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{"id":22116,"date":"2026-06-02T09:19:26","date_gmt":"2026-06-02T06:19:26","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=22116"},"modified":"2026-06-02T09:19:26","modified_gmt":"2026-06-02T06:19:26","slug":"mechanism-for-modernization-of-the","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/mechanism-for-modernization-of-the\/","title":{"rendered":"Trusova N., Tulush L. Mechanism for Modernization of the Payment System of Ukraine"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification:<\/strong> E42, G21, G28, O33, C53<\/span><\/td>\nDOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V56(2026)-33<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Trusova Natalia, <\/b>Doctor of Economic Sciences, Professor, Professor of the De-partment of Finance, Accounting and Taxation, Dmytro Motornyi Tavria State Agrotechnological University, Zaporizhzhia, Ukraine<\/span><\/p>\n

ORCID:<\/strong> 0000-0001-9773-4534<\/span><\/a>
\ne-mail: <\/strong>trusova_natalya5@ukr.net<\/span><\/a><\/p>\n

Tulush Leonid, <\/b>PhD in Economics, Senior Researcher, Associate Professor, Head of the Department of Financial and Credit and Tax Policy, National Scientific Cen-ter “Institute of Agrarian Economics”, Kyiv, Ukraine<\/span><\/p>\n

ORCID:<\/strong> 0000-0002-3922-5245<\/span><\/a>
\ne-mail: <\/strong>tulush@ukr.net<\/span><\/a><\/p>\n

Mechanism for Modernization of the Payment System of Ukraine<\/b><\/p>\n

Abstract. Introduction. <\/i><\/b>The article presents a comprehensive study of the directions of modernization of payment systems of Ukraine in the context of innovations and risks. It is substanti-ated that payment systems are a key infrastructure element of the state’s financial system, ensuring the continuity of monetary circulation, the efficiency of interbank settlements and the implementation of financial relationships between economic agents at both the national and global levels.<\/span><\/i><\/p>\n

Purpose.<\/i><\/b> The study aims to substantiate the implementation of a moderniza-tion mechanism for Ukraine’s payment system based on innovative financial tech-nologies, as well as improving risk management measures within the operating en-vironment, with the ultimate goal of enhancing the efficiency, security, and stability of the payment infrastructure.<\/span><\/i><\/p>\n

Results.<\/i><\/b> It is determined that, in the context of deepening international finan-cial integration and the active digitalization of the economy, the effectiveness with which the payment infrastructure functions directly affects the stability of the bank-ing system, the speed of settlements, the level of trust in financial institutions, and the country’s overall economic development. It is proven that an effective risk management system is an important element of the mechanism for modernizing Ukraine’s payment system, as it allows for the timely identification, assessment and minimization of the impact of internal and external threats on the functioning of the payment infrastructure. It is proven that implementing payment system oversight tools, which are widely used by international financial organizations, increases their reliability, transparency and financial stability.<\/span><\/i><\/p>\n

Conclusions.<\/i><\/b> An approach to developing a mechanism for modernizing the payment system within the operating environment of banking institutions has been devised. This approach involves integrating interrelated technical, technological, spatial-reactive, reactive-adaptive, control-monitoring and post-operational support elements. It has been established that using these elements together optimizes pay-ment flows, increases the liquidity of banking institutions and reduces the level of operational and financial risks. It also enables the banking system to adapt to changes in the external environment. The development of digital technologies con-tributes to reducing operating costs and increasing the efficiency of payment sys-tems. However, it also creates new challenges in the field of cybersecurity, requir-ing the implementation of modern information protection tools.<\/span><\/i><\/p>\n

Keywords: payment systems, operating environment, banking institutions, digitalization, cybersecurity, risk management, liquidity, payment infrastructure, money circulation, interbank settlements<\/span><\/i><\/b>.<\/i><\/p>\n

