A N N A L E S
8 1 , 9 ( 5 6 , 7$7 , 6 0 $ 5 , $ ( & 8 5 , ( 6 . à 2 ' 2 : 6 . $ /8%/,1±32/21,$
92/;/9,, 6(&7,2+
8QLZHUV\WHW(NRQRPLF]Q\Z.DWRZLFDFK.DWHGUD%DQNRZRĞFLL5\QNyZ)LQDQVRZ\FK
-$1,1$+$5$6,0
5HJXODFMHMDNRGHWHUPLQDQWDUR]ZRMXLQQRZDFML...
QDU\QNXSáDWQRĞFLGHWDOLF]Q\FK
5HJXODWLRQDVDGULYHUIRULQQRYDWLRQVRQWKHUHWDLOSD\PHQWPDUNHW
6áRZDNOXF]RZH LQQRZDFMHSáDWQLF]HUHJXODFMHVDPRUHJXODFMDSáDWQRĞFLGHWDOLF]QHLQVWUXPHQW\SáDWQLF]H .H\ZRUGV SD\PHQWLQQRYDWLRQVUHJXODWLRQVHOIUHJXODWLRQUHWDLOSD\PHQWVSD\PHQWLQVWUXPHQWV
:VWĊS
5\QHNSáDWQRĞFLGHWDOLF]Q\FKVWDQRZLZRVWDWQLFKODWDFKREV]DUG\QDPLF]QHJR
UR]ZRMXLQQRZDFMLSáDWQLF]\FKRGQRV]ąF\FKVLĊ]DUyZQRGRSURFHVXUHDOL]DFMLSáDWQRĞFL
MDNLGRZ\NRU]\VW\ZDQ\FKZMHJRWRNXLQVWUXPHQWyZSáDWQLF]\FK1LHNDĪGD]W\FK
LQQRZDFMLMHVWMHGQDNDNFHSWRZDQDSU]H]U\QHNZLHOH]QLFKQLHZ\FKRG]LSR]DID]Ċ
SLORWDĪXDWHNWyUHVąZGUDĪDQHPDMąF]ĊVWRW\ONR]DVLĊJORNDOQ\OXEUHJLRQDOQ\
-HGQą]GHWHUPLQDQWZSá\ZDMąF\FKQDXSRZV]HFKQLDQLHVLĊLQQRZDFMLSáDWQLF]\FKVą
UHJXODFMHRUD]LQLFMDW\Z\RSRGREQ\PFKDUDNWHU]HRGQRV]ąFHVLĊGRU\QNXSáDWQRĞFL
&HOHPDUW\NXáXMHVWDQDOL]DUHJXODFMLRGQRV]ąF\FKVLĊGRU\QNXSáDWQRĞFLGHWD- OLF]Q\FKRUD]XVWDOHQLHLFKZSá\ZXQDUR]ZyMLQQRZDFMLZW\PVHJPHQFLHU\QNX
5R]ZyMLQQRZDFMLQDU\QNXSáDWQRĞFLGHWDOLF]Q\FKLMHJRGHWHUPLQDQW\
&LąJáHZSURZDG]DQLHLQQRZDFMLVWDQRZLG]LĞQLHNZHVWLRQRZDQ\ZDUXQHNUR]ZRMX
ZVSyáF]HVQ\FKJRVSRGDUHNRUD]WZRU]ąF\FKMHSRGPLRWyZRUD]LQVW\WXFML3RMDZLDQLH
-$1,1$+$5$6,0
VLĊLQQRZDFMLVW\PXOXMHWDNĪHUR]ZyMVHNWRUDILQDQVRZHJR:DUWRMHGQDN]DXZDĪ\ü
ĪHZW\PRVWDWQLPREV]DU]HLQQRZDFMHQDMF]ĊĞFLHMSRMDZLDá\VLĊQDU\QNDFKILQDQ- VRZ\FK QRZHLQVWUXPHQW\LWUDQVDNFMH LE\á\]ZLą]DQH]SURFHVDPLLQZHVWRZDQLD
OXEWUDQVIHUXU\]\ND:LQQ\FKVHJPHQWDFKVHNWRUDQDWĊĪHQLHLQQRZDFMLE\áRQLHFR
PQLHMV]H]DĞVIHUĊZNWyUHMGRQLHGDZQDSRMDZLDáRVLĊUHODW\ZQLHQLHZLHOHQRZ\FK
UR]ZLą]DĔ VWDQRZLá U\QHN SáDWQRĞFL V]F]HJyOQLH GHWDOLF]Q\FK :\QLNDáR WR PLQ
]SU]\]Z\F]DMHQLDGRXĪ\ZDQLDJRWyZNLZFRG]LHQQ\FKSáDWQRĞFLDFK]ZáDV]F]DW]Z
PLNURSáDWQRĞFLDFKRUD]EUDNXDOWHUQDW\Z\GODWUDG\F\MQ\FKLQVWUXPHQWyZLPHWRG
UHDOL]DFMLSáDWQRĞFLRIHURZDQ\FKSU]H]EDQNLNWyUH]GRPLQRZDá\VIHUĊREVáXJLSáDWQRĞFL
:RVWDWQLFKODWDFKV\WXDFMDQDU\QNXSáDWQRĞFLGHWDOLF]Q\FK]DF]\QDVLĊMHGQDN
]PLHQLDü 5\QHN WHQ VWDMH VLĊ REV]DUHP LQWHQV\ZQHJR UR]ZRMX LQQRZDFML PLQ
ZVNXWHNSRMDZLDQLDVLĊQRZRF]HVQ\FKWHFKQRORJLLSR]ZDODMąF\FKQDXVSUDZQLHQLH
LSU]\VSLHV]HQLHSURFHVXSáDWQRĞFLG\QDPLF]QHJRUR]ZRMXKDQGOXHOHNWURQLF]QHJR
HFRPPHUFH RUD]]PLDQRF]HNLZDĔNRQVXPHQWyZGRW\F]ąF\FKSU]HGHZV]\VWNLP
Z\JRG\V]\ENRĞFLLNRV]WXGRNRQ\ZDQLDSáDWQRĞFL3URFHVRZLWHPXVSU]\MDWDNĪH
QLHZąWSOLZLH UR]ZyM REURWX EH]JRWyZNRZHJR VWZDU]DMąF\ SáDV]F]\]QĊ GR SRV]X- NLZDQLDQRZ\FKLQVWUXPHQWyZLPHWRGUHDOL]DFMLSáDWQRĞFL]ZáDV]F]DZWHMVIHU]H
ZNWyUHMGRWHMSRU\GRPLQRZDá\SáDWQRĞFLJRWyZNRZH
/LF]ED LQQRZDFML NWyUH SRMDZLá\ VLĊ RVWDWQLR Z VIHU]H SáDWQRĞFL GHWDOLF]Q\FK
MHVWLPSRQXMąFD:Z\QLNXGRNRQDQHJRZUSU]H]%DQNĝZLDWRZ\SU]HJOąGX
