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Vera I. RychakovskayaVice Chairperson of the Board, National Bank of UkraineThe major operating results of domestic and international money transfer systems in 2010
Elena A. MakhayevaHead of Payment Systems Monitoring Division, National Bank of UkraineInternational money transfer systems in Ukraine:regulation, analysis of activity and oversight
Igor I. UmanskiyEx-minister of Finance of Ukraine«Trends in the Ukrainian currency market: analysis and forecast»
The last economic crisis taught us all a good lesson. Among other things, it taught us to be more careful with forecasts and evaluation of the current situation. We are somewhy assured that the crisis has come to an end. As I see it, the crisis "remains in our minds". Have we changed, has the entire world changed? Have we altered the principles behind the functioning of financial markets, infrastructure, economy and financial and economic relationship on the whole?..
Unfortunately, Ukraine is basically a bi-currency country, which was the major factor that in 2008 revealed utter vulnerability of our economy. The strict peg of UAH to USD, the surge in consumer loans, domination of loans granted in foreign currency (including consumer loans), the rates of personal incomes growth outstripping the real economic advance. We have consumed more than earned and produced. What has changed? There is no boom in consumer loans, there is no panic.
What is going on in the market? The UAH exchange rate remains the same just as well as it was a year ago, two years ago, and stays around 8 UAH per 1 USD. Does it mean that all economic processes, growth rate, inflation rate, etc, that are taking place here, are in phase with those in the United States? We used to be beside ourselves with pride seeing that the UAH exchange rate had been sticking, like steadfast tin soldier, to the level of 5 UAH per 1 USD. Taking into account the bi-currency paculiarity, the rate formation and, consequently, policy are both of phsycological nature.
In the past the dollar supply exaggerated the demand for this currency. Luckily, our common sense didn't tolerate hardening of grivna – this was the conclusion we made and we will definitely bear the mistakes of the past in mind. The consolidated payment balance for the last year was positive. It remained positive in the first quarter of this year and made up USD 1.1 billion, but it is currently decreasing. The proficit of the financial account is backed by eurobonds worth USD 2.1 billion floated by the government and the banking sector. Taking the opportunity, we congratulate State Savings Bank of Ukraine (Oshchadbank) on their virtually first public floatation.
Whereas the export growth rate is nearly 40%, the import growth rate outruns it reaching 48.5%. The increase in prices for metal (approximately 40 %), resumption of sales of Ukrainian cars and locomotives abroad, rise in export of agricultural products – all of these are the major factors bringing about the increase in foreign currency earnings. There are some changes in the import structure. Thus the share of payments for energy products is considerably increasing – in 1Q 2011 we paid for natural gas nearly 2.5 times more than last year. The import of non-energy products has gone up by 42.3%.
What currency policy will Ukraine adhere to under conditions of the world "currency wars"? What will the country's top leadership opt for – weakening grivna, facilitating in attracting foreign investments, restricting the consumer goods import and encouraging their manufacture in Ukraine, which is not possible to realise without supporting small and medium enterprises? How can the government enter the foreign markets for borrowings if the IMF suspends its programme? I assume we all have to help the government and NBU to find answers to these questions..
Sergey GaydaStrategist, Dragon Capital (Ukraine)«Prospects for development of the capital and securities markets in Ukraine»
In 2011 Ukraine is expected to be the leader among the countries of the region in terms of economy growth rate;
Raw materials are the basis for the economy recovery;
Reforms as the underpinning for the long-term development and their impact on the economy;
Expectations for 2011: Corporate revenues and profits of companies are going to exceed the pre-crisis level;
Stock market: there is the great influence of the global markets, however the growth prospects in 2011 remain quite realitic;
IPO of Ukrainian issuers: there might be a pause in their activity which can hardly derogate the attractiveness of these tools
Alibek JunisbayevPrincipal Consultant, CR2 House Ltd. (Ireland)«Innovative solutions in remittances and payments: self service channels re-engineering»
According to the World Bank, the global remittance market is expected to grow at 9.2% during 2010-2011 as the global economy recovers. Aware of this market opportunity, remittance centers have increased their branch network and formed alliances with banks to provide greater availability geographically. But is the branch the right place to serve the money transfer purpose? Is it profitable enough? Are customers satisfied? Are all customers served geographically? Is there any other way to compete in this field with new technologies and means of transfers?
Financial institutions are starting to re-think their organization and focus on customers' changing needs. Customers want to access cash quickly and easily anywhere anytime at an affordable cost. They are more and more familiar with their bank's self service channels: ATM and kiosk are part of the daily routine, mobile is providing a greater reach globally and internet is growing rapidly.
The banking and remittance industry is undergoing a revolution to take advantage of today's sophisticated electronic technologies. There is a new way of providing money transfer services and increasing the customer base by re-engineering the self-service channels. Money transfers can be made available to customers using the bank's entire network including ATM, Kiosk, Internet and Mobile. New means of money transfers are appearing in the market. Electronic Money Vouchers that can be purchased and redeemed at the ATM are offering another mean of transfer using higher security features and a quick access to cash using the ATM network. Person to Person mobile payment is growing rapidly and revolutionising the world of money transfer.
What is the right technology strategy to adopt to offer greater reach and increase the customer base? This panel will deal with the revolution of money transfer using the self service banking channels.
Nadir A. IsmaylovChairman of the Supervisory Council, ZAMINBANK (Azerbaijan)«Survey of money transfer maket in Azerbaijan»
Dmitriy I. ZubkovVice President, JSCB Lanta Bank (CJSC) (Russia)«The current state and outlooks for Russian rouble circulation in the financial markets of the CIS countries»
The current position of the Russian rouble in markets of the CIS countries. The largest consumers of cash RUB (Ukraine, Belarus, countries of Central Asia).
The main obstacles to increasing the volume of cash RUB circulating in the financial markets of the CIS countries.
The prerequisites and measures for facilitating both the increase in cash RUB share in savings and economic activity of the public in the post Soviet area.
The possibilities for JSCB Lanta Bank (CJSC), Moscow, to interact with partner banks from the CIS countries in the field of importing/exporting cash RUB bank notes.
Igor A. EfremovVice President, JSCB RUSSLAVBANK (CJSC) (Russia)«The International Money Transfers and Payments system CONTACT – innovations and development»
The Workers' Remittances market is one of the most capacious financial flows in the world. It has been demonstrating the steady growth for over 20 years and now that it amounted to USD 440 billion in 2010, it only relinquishes to foreign direct investments (FDI) in terms of its volume.
The market for funds transfers in the post Soviet territory started to take shape in 1999 with the advent of the first Russian Money Transfer and