. To achieve this aim we are using qualitative methods such as analysis, synthesis and comparison. 
Key words
SWIFT gpi, SEPA instant payment, Application Programming Interfaces, Distributed Ledger Technology, Artificial Intelligence in Payments, Ripple X-Current
[1] Accenture, (2018) Redefine Banking with Artificial Intelligence, [online], available at: https://www.accenture.com/t00010101T000000Z__w__/gb-en/_acnmedia/PDF-68/Accenture-Redefine-Banking.pdf.
[2] Ali, R. et al. (2014) Innovations in Payment Technologies and the Emergence of Digital Currencies (September 16, 2014), Bank of England Quarterly Bulletin 2014 Q3, [online], available at: https://ssrn.com/abstract=2499397.
[3] Banach, W., (2018) Top 5 innovations to look out for with international payments, May 23, 2018, Cambridge Global Payment. [online], available at: https://www.cambridgefx.com/blog/top-5-innovations-to-look-out-for-with-international-payments/.
[4] Bersin, J. (2017) Predictions for 2017, Everything Is Becoming Digital, Deloite Development LLC., [online], available at: https://www2.deloitte.com/content/dam/Deloitte/at/Documents/about-deloitte/predictions-for-2017-final.pdf.
[5] CAPGEMINI, (2018) World Payments Reports 2018, BNP Paribas, [online], available at: https://worldpaymentsreport.com/wp-content/uploads/sites/5/2018/10/World-Payments-Report-WPR18-2018.pdf
[6] CITI, (2017) Global Instant Payments, Current Context and Future revolutions, [online], available at: https://www.citibank.com/tts/docs/Global_Instant_Payments_Current_Context_and_Future_Evolution.pdf.
[7] DELOITE, (2015) Real-time payments are changing the reality of payments. Deloite Development LLC. [online], available at: https://www2.deloitte.com/content/dam/Deloitte/us/Documents/strategy/us-cons-real-time-payments.pdf.
[8] European Payment Council. (2017) Launch of the SEPA Instant Credit Transfer scheme, Press Kit – November 2017, [online], available at: https://www.europeanpaymentscouncil.eu/sites/default/files/kb/file/2017-11/EPC232-17_SCT%20Inst%20press%20kit_November%202017_FINAL.pdf.
[9] Faden, M. (2017) The Future of Cross-border Payments: Ripple versus SWIFT. In FX International Payments, American Express, [online], available at: https://www.americanexpress.com/us/foreign-exchange/articles/ripple-vs-swift-gpi-cross-border-payments/.
[10] Jančíková, E. (2011) New trends in trade finance, Harmony – science in the economy and the society, Sopron, Faculty of Economics University of West Hungary, pp. 6l6-623.
[11] Korauš, A., Dobrovič, J., Rajnoha, R., Brezina, I. (2017) The safety risks related to bank cards and cyber attacks, Journal of Security and Sustainability Issues, 6(4): 563-574, [online], available at: https://doi.org/10.9770/jssi.2017.6.4(3).
[12] Korauš, A.; Kelemen P. (2018) Protection of persons and property in terms of cybersecurity in Economic, Political and Legal Issues of International Relations 2018, The Faculty of International Relations of the University of Economics in Bratislava, Virt, Vydavateľstvo Ekonóm.
[13] Lee, J. (2018) Chinese banks work with SWIFT gpi to accelerate their global reach. SWIFT Press Release, [online], available at: https://www.swift.com/news-events/press-releases/chinese-banks-work-with-swift-gpi-to-accelerate-their-global-reach
[14] Mills, D. C. et al. (2016) Distributed Ledger Technology in Payments. Clearing and Settlement, FEDS Working Paper No. 2016-095, [online], available at: https://ssrn.com/abstract=2881204 or https://dx.doi.org/10.17016/FEDS.2016.095
[15] Nielsen Company, (2013) The mobile consumer a global snapshop February 2013, [online], available at: https://www.nielsen.com/content/dam/corporate/us/en/reports-downloads/2013%20Reports/Mobile-Consumer-Report-2013.pdf
[16] Pásztorová, J. (2018) Transformácia obchodných modelov v energetike, Economic, Political and Legal Issues of International Relations 2018, Virt, pp. 356-378 [online]. available at: https://fmv.euba.sk/www_write/files/Virt_zborn%C3%ADk.pdf
[17] Ripple, (2014) Process Payment, [online], available at: https://ripple.com/ripplenet/process-payments/
[18] Santamaria, J. (2017) Exclusive interview with EPC chair Javier Santamaría on SEPA Instant Credit Transfer, The Paypers Insights into payments, December 6, 2017. [online], available at: https://www.thepaypers.com/interviews/exclusive-interview-with-epc-chair-javier-santamaria-on-sepa-instant-credit-transfer/771099-38.
[19] Skinner, CH. (2008) The Future of Finance after SEPA. Chichester, West Sussex: JohnWiley & Sons Ltd.
[20] Surech B. (2017) 2017’s most popular: API banking and the digital transformation of business: Part 1, The Global Treasurer, [online], available at: https://www.theglobaltreasurer.com/2017/12/21/2017s-most-popular-api-banking-and-the-digital-transformation-of-business-part-1/.
[21] Surech B. (2017) 2017’s most popular: API banking and the digital transformation of business: Part 2, Global Treasurer, [online], available at: https://www.theglobaltreasurer.com/2017/01/20/api-banking-and-the-digital-transformation-of-business-part-2/?_ga=2.9217781.1300139904.1544360312-180586346.1536767553&_ijcid=1544360681248%7c4.634146183.1536767554473.30c516e2.
[22] SWIFT, (2018) 25% of All Cross-Border Payments now over GPI, [online], available at: https://www.swift.com/news-events/news/25_of-all-cross-border-payments-now-over-gpi.


Association of Economists and Managers of the Balkans – UdEkoM Balkan
179 Ustanicka St, 11000 Belgrade, Republic of Serbia