ZNWyU\PZ]LĊáRXG]LDáEDQNyZFHQWUDOQ\FK]LGHQW\ILNRZDQRLQQRZDFMH
RGQRV]ąFHVLĊGRLQVWUXPHQWyZOXEPHWRGSáDWQRĞFL=GHF\GRZDQDZLĊNV]RĞüLQQR- ZDFMLRGQRVLVLĊGRUR]OLF]HĔGRNRQ\ZDQ\FKPLĊG]\RVREDPLIL]\F]Q\PLDSU]HG- VLĊELRUVWZDPL 3% OXE SRPLĊG]\ RVREDPL IL]\F]Q\PL 33 D W\ONR QLHVSHáQD
ZVSLHUD UR]OLF]HQLD ] LQVW\WXFMDPL SXEOLF]Q\PL 1RZH LQVWUXPHQW\ L PHWRG\
SáDWQRĞFLZSURZDG]DQHJáyZQLHSU]H]SRGPLRW\QLHEDQNRZHVą]Z\NOHLQLFMRZDQH
]DSRĞUHGQLFWZHPNDQDáyZHOHNWURQLF]Q\FKLPDMąGREU]HUR]ZLQLĊWHPRGHOHFHQRZH
'RLFKSRGVWDZRZ\FKZDGPRĪQD]DOLF]\üEDUG]RRJUDQLF]RQąLQWHURSHUDF\MQRĞü
EUDNEH]SRĞUHGQLHJRSRZLą]DQLD]LQIUDVWUXNWXUą]DSHZQLDMąFąUR]OLF]HQLHLUR]UDFKX- QHNSáDWQRĞFLRUD]UHODW\ZQLHQLVNLSR]LRPEH]SLHF]HĔVWZD RNQRZRF]HVQ\FK
LQVWUXPHQWyZPHWRGSáDWQRĞFL]DSHZQLDFDáNRZLWąRFKURQĊIXQGXV]\NRQVXPHQWyZ
MHGQDNDĪZSU]\SDGNXUR]ZLą]DĔEUDNMHVWMDNLHMNROZLHNRFKURQ\LFKĞURGNyZ
>3D\PHQW6\VWHPV« V±@3RGREQ\SU]HJOąGGRNRQDQ\URNSyĨQLHMSU]H]
CPSSZNWyU\PZ]LĊáRXG]LDáEDQNyZFHQWUDOQ\FKSR]ZROLáQD]LGHQW\ILNRZD- QLHLQQRZDFMLZSLĊFLXNDWHJRULDFK LQQRZDFMH]ZLą]DQH]NDUWDPLSáDWQLF]\PL
SáDWQRĞFL LQWHUQHWRZH SáDWQRĞFL PRELOQH HOHNWURQLF]QD SUH]HQWDFMD L SáDWQRĞü UD- FKXQNyZ (%%3±(OHFWURQLF%LOO3UHVHQWPHQWDQG3D\PHQW RUD]LQQRZDFMHGRW\- F]ąFHSRSUDZ\LQIUDVWUXNWXU\LEH]SLHF]HĔVWZDSáDWQRĞFL>,QQRYDWLRQV« V@
&RPPLWWHHRQ3D\PHQWDQG6HWWOHPHQW6\VWHPVWRMHGQRVWNDG]LDáDMąFDSU]\%DQNX5R]UDFKXQNyZ
0LĊG]\QDURGRZ\FKZ%D]\OHLGąĪąFDGRZ]URVWXSU]HMU]\VWRĞFLLHIHNW\ZQRĞFLV\VWHPyZSáDWQRĞFLRUD]
V\VWHPyZUR]OLF]HĔLUR]UDFKXQNX
5(*8/$&-(-$.2'(7(50,1$17$52=:2-8,112:$&-,
2E\GZDSU]HJOąG\SR]ZROLá\QDXVWDOHQLHĪHLQQRZDFMHZREURFLHSáDWQLF]\PPDMą
QDMF]ĊĞFLHMFKDUDNWHUSURGXNWRZ\OXESURFHVRZ\WMSROHJDMąRGSRZLHGQLRQDSRMDZLH- QLXVLĊQRZHJRLQVWUXPHQWXSáDWQLF]HJRPHWRG\GRNRQ\ZDQLDSáDWQRĞFLOXERGQRV]ą
VLĊGRSURFHVXMHMUHDOL]DFMLNWyU\REHMPXMHQDMF]ĊĞFLHMNLONDID] LQLFMDFMĊSáDWQRĞFL
MHMSU]HWZDU]DQLHRUD]UR]OLF]HQLHLUR]UDFKXQHN0LPRGXĪHMOLF]E\LQQRZDFMLW\ONR
EDUG]RQLHOLF]QHZ\ZLHUDMą]QDF]ąF\ZSá\ZQDU\QHNSRQDGWRZLĊNV]RĞüQRZ\FK
UR]ZLą]DĔPDRJUDQLF]RQ\]DVLĊJJHRJUDILF]Q\WM]QDMGXMąRQH]DVWRVRZDQLHJáyZQLH
QDU\QNXNUDMRZ\P FKRüQDFDá\PĞZLHFLHSRMDZLDMąVLĊSRGREQHSURGXNW\LUR]ZLą- ]DQLD DW\ONRNLOND]QLFKPD]DVLĊJPLĊG]\QDURGRZ\:DUWRWDNĪHSRGNUHĞOLüĪH
PLPRGRPLQDFMLSRGPLRWyZQLHEDQNRZ\FKZHZGUDĪDQLXLQQRZDFML]QDF]HQLHEDQNyZ
QDU\QNXSáDWQRĞFLGHWDOLF]Q\FKSR]RVWDMHNOXF]RZHPLQ]XZDJLQDSURZDG]HQLH
UDFKXQNyZELHĪąF\FKRUD]EH]SRĞUHGQLGRVWĊSGRV\VWHPyZUR]OLF]HĔLUR]UDFKXQNX
/LVWDGHWHUPLQDQWUR]ZRMXLQQRZDFMLQDU\QNXSáDWQRĞFLGHWDOLF]Q\FKMHVWGáXJD
L]DZLHUDZLHOHF]\QQLNyZPRJąF\FKVW\PXORZDüOXEKDPRZDüWHQSURFHV0RĪQDQD
QLHVSRMU]HüRGVWURQ\U\QNXMHJRVWUXNWXU\LXF]HVWQLNyZZ\RGUĊEQLDMąFXZDUXQ- NRZDQLDZ\QLNDMąFH]HVSHF\ILNLU\QNXSáDWQRĞFLRUD]OHĪąFHSRVWURQLHGRVWDZFyZ
EąGĨXĪ\WNRZQLNyZXVáXJSáDWQLF]\FK>+DUDVLP@0RĪQDMHGQDN]DVWRVRZDü
LQQHSRGHMĞFLHZ\UyĪQLDMąF]HZQĊWU]QHLZHZQĊWU]QHVW\PXODQW\OXEEDULHU\UR]ZRMX
LQQRZDFMLQDU\QNXSáDWQRĞFLGHWDOLF]Q\FK±]REU\VXQHN
