Money, money circulation and credit - стр. 35

– the authorities which execute the settlements – banking system (commercial banks and cash settlement centres and also clearing agencies);

– the settlement intermediary agents – factoring companies and firms and guarantors either.

In accordance with the banks pattern of participation the settlements are divided onto the extrabank which are made by cosignatories passing the bank, onto the intrabank – between the cosignatories which have their accounts in one bank and onto the interbank which involve the money movement between different commercial banks.

For money medium holding and settlement transaction conducting each business entity opens a settlement / current / credit / deposit or any other account in the commercial bank depending on the enterprise’s status, kind of activity and source of financing.

The principles of cashless settlements were based in the period of credit reform in 1930-1932. The system of cashless settlements which existed in our country from the 30s till 1993 was suited for the costintensive mechanism of economic management and conformed to the administrative command methods of economic management.

Cashless settlements are organized according to a definite system under which the body of principles organization of cashless settlements, demands placed to their organization, determined by the concrete conditions of management and also forms and means of settlements and the involved documents flow are understood.

The first principle of cashless settlements in the market economy environment implies in their performance according to bank accounts opened for clients who’d like to hold and transfer money.

In a competitive business environment a settlements performance via banks should be determined by an economic efficiency, go with economic independence of the market participants and with their activity financial responsibility.

The second principle is that the accounts’ settlements should be conducted by banks to the order of their owners in accordance with determined subordination of payments and within the account balance. This principle includes the market participants’ right of their own determination of payments’ subordination from their accounts. It provides a significant move on the way toward the real economic independence of economic executives’ confirmation.

The main demand placed in this case by bank to market practitioner as a settlement participant is to make payment within the outstanding balance of funds deposited in accounts.

The third principle is a principle of market participants’ free choice of cashless settlements forms and their consolidation in commercial agreements under the banks’ noninterference into the contractual relations. This principle is also directed onto the economic independence confirmation of all the market participants (irrespective of the form of ownership) in the organization of contractual and settlement relations and on their financial responsibility raising for the efficiency of these relations. Bank plays role of a representative in payments.