Models for integrating digital technologies into the international payment space
The results of scientific and technological progress have contributed to the creation of a virtual space, which has a close relationship with the real world, including payment and settlement. It should be noted that the information society in the context of world globalization and digitalization of the economy, introducing innovative technologies, seeks to fully automate the processes of settlements and payments in order to reduce their cost, speed up and simplify the procedures of transfers, ensure reliability of storage, processing and transmission of financial information, guarantee the data non-transferability, reliability and authenticity. At the same time, the problem of ensuring the competitiveness, financial independence and national security, which can be solved by the formation of a common payment space by integrating the technology of distributed registers, is becoming urgent in the context of total dollarization and unlimited influence of individual states. It should be based on a digital payment and settlement system that, through the organization of innovative technology, can effectively meet the modern global challenges. The paper identifies four approaches to the organization of cooperation between countries in order to carry out cross-border settlement, which consider nine models of international cooperation depending on the configuration (centralized electronic or decentralized digital) of national and international payment and settlement systems. On the basis of the comparative analysis of the models parameters, the author chooses an option of inter-country cooperation in the financial sphere within the framework of the common digital payment space. It involves a digital settlements infrastructure, both at the national level and between countries. Based on the current state (inter-country electronic interaction), the transformation of the payment space should include two stages: transitional (inter-country electronic-digital interaction) and final (inter-country digital interaction). This will provide a smooth transition to a common digital payment space while elements for the single-stage construction and functioning of the optimal high-tech interaction model are still absent.