Rozwój technologii
Zmiany oczekiwań konsumentów dotyczących płatności
Regulacje dotyczące rynku płatności
Financial inclusion*
Rozwój transportu publicznego
Potrzeba przetwarzania płatności w czasie
rzeczywistym
Bezpieczeństwo płatności Współpraca między
dostawcami usług płatniczych
Standaryzacja
Właściwa struktura cen i polityka cenowa DETERMINANTY
ROZWOJU INNOWACJI PŁATNICZYCH
DETERMINANTY ZEWNĘTRZNE DETERMINANTY WEWNĘTRZNE
* )LQDQFLDOLQFOXVLRQWRGąĪHQLHGR]DSHZQLHQLDSRZV]HFKQHJRGRVWĊSXGRXVáXJILQDQVRZ\FK
5\VXQHN'HWHUPLQDQW\UR]ZRMXLQQRZDFMLQDU\QNXSáDWQRĞFLGHWDOLF]Q\FK
ħUyGáR RSUDFRZDQLHZáDVQHQDSRGVWDZLH,QQRYDWLRQVLQ5HWDLO3D\PHQWV5HSRUWRIWKH:RUNLQJ*URXSRQ,QQRYDWLRQLQ
5HWDLO3D\PHQWV&RPPLWWHHRQ3D\PHQWDQG6HWWOHPHQW6\VWHPV%DQNIRU,QWHUQDWLRQDO6HWWOHPHQWV0D\VLQDVW
:DUWR]DXZDĪ\üĪHZVHNWRU]HXVáXJUR]UyĪQLHQLHPLĊG]\SURGXNWDPLLSURFHVDPLRND]XMHVLĊF]ĊVWR
QLHRVWUH Z\WZDU]DQLHXVáXJLLFKNRQVXPSFMDRGE\ZDMąVLĊUyZQRF]HĞQLH DG]LDáDOQRĞüLQQRZDF\MQDMHVW
WDPF]ĊVWRSURFHVHPFLąJá\PVNáDGDMąF\PVLĊ]VHULLSU]\URVWRZ\FK]PLDQZREUĊELHSURGXNWyZLSURFHVyZ
>2VOR0DQXDO« V@
-$1,1$+$5$6,0
.LHUXQHNLVLáDRGG]LDá\ZDQLDSRV]F]HJyOQ\FKF]\QQLNyZSU]HGVWDZLRQ\FKQD
U\VXQNXQDUR]ZyMLQQRZDFMLVą]UyĪQLFRZDQHFRQLHR]QDF]DĪHNWyU\Ğ]QLFK
PRĪQDSRPLQąü:ĞUyGGHWHUPLQDQW]HZQĊWU]Q\FKQLHZąWSOLZLHNOXF]RZH]QDF]H- QLHPDMąZ\PDJDQLDLRF]HNLZDQLDXĪ\WNRZQLNyZXVáXJSáDWQLF]\FKRUD]VNDODLFK
]DLQWHUHVRZDQLDQRZ\PLLQVWUXPHQWDPLPHWRGDPLSáDWQRĞFL1LHPRĪQDMHGQDNQLH
GRFHQLDü]QDF]HQLDLQQ\FKF]\QQLNyZ]HZQĊWU]Q\FKZW\PUHJXODFMLNWyUHPRJą
VW\PXORZDüEąGĨKDPRZDüZGUDĪDQLHLXSRZV]HFKQLDQLHLQQRZDFML
,GHQW\ILNDFMDUHJXODFMLRGQRV]ąF\FKVLĊGRLQQRZDFML
QDU\QNXSáDWQRĞFLGHWDOLF]Q\FK
3U]HG GRNRQDQLHP LGHQW\ILNDFML UHJXODFML RGQRV]ąF\FK VLĊ GR U\QNX SáDWQRĞFL
RUD]SU]HGSUyEąRFHQ\LFKZSá\ZXQDUR]ZyMLQQRZDFMLQDOHĪ\]D]QDF]\üĪHZQL- QLHMV]\PRSUDFRZDQLXNDWHJRULDUHJXODFMLMHVWUR]XPLDQDV]HURNRWMREHMPXMHQLH
W\ONRUHJXODFMHWZRU]RQHLZSURZDG]DQHSU]H]SDĔVWZREąGĨMHJRRUJDQ\DOHWDNĪH
LQLFMDW\Z\RGGROQHSRGHMPRZDQHSU]H]XF]HVWQLNyZU\QNX QDMF]ĊĞFLHMGRVWDZFyZ
XVáXJSáDWQLF]\FK RUD]ZV]HONLHLQLFMDW\Z\LSURJUDP\NWyU\FKUHDOL]DFMDVW\PXOXMH
UR]ZyMLQQRZDFMLLVWZDU]DZDUXQNLGRLFKXSRZV]HFKQLDQLD QS'LJLWDO$JHQGDIRU
(XURSH
3RGVWDZRZ\PL SU]HVáDQNDPL WZRU]HQLD UHJXODFML RGQRV]ąF\FK VLĊ GR U\QNX
SáDWQRĞFLZW\PGHWDOLF]Q\FKVą
• FKĊü]DSHZQLHQLDEH]SLHF]HĔVWZDQDU\QNXSáDWQRĞFLRUD]NUHRZDQLD]DXIDQLD
GRRIHURZDQ\FKQDQLPXVáXJFR]NROHLXPRĪOLZLDLFKSRZV]HFKQąDNFHSWDFMĊ
• GąĪHQLHGR]ZLĊNV]HQLDHIHNW\ZQRĞFLU\QNX
3LHUZV]D]W\FKSU]HVáDQHNPLDáDLVWRWQH]QDF]HQLHZSLHUZV]HMID]LHUR]ZRMX
U\QNXSáDWQRĞFLNLHG\SRZVWDZDá\UHJXODFMHGRW\F]ąFHHPLVMLSLHQLąG]DJRWyZNRZHJR
SU]H]EDQNFHQWUDOQ\DQDVWĊSQLHSLHQLąG]DNUHG\WRZHJRSU]H]EDQNLNRPHUF\MQH
F]\ ZUHV]FLH UHJXODFMH RGQRV]ąFH VLĊ GR IXQNFMRQRZDQLD V\VWHPX SáDWQLF]HJR
DZV]F]HJyOQRĞFLV\VWHPyZUR]OLF]HĔLUR]UDFKXQNX:LĊNV]RĞüUHJXODFMLSRZVWDMą- F\FKZRVWDWQLFKODWDFKPD]NROHLQDFHOX]ZLĊNV]HQLHHIHNW\ZQRĞFLU\QNXSáDWQRĞFL
ZW\PUR]ZyMNRQNXUHQFMLQDW\PU\QNX5HJXODFMHWHQDMF]ĊĞFLHMSROHJDMąQD
• REQLĪDQLX EDULHU GRVWĊSX GR U\QNX SRSU]H] XPRĪOLZLHQLH G]LDáDQLD QD QLP
SRGPLRWRPSR]DEDQNRZ\P QSXPRĪOLZLHQLHĞZLDGF]HQLDXVáXJSáDWQLF]\FK
QDU\QNX8(W]ZLQVW\WXFMRPSáDWQLF]\P
0DMąRQHFKDUDNWHUVDPRUHJXODFMLLF]ĊVWR]PLHU]DMąGRXVWDQRZLHQLDSHZQ\FKVWDQGDUGyZQDU\QNX
GRW\F]ąF\FK LQVWUXPHQWyZ SáDWQLF]\FK DOH WDNĪH SURFHVX UHDOL]DFML SáDWQRĞFL Z FHOX REQLĪHQLD NRV]WyZ
REVáXJLSáDWQRĞFL3U]\NáDGHPWDNLHMLQLFMDW\Z\MHVWPLQNRQFHSFMDSRZVWDQLD-HGQROLWHJR2EV]DUX3áDWQRĞFL
Z(XUR 6(3$ NWyUHMHIHNW\MHGQDNSR]RVWDMą]QDF]QLHSRQLĪHMRF]HNLZDĔ
5(*8/$&-(-$.2'(7(50,1$17$52=:2-8,112:$&-,
• GąĪHQLXGRZ]URVWXSU]HMU]\VWRĞFLU\QNXSáDWQRĞFLPLQSRSU]H]LQJHURZD- QLHSU]H]SDĔVWZRZSRUR]XPLHQLDFHQRZHPDMąFHZSá\ZQDUHG\VWU\EXFMĊ
GRFKRGyZLNRV]WyZ QSGRW\F]ąFHRSáDWLQWHUFKDQJH
• VW\PXORZDQLXLQQRZDFMLQDU\QNXSáDWQRĞFLZW\PZV]F]HJyOQRĞFLSáDWQRĞFL
EH]JRWyZNRZ\FKNWyU\PWRZDU]\V]\HOHNWURQLF]Q\WUDQVIHUSLHQLąG]D
:SU]\SDGNXZLĊNV]RĞFLUHJXODFMLSRMDZLDMąF\FKVLĊZRVWDWQLFKODWDFKLGRW\- F]ąF\FKU\QNXSáDWQRĞFLWUXGQRRNUHĞOLüMHGQR]QDF]QLHLFKFHOLSRGVWDZRZ\REV]DU
RGG]LDá\ZDQLD &]ĊVWR ERZLHP RGQRV]ą VLĊ RQH UyZQRF]HĞQLH GR ZLHOX DVSHNWyZ
]ZLą]DQ\FK]HĞZLDGF]HQLHPXVáXJSáDWQLF]\FKQSGRVWĊSXGRU\QNXMHJRSU]HM- U]\VWRĞFLVWDQGDU\]DFMLLQQRZDFMLRFKURQ\NRQVXPHQWDLWG=GDQLHPVSHFMDOLVWyZ
]&DSHJHPLQL5%6L()0$UHJXODFMHWHRGSRZLDGDMąNLONXZ\UDĨQLHREVHUZRZDQ\P
ZRVWDWQLFKODWDFKWUHQGRPQDU\QNXSáDWQRĞFL6ąQLPLUHGXNFMDU\]\NDV\VWHPRZHJR
LMHJRNRQWURODSU]HMU]\VWRĞüXVáXJUR]ZyMLQQRZDFMLVWDQGDU\]DFMDLNRQZHUJHQFMD
*UXSDUHJXODFMLáąF]ąF\FKVLĊ]UR]ZRMHPLQQRZDFMLMHVWQDMOLF]QLHMV]DSU]\F]\P
ZLĊNV]RĞü ] QLFK RGQRVL VLĊ UyZQRF]HĞQLH GR NZHVWLL VWDQGDU\]DFML : ]QDF]QLH
PQLHMV]\PVWRSQLXVąRQHSRZLą]DQH]NZHVWLDPLNRQZHUJHQFMLF]\SU]HMU]\VWRĞFL
XVáXJDZQDMPQLHMV]\P]RJUDQLF]DQLHPU\]\ND±]REU\VXQHN
&]ĊĞüVSRĞUyGUHJXODFMLXZ]JOĊGQLRQ\FKQDU\VXQNXRGG]LDáXMHSRĞUHGQLRQD
U\QHNSáDWQRĞFL±GRWDNLFKUHJXODFMLQDOHĪąPLQ%D]\OHD,,,'RGG)UDQN$FW)6$
/LTXLGLW\ 5HJLPH F]\ )HG ,QWUDGD\ /LTXLGLW\ ,FK ]DVDGQLF]\P FHOHP MHVW ]DSHZ- QLHQLH EH]SLHF]HĔVWZD L VWDELOQRĞFL V\VWHPX ILQDQVRZHJR Z W\P Z V]F]HJyOQRĞFL
V\VWHPXEDQNRZHJRRUD]MHJRSá\QQRĞFL7DNĪHSRĞUHGQLRFKRüZQLHFRLQQ\VSRVyE
RGG]LDáXMą QD VIHUĊ SáDWQRĞFL G\UHNW\Z\ GRW\F]ąFH ]DSRELHJDQLD SUDQLX SLHQLĊG]\
LILQDQVRZDQLXWHUURU\]PX $0/$7 F]\RGQRV]ąFHVLĊGRG]LDáDOQRĞFLRWZDUW\FK
IXQGXV]\LQZHVW\F\MQ\FK 8&,76,9 :LĊNV]RĞüUHJXODFMLZLGRF]Q\FKQDU\VXQNX
ZLąĪHVLĊMHGQDNEH]SRĞUHGQLR]IXQNFMRQRZDQLHPU\QNXSáDWQRĞFLLPDQDFHOX
]ZLĊNV]HQLHMHJRHIHNW\ZQRĞFLRGVWURQ\SRGPLRWRZHM REQLĪDQLHEDULHUZHMĞFLDQD
U\QHNGODSRGPLRWyZQLHEDQNRZ\FKZ]URVWSU]HMU]\VWRĞFLU\QNX SU]HGPLRWRZHM
WUDQVIRUPDFMDWUDG\F\MQ\FKLQVWUXPHQWyZPHWRGSáDWQRĞFLVW\PXORZDQLHUR]ZRMX
LQQRZDF\MQ\FKLQVWUXPHQWyZSáDWQLF]\FKF]\XVáXJGRGDWNRZ\FKW\SXHIDNWXURZDQLH RUD]IXQNFMRQDOQHM VWDQGDU\]DFMDLQWHURSHUDF\MQRĞüLWG
1DSU]\NáDG]LHHXURSHMVNLHJRU\QNXSáDWQRĞFLPRĪQDVWZLHUG]LüĪHHIHNW\ZQRĞü
WD MHVW FLąJOH QLHZ\VWDUF]DMąFD :SUDZG]LH QD PRF\ G\UHNW\Z\ 36' VWZRU]RQR
PRĪOLZRĞü G]LDáDQLD QD U\QNX SRGPLRWRP SR]DEDQNRZ\P LQVW\WXFMH SáDWQLF]H
MHGQDNQLHPDMąRQHEH]SRĞUHGQLHJRGRVWĊSXGRV\VWHPyZUR]OLF]HĔLUR]UDFKXQNX
FRSRZRGXMHĪHPXV]ąNRU]\VWDü]SRĞUHGQLFWZDEDQNyZ OXEILUPLQZHVW\F\MQ\FK
NWyUH WDNL GRVWĊS PDMą >=LHORQD NVLĊJD V @ 1DMZLĊFHM EDULHU GOD Z]URVWX
HIHNW\ZQRĞFLHXURSHMVNLHJRU\QNXSáDWQRĞFLGHWDOLF]Q\FKLVWQLHMHMHGQDNZVHJPHQ- FLHSáDWQRĞFLNDUWRZ\FK1DOHĪąGRQLFKLPPLQRSáDW\LQWHUFKDQJH]PQLHMV]DMąFH
SU]HMU]\VWRĞüU\QNXLPRJąFHVWDQRZLüEDULHUĊZHMĞFLDGODQLVNRNRV]WRZ\FKV\VWHPyZ
NDUWRZ\FKEąGĨLQQ\FKV\VWHPyZSáDWQRĞFLZW\PLQWHUQHWRZ\FKLPRELOQ\FK EUDN
ZVSyOQ\FK UDP LQWHURSHUDF\MQ\FK VNXWNXMąF\ VHJPHQWDFMą U\QNX SU]HWZDU]DQLD
-$1,1$+$5$6,0
WUDQVDNFMLNDUWRZ\FK F]\UR]SURV]HQLHZ\VLáNyZVWDQGDU\]DF\MQ\FKRJUDQLF]DMąFH
NRQNXUHQFMĊQDU\QNXLJHQHUXMąFHZ\VRNLHNRV]W\]ZLą]DQH]NRQLHF]QRĞFLąUyZ- QROHJáHJRXWU]\P\ZDQLDZLHOXUyĪQ\FKUR]ZLą]DĔ>=LHORQDNVLĊJDV LQDVW@
29
1 2 3 4
32
25
12 28
13 14
4
11
19
30
20
5 31
10
12 28
13 14
4
20
5 31
10 18 24
6 7 15
16 17 22 26
23
27
6 9
21
Innowacje Redukcja ryzyka systemowego
i jegokontrola
Konwergencja
Przejrzystość usług
Standaryzacja
:Sá\ZGDQHMUHJXODFMLQDU\QHNSáDWQRĞFL
1 GXĪ\ 1 XPLDUNRZDQ\ 1 QLHZLHONL
%D]\OHD,,,
)6$/LTXLGLW\5HJLPH
'RGG)UDQN$FW
)HG,QWUDGD\/LTXLGLW\
'\UHNW\ZD36'
SEPA/eSEPA
'\UHNW\ZDZVSLHQLąG]DHOHNWUR- QLF]QHJR (0'
3UHVMDQDRSáDW\LQWHUFKDQJH
'XUELQ$PHQGPHQW
(ZROXFMD7$5*(7
8.)DVWHU3D\PHQWV6HUYLFHV
7UDQVIRUPDFMDF]HNyZ
3áDWQRĞFLPRELOQH
.DUW\]EOLĪHQLRZHSáDWQRĞFL1)&
HIDNWXURZDQLH
HDGPLQLVWUDFMD
'LJLWDO$JHQGD
$&+)UHTXHQW6HWWOHPHQW
+RQJ.RQJ0XOWL&XUUHQF\&OHDULQJ
$OWHUQDWLYH&DUG6FKHPHV
&DQDGD&RGHRI&RQGXFWIRUFDUGV
-DSDQHVH3D\PHQW6HUYLFHV$FW
1DWLRQDO3D\PHQWV&RUSRUDWLRQRI
,QGLD
,QWHUQDWLRQDO3D\PHQWV)UDPHZRUN
$VVRFLDWLRQ ,3)$
AML/ATF
5HQPLQELDVD6HWWOHPHQW&XUUHQF\
'\UHNW\ZD8&,76,9
ħUyGáR :RUOG3D\PHQW5HSRUW&DSJHPLQL5%6(IPDV
5(*8/$&-(-$.2'(7(50,1$17$52=:2-8,112:$&-,
5HJXODFMHDUR]ZyMLQQRZDFMLQDU\QNXSáDWQRĞFLGHWDOLF]Q\FK
2FHQDZSá\ZXUHJXODFMLQDUR]ZyMLQQRZDFMLQDU\QNXSáDWQRĞFLGHWDOLF]Q\FK
QLHMHVW]DGDQLHPáDWZ\P]XZDJLQDLFK]UyĪQLFRZDQ\FKDUDNWHU
• URG]DMRZ\ UHJXODFMHRGJyUQHPDMąFHQDMF]ĊĞFLHMFKDUDNWHUSUDZDVWDQRZLRQHJR
UHJXODFMHRGGROQHWMVDPRUHJXODFMHRUD]LQQHLQLFMDW\Z\TXDVLUHJXODF\MQH
QSSURJUDP\VWUDWHJLF]QHW\SX'LJLWDO$JHQGD
• SU]HGPLRWRZ\ NRPSOHNVRZHLRGQRV]ąFHVLĊGRZLHOXNZHVWLLZW\PLQQRZD- FMLQS36'F]\PDMąFHZĊĪV]\]DNUHVLGRW\F]ąFHZ\EUDQ\FKLQVWUXPHQWyZ
SáDWQLF]\FKQS&DQDGD&RGHRI&RQGXFWIRUFDUGVF]\G\UHNW\ZD(0'
• JHRJUDILF]Q\ UHJXODFMHJOREDOQHMDNQS%D]\OHD,,,UHJLRQDOQH±QSG\UHN- W\ZD36'F]\'LJLWDO$JHQGDLNUDMRZH±QS-DSDQHVH3D\PHQW6HUYLFHV$FW
F]\1DWLRQDO3D\PHQWV&RUSRUDWLRQRI,QGLD
5HJXODFMHSRMDZLDMąFHVLĊQDU\QNXSáDWQRĞFLPRJąRGG]LDá\ZDüQDSRWHQFMDOQ\
SRS\WQDLQQRZDFMHVW\PXORZDüOXEKDPRZDüLFKSRGDĪRUD]ZSá\ZDüQDNRV]W\LFK
ÄSURGXNFML´LXSRZV]HFKQLDQLD-DNZVSRPQLDQRZF]HĞQLHMZLHONRĞüSRWHQFMDOQHJR
DQDVWĊSQLHU]HF]\ZLVWHJR SRS\WXQDLQQRZDFMHSáDWQLF]HVWDQRZLNOXF]RZ\ZDUXQHN
LFKSRZRG]HQLD=XZDJLQDWRĪHU\QHNSáDWQRĞFLMHVWW]ZU\QNLHPGZXVWURQQ\P4
SRS\W QD QRZH UR]ZLą]DQLD PXV]ą ]JáDV]Dü RE\GZLH JUXS\ XĪ\WNRZQLNyZ XVáXJ
SáDWQLF]\FKWM]DUyZQRNRQVXPHQFLMDNLDNFHSWDQFL:DUXQNLHP]DLVWQLHQLDWHJR
SRS\WX MHVW MHGQDN ]DRIHURZDQLH SU]H] GRVWDZFyZ XVáXJ SáDWQLF]\FK DWUDNF\MQHJR
GODZV]\VWNLFKVWURQUR]ZLą]DQLDRUD]ZáDĞFLZ\SRG]LDáNRV]WyZL]\VNyZSRPLĊG]\
XF]HVWQLNDPLU\QNX:V]\VWNLHWHNZHVWLHVąSU]\W\P]HVREąSRZLą]DQHDUHJXOD- FMH±Z]DOHĪQRĞFLRGLFKFKDUDNWHUX±PRJąSHáQLüIXQNFMĊVW\PXODWRUDOXEEDULHU\
UR]ZRMXLQQRZDFML
:EUHZ SR]RURP L GRĞü SRZV]HFKQHPX SU]HNRQDQLX UR]ZRMRZL LQQRZDFML QLH
VSU]\MDEUDNUHJXODFML0RĪHRQG]LDáDüZSHZQ\PVHQVLHVW\PXOXMąFRQDHWDSLHZ\- áDQLDQLDVLĊQRZ\FKLGHL ERQLHPDEDULHUKDPXMąF\FKLFKSRZVWDZDQLH MHGQDNVWDMH
VLĊSU]HV]NRGąQDHWDSLHLFKXSRZV]HFKQLDQLD5HJXODFMHXáDWZLDMąERZLHPVWZRU]HQLH
ZVSyOQ\FKVWDQGDUGyZEXGXMą]DXIDQLHGRQRZ\FKUR]ZLą]DĔFRVSU]\MDZ]URVWRZL
VNDOLLFKDNFHSWDFMLRUD]]PQLHMV]DMąU\]\NR]ZLą]DQH]LFKZ\NRU]\VWDQLHP'RZRGHP
QHJDW\ZQHJRZSá\ZXEUDNXNRPSOHNVRZ\FKUHJXODFMLQDUR]ZyMLQQRZDFMLPRĪHE\ü
V\WXDFMDZVHJPHQFLHSáDWQRĞFLLQWHUQHWRZ\FKLPRELOQ\FKZ(XURSLH%UDNVSyMQ\FK
LNRPSOHNVRZ\FKUDPUHJXODF\MQ\FKXZ]JOĊGQLDMąF\FKQDMZDĪQLHMV]HSUREOHP\ WDNLH
MDNVWDQGDUG\WHFKQLF]QHEH]SLHF]HĔVWZRLQWHURSHUDF\MQRĞüLZVSyáSUDFDPLĊG]\
XF]HVWQLNDPLU\QNX VNXWNXMHUR]GUREQLHQLHPU\QNXRUD]QLHFKĊFLąGRLQZHVWRZDQLD
ZV\VWHP\NWyU\FK]DVLĊJMHVWFRQDMZ\ĪHMNUDMRZ\'RGDWNRZąSU]\F]\QąWHMQLH-
4 5\QHNGZXVWURQQ\FKDUDNWHU\]XMHVLĊW\PĪHGRVWĊSQHQDQLPGREUDLXVáXJLVąGRVWDUF]DQHGZyP
UyĪQ\P JUXSRP XĪ\WNRZQLNyZ NRĔFRZ\FK SR FHQDFK XVWDODQ\FK Z WHQ VSRVyE DE\ VWZRU]\ü ]DFKĊW\ GR
XF]HVWQLFWZDGODREXSRQLHZDĪNRU]\ĞFLMHGQHMJUXS\ HIHNW\VNDOL URVQąZUD]]HZ]URVWHPOLF]E\NOLHQWyZ
QDOHĪąF\FKGRGUXJLHM HIHNW\VLHFL >&KDNUDYRUWL5RVRQ@
-$1,1$+$5$6,0
FKĊFLMHVWQLHXUHJXORZDQDV\WXDFMDSUDZQDGRW\F]ąFDVWRVRZDQLD]ELRURZ\FKXPyZ
ZVSUDZLHRSáDW W\SXLQWHUFKDQJHIHH >=LHORQDNVLĊJDV±@
1DMZLĊNV]\SRWHQFMDáZVW\PXORZDQLXLQQRZDFMLQDU\QNXSáDWQRĞFLGHWDOLF]Q\FK
EĊGąPLDá\]DWHPUHJXODFMHRFKDUDNWHU]HNRPSOHNVRZ\PLVWDUDMąFHVLĊSRJRG]Lü
LQWHUHV\ QLHU]DGNRVSU]HF]QH ZV]\VWNLFKMHJRXF]HVWQLNyZ3U]\NáDGHPWDNLHMUHJX- ODFMLMHVWG\UHNW\ZD36'=DZLHUDRQD]DSLV\GRW\F]ąFHZLĊNV]RĞFLXVáXJSáDWQLF]\FK
RUD] XF]HVWQLF]ąF\FK Z QLFK VWURQ -HM SURLQQRZDF\MQ\ FKDUDNWHU Z\QLND PLĊG]\
LQQ\PL]IDNWXZ\NOXF]HQLD]MHM]DNUHVXSU]HGPLRWRZHJRPLQWUDQVDNFMLRSDUW\FK
QD SDSLHURZ\FK GRNXPHQWDFK SáDWQLF]\FK QS ZHNVOH F]HNL 7UDQVDNFMH WDNLH Vą
ERZLHPZRSLQLLRUJDQyZXQLMQ\FKQLHHIHNW\ZQHLFRUD]U]DG]LHMVWRVRZDQHQDOHĪ\
MHZLĊF]PDUJLQDOL]RZDüLZ\FRIDü'\UHNW\ZDNRQFHQWUXMHVLĊQDSáDWQRĞFLDFKHOHN- WURQLF]Q\FKHIHNW\ZQLHMV]\FKLWDĔV]\FKQLĪJRWyZNDDMHGQRF]HĞQLHVW\PXOXMąF\FK
Z\GDWNLNRQVXPHQWyZLZ]URVWJRVSRGDUF]\
1LHWUXGQRMHGQDN]DXZDĪ\üĪHZLĊNV]RĞüUHJXODFMLRGQRV]ąF\FKVLĊEH]SRĞUHGQLR
OXESRĞUHGQLRGRLQQRZDFMLQDU\QNXSáDWQRĞFLGHWDOLF]Q\FKPDFKDUDNWHUF]ąVWNRZ\
W]QGRW\F]\MHG\QLHZ\EUDQ\FKJUXSXF]HVWQLNyZU\QNXLQVWUXPHQWyZSáDWQLF]\FK
F]\ID]SURFHVXUHDOL]DFMLSáDWQRĞFL1LHR]QDF]DWRĪHQLHRGG]LDáXMąRQHQDLQQH
SRGPLRW\LQVWUXPHQW\F]\ID]\±RWyĪRGG]LDáXMąDOHQLH]DZV]HZVSRVyESU]HZL- G]LDQ\F]\]DPLHU]RQ\SU]H]LQLFMDWRUDUHJXODFML=GDQLHPDXWRUyZ:RUOG3D\PHQWV
5HSRUWQDMZLĊNV]\SRWHQFMDáMHĞOLFKRG]LRVW\PXORZDQLHUR]ZRMXLQQRZDFMLQDU\QNX
SáDWQRĞFLPDMąWHUHJXODFMHNWyUHVąZLGRF]QHGODNOLHQWyZQLRVą]HVREąZ\PLHUQH
NRU]\ĞFLGODQLFKRUD]EH]SRĞUHGQLRZSá\ZDMąQDZ]URVWLFKVDW\VIDNFML1DOHĪąGR
QLFK UHJXODFMH PDMąFH QD FHOX XSRZV]HFKQLDQLH SáDWQRĞFL PRELOQ\FK L ]EOLĪHQLR- Z\FK]ZLą]DQH]GLJLWDOL]DFMąREURWXF]HNRZHJRUR]ZRMHPHDGPLQLVWUDFML ZW\P
HSáDWQRĞFL D VSRĞUyG UHJXODFML UHJLRQDOQ\FKNUDMRZ\FK SURJUDP 'LJLWDO $JHQGD
IRU(XURSHRUD]&DQDGD7DVN)RUFH0QLHMV]\SRWHQFMDáZ]DNUHVLHVW\PXORZDQLD
LQQRZDFMLPLPRLFKSR]\W\ZQHJRZSá\ZXQDZ]URVWHIHNW\ZQRĞFLU\QNXSáDWQR- ĞFLPDMą]NROHLUHJXODFMHNWyUHSR]RVWDMąQLHZLGRF]QHGODNOLHQWDLGRW\F]ąVIHU\
RSHUDF\MQHM>:RUOG3D\PHQWV5HSRUWV± @
:VSyáF]HĞQLHPRĪQD]DREVHUZRZDüGZDDOWHUQDW\ZQHSRGHMĞFLDGRVW\PXORZDQLD
LQQRZDFML]DSRPRFąUHJXODFML>,QQRYDWLRQV«V±@
• SRGHMĞFLHDNW\ZQH H[DQWH
• SRGHMĞFLHSDV\ZQH ZDLWDQGVHH
3U]\NáDGHPSLHUZV]HJR]QLFKPRĪHE\üSLHUZV]DZHUVMDG\UHNW\Z\RSLHQLąG]X
HOHNWURQLF]Q\P ] U NWyUHM FHOHP E\áR VWZRU]HQLH VSU]\MDMąFHJR ĞURGRZLVND
SUDZQHJR GOD IXQNFMRQRZDQLD SLHQLąG]D HOHNWURQLF]QHJR : U]HF]\ZLVWRĞFL ]DKD- PRZDáDRQDMHJRUR]ZyM]XZDJLQDQDGPLHUQ\U\JRU\]PUHJXODFMLFRVSRZRGRZDáR
NRQLHF]QRĞü MHM QRZHOL]DFML Z U 3RGHMĞFLH SURDNW\ZQH VWRVXMH ZLHOH NUDMyZ
QS.DQDGD%UD]\OLDF]\.RUHD3áGJG]LHSDĔVWZRVWDáRVLĊSURPRWRUHPUR]ZRMX
LQQRZDF\MQ\FKLQVWUXPHQWyZSáDWQLF]\FK PLQSáDWQRĞFLHOHNWURQLF]Q\FKRUD]XVáXJ
SROHJDMąF\FKQDHOHNWURQLF]QHMSUH]HQWDFMLUDFKXQNyZLSáDWQRĞFL±(%%3 3RGHMĞFLH
ZDLWDQGVHH MHVW SU]HFLZLHĔVWZHP SRSU]HGQLHJR L SROHJD QD WZRU]HQLX UHJXODFML
5(*8/$&-(-$.2'(7(50,1$17$52=:2-8,112:$&-,
GRW\F]ąF\FKLQQRZDFMLNWyUHMXĪSRMDZLá\VLĊQDU\QNX3U]\NáDGHPVąWXWDMPLQ
UHJXODFMHGRW\F]ąFHSáDWQRĞFLLQWHUQHWRZ\FKF]\PRELOQ\FK
.DĪGH]W\FKSRGHMĞüPD]DOHW\LZDG\:SU]\SDGNXSLHUZV]HJRQLHPRĪOLZH
Z\GDMHVLĊSU]HZLG]HQLHZV]\VWNLFKNRQVHNZHQFMLZSURZDG]DQ\FKUHJXODFML&KĊü
EDUG]R V]F]HJyáRZHJR XUHJXORZDQLD U\QNX PRJáDE\ WDNĪH VNXWNRZDü QDGPLHUQą
OLF]EąLLQWHQV\ZQRĞFLąUHJXODFMLNWyUHKDPXMąLQQRZDF\MQRĞü:SU]\SDGNXGUX- JLHMSRVWDZ\LVWQLHMHREDZDĪHUHJXODFMHRNDĪąVLĊVSyĨQLRQHFRPRĪH]PQLHMV]\ü
V]DQVHXSRZV]HFKQLHQLDVLĊQLHNWyU\FKURG]DMyZLQQRZDFMLOXEVSRZROQLüLFKUR]ZyM
1LH]DOHĪQLH RG SU]\MĊWHJR SRGHMĞFLD NRQLHF]QH MHVW PRQLWRURZDQLH UHJXODFML L V\- VWHPDW\F]QD RFHQD LFK DGHNZDWQRĞFL GR ]PLDQ ]DFKRG]ąF\FK QD U\QNX SáDWQRĞFL
'\QDPLNDW\FK]PLDQLV]\ENRĞüLFKZSURZDG]DQLDVWDQRZLąSU]\W\PQDMZLĊNV]H
Z\]ZDQLHGODUHJXODWRUyZ
=DNRĔF]HQLH
0LPRURVQąFHMOLF]E\UHJXODFMLRGQRV]ąF\FKVLĊGRU\QNXSáDWQRĞFLGHWDOLF]Q\FK
QLHZLHOH]QLFKZVSRVyEEH]SRĞUHGQLVW\PXOXMHUR]ZyMLQQRZDFML,FKRGG]LDá\ZDQLH
MHVW QDMF]ĊĞFLHM SRĞUHGQLH :LĊNV]RĞü ZSURZDG]DQ\FK RVWDWQLR UHJXODFML ]PLHU]D
GR]ZLĊNV]HQLDHIHNW\ZQRĞFLU\QNXSáDWQRĞFLGHWDOLF]Q\FKGRF]HJRZ]QDF]ąF\P
VWRSQLX SU]\F]\QLDMą VLĊ LQQRZDFMH 'R UHJXODFML VW\PXOXMąF\FK UR]ZyM LQQRZDFML
ZW\PVHJPHQFLHU\QNXPRĪQD]DOLF]\üSU]HGHZV]\VWNLPWH
• NWyUHREQLĪDMąEDULHU\ZHMĞFLDQDU\QHNGODSRGPLRWyZQLHEDQNRZ\FK±QS
8(-DSRQLD,QGLH53$
• ZNWyU\FKSDĔVWZRZ\VWĊSXMHMDNRSRGPLRWSURPXMąF\LQQRZDF\MQHLQVWUX- PHQW\PHWRG\SáDWQRĞFL±QS.RUHD3áG%UD]\OLD
• NWyUHPDMąQDFHOX]DSHZQLHQLHSRZV]HFKQHJRGRVWĊSXGRXVáXJILQDQVRZ\FK
ILQDQFLDOLQFOXVLRQ ±QS0HNV\N5RVMD
&]ĊĞü ZSURZDG]DQ\FK UHJXODFML PD FKDUDNWHU SURDNW\ZQ\ WM ZVSLHUD UR]ZyM
LQQRZDFMLMHGQDNVSRUDF]ĊĞüSRMDZLDVLĊGRSLHURZWHG\JG\QDU\QNXMXĪIXQNFMR- QXMąQRZHUR]ZLą]DQLD7DNLHUHJXODFMHQLHZVSRPDJDMąUR]ZRMXLQQRZDFMLDF]ĊVWR
QDZHWJRVSRZDOQLDMą
1DMZLĊNV]\ SRWHQFMDá Z VW\PXORZDQLX LQQRZDFML PDMą WH UHJXODFMH NWyU\FK
VNXWNL Vą ZLGRF]QH GOD NOLHQWD L SU]H] QLHJR RGF]XZDQH FR SURZDG]L GR Z]URVWX
MHJRVDW\VIDNFML
%LEOLRJUDILD
&KDNUDYRUWL 6 5RVRQ 5 3ODWIRUP &RPSHWLWLRQ LQ 7ZR6LGHG 0DUNHWV 7KH &DVH RI 3D\PHQW
1HWZRUNV)HGHUDO5HVHUYH%DQNRI&KLFDJR:RUNLQJ3DSHU6HULHV1R &KLFDJR
-$1,1$+$5$6,0
+DUDVLP-'HWHUPLQDQW\XSRZV]HFKQLDQLDVLĊLQQRZDFMLSáDWQLF]\FK$QQDOHV80&6VHFWLR+
2HFRQRPLDYRO]8QLZHUV\WHW0DULL&XULH6NáRGRZVNLHM/XEOLQ
,QQRYDWLRQVLQ5HWDLO3D\PHQWV5HSRUWRIWKH:RUNLQJ*URXSRQ,QQRYDWLRQLQ5HWDLO3D\PHQWV
&RPPLWWHHRQ3D\PHQWDQG6HWWOHPHQW6\VWHPV%DQNIRU,QWHUQDWLRQDO6HWWOHPHQWV0D\
2VOR0DQXDO*XLGHOLQHVIRU&ROOHFWLQJDQG,QWHUSUHWLQJ,QQRYDWLRQ'DWDUG(GLWLRQ 2(&'
6WDWLVWLFDO2IILFHRIWKH(XURSHDQ&RPPXQLWLHV/X[HPERXUJ
3D\PHQW6\VWHPV:RUOGZLGH±D6QDSKRW2XWFRPHVRIWKH*OREDO3D\PHQW6\VWHPV6XUYH\
7KH:RUOG%DQN
:RUOG3D\PHQW5HSRUW&DSJHPLQL5%6(IPD
=LHORQD NVLĊJD : NLHUXQNX ]LQWHJURZDQHJR HXURSHMVNLHJR U\QNX SáDWQRĞFL UHDOL]RZDQ\FK SU]\
SRPRF\NDUWSáDWQLF]\FKSU]H],QWHUQHWL]DSRĞUHGQLFWZHPXU]ąG]HĔSU]HQRĞQ\FK.RPLVMD(X- URSHMVND.20 ZHUVMDRVWDWHF]QD%UXNVHOD
5HJXODWLRQDVDGULYHUIRULQQRYDWLRQVRQWKHUHWDLOSD\PHQWPDUNHW
7KH SXUSRVH RI WKLV SDSHU LV WR DQDO\VH UHJXODWLRQV FRQFHUQLQJ WKH UHWDLO SD\PHQW PDUNHW DQG
WRDVVHVVKRZWKH\LQIOXHQFHWKHGHYHORSPHQWRILQQRYDWLRQV7KHDQDO\VLVSURYHGWKDWGHVSLWHRIWKH
JURZLQJQXPEHURIUHJXODWLRQVRQO\DIHZRIWKHPPLJKWEHFRQVLGHUHGDVDGLUHFWGULYHUIRULQQRYD- WLRQ5HFHQWH[SHULHQFHKDVVKRZQWKDWWKHPDMRULW\RIWKHPIRFXVHVRQSD\PHQWVHIILFLHQF\ZKLFKLV
VXSSRUWHGE\LQQRYDWLRQV
$ SDUW RI UHJXODWLRQV DUH SURDFWLYH HJ VXSSRUW WKH LQQRYDWLRQ¶V JURZWK EXW PDQ\ RI WKHP DUH
LQWURGXFLQJRQO\DIWHUFHUWDLQLQQRYDWLRQVKDYHEHHQLGHQWLILHGVRWKH\FDQVORZGRZQWKHLUGLIIXVLRQ
7KHKLJKHVWLQQRYDWLRQSRWHQWLDOLVFKDUDFWHULVWLFWRWKHUHJXODWLRQVZKLFKDUHYLVLEOHWRWKHFXVWRPHUV
DQGHQKDQFHWKHLUVDWLVIDFWLRQ