References<\/b>:<\/strong><\/p>\n

    \n
  1. Sakhno, L. (2026). Innovative evolution of payment banking systems of Ukraine in the conditions of the digital economy. <\/span>Acta Academiae Beregsasiensis. Eco-nomics<\/span><\/i>, 12, 331-349. doi: https:\/\/doi.org\/10.58423\/2786-6742\/2026-12-331-349.\u00a0<\/span><\/li>\n
  2. Fradynskyi, O. (2025). Payment systems: essence, evolution and risks of functioning. <\/span>Sustainable development of the economy<\/span><\/i>, 55, 6-12. doi: https:\/\/doi.org\/10.32782\/2308-1988\/2025-55-6.\u00a0<\/span><\/li>\n
  3. Chernomor, V. (2017). Theoretical foundations, condition and practice of development of payment systems in Ukraine. <\/span>Skhid<\/span><\/i>, 1(147), 33-38. doi: <\/span>https:\/\/doi.org\/10.21847\/1728-9343.2017.1(147).96836<\/span>.<\/span><\/li>\n
  4. Shushkova, Yu., Nazarkevych, I., Bilas, D. (2025). Analysis of the main trends in the development of the payment card market in Ukraine. <\/span>Financial Space<\/span><\/i>, 3(57), 85-99. doi: <\/span>https:\/\/doi.org\/10.30970\/fp.3(57).2025.8599100<\/span>.<\/span><\/li>\n
  5. Ukrainskaya, L. O. (2022). State regulation of payment systems. <\/span>Bulletin of the economy of transport and industry<\/span><\/i>, 76-77, 120-126. doi: <\/span>https:\/\/doi.org\/10.18664\/btie.76-77.282069<\/span>.<\/span><\/li>\n
  6. Koziy, N., Semenova, O., Herman, Ya. (2025). Security of digital payment services in the banking sector: challenges and ways of improvement. <\/span>Economic Space<\/span><\/i>, 207, 18-24. doi: <\/span>https:\/\/doi.org\/10.30838\/EP.207.18-24<\/span>.<\/span><\/li>\n
  7. Trusova, N.V.,\u00a0 Hryvkivska, O.V., Melnyk , L.V., Gerasymova, O.V., Tereshchenko, M.A. (2021). The risks of payment systems of banking institutions of Ukraine. <\/span>Universal Journal of Accounting and Finance<\/span><\/i>, 9(4), 637-652.\u00a0 doi: <\/span>https:\/\/doi.org\/10.13189\/ujaf.2021.090411<\/span>.<\/span><\/li>\n
  8. Li, C., Khaliq, N., Chinove, L., Khaliq, U., Ol\u00e1h, J. (2023). <\/span>Consumers\u2019 Perception of Risk Facets Associated With Fintech Use: Evidence From Pakistan. SAGE Open<\/span><\/i>, 13(4),1-13. doi: <\/span>https:\/\/doi.org\/10.1177\/21582440231200199<\/span> .<\/span><\/li>\n
  9. Alkadi, R.S., Abed, S.S. (2023). <\/span>Consumer Acceptance of Fintech App Payment Services: A Systematic Literature Review and Future Research Agenda<\/span><\/i>. <\/span>Journal of Theoretical and Applied Electronic Commerce Research<\/span><\/i>, 18(4), 1838-1860. doi: <\/span>https:\/\/doi.org\/10.3390\/jtaer18040093<\/span> .<\/span><\/li>\n
  10. Al-Shari, H.A., Lokhande, M.A. (2023). <\/span>The relationship between the risks of adopting FinTech in banks and their impact on performance. Cogent Business & Management<\/span><\/i>, 10(1). doi: <\/span>https:\/\/doi.org\/10.1080\/23311975.2023.2174242<\/span> .<\/span><\/li>\n
  11. Javaheri, D., Fahmideh, M., Chizari, H., Lalbakhsh, P., Hur, J. (2024). <\/span>Cybersecurity threats in FinTech: A systematic review<\/span><\/i>. <\/span>Expert Systems with Applications<\/span><\/i>,\u00a0 241. doi: <\/span>https:\/\/doi.org\/10.1016\/j.eswa.2023.122697<\/span>.<\/span><\/li>\n<\/ol>\n

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    Trusova N., Tulush L. (2026). Mechanism for Modernization of the Payment System of Ukraine. Modern Economics, 56(2026), 235-240.DOI: https:\/\/doi.org\/10.31521\/modecon.V56(2026)-33.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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    [vc_row][vc_column][vc_column_text] JEL Classification: E42, G21, G28, O33, C53 DOI: https:\/\/doi.org\/10.31521\/modecon.V56(2026)-33 [\/vc_column_text][vc_column_text]Trusova Natalia, Doctor of Economic Sciences, Professor, Professor of the De-partment of Finance, Accounting and Taxation, Dmytro Motornyi Tavria State Agrotechnological University, Zaporizhzhia, Ukraine ORCID: 0000-0001-9773-4534 e-mail: trusova_natalya5@ukr.net Tulush Leonid, PhD in Economics, Senior Researcher, Associate Professor, Head of the Department of Financial and Credit
    Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":13475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[252,67],"tags":[253],"class_list":["post-22116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-56-2026","category-articles","tag-56-2026"],"_links":{"self":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/22116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/comments?post=22116"}],"version-history":[{"count":2,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/22116\/revisions"}],"predecessor-version":[{"id":22118,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/22116\/revisions\/22118"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media\/13475"}],"wp:attachment":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media?parent=22116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/categories?post=22116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/tags?post=22116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}