Finance and Credit

Unsecured intraday credit as a method to manage credit risk in the payment system

Vol. 24, Iss. 5, MAY 2018

Received: 21 February 2018

Received in revised form: 12 March 2018

Accepted: 26 March 2018

Available online: 29 May 2018

Subject Heading: Banking

JEL Classification: G32

Pages: 1149-1158

Masino M.N. Financial University under Government of Russian Federation, Moscow, Russian Federation

Subject The article considers specifics of using the unsecured intraday credit as a way of credit risk management in payment systems.
Objectives The study aims to develop methodological approaches to applying unsecured intraday credits with regard to mechanisms of calculating the limit on the available volume of unsecured intraday credit set by a settlement center of a payment system (PS).
Methods I use international standards of the Committee on Payments and Market Infrastructures of the Bank for International Settlements, and international standards on risk management (ISO 31000 group) as a base for the research.
Results I developed a mechanism to calculate a limit of unsecured intraday credit with the use of data available to the payment system operator without involvement of additional information from PS participants. The article considers a possibility to apply the proposed method of credit risk management in accordance with the procedure provided in the ISO 31000 group standard.
Conclusions The mechanism to calculate the limit of unsecured intraday credit may be viewed as an efficient tool to mitigate credit risks of the PS. The practice of defining the limit of unsecured intraday credit without involvement of additional data from PS participants will enable the settlement center of the PS to quickly define the financial stability of PS participants.

Keywords: unsecured loan, intraday credit, risk management, payment system, credit risk


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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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Vol. 24, Iss. 9
September 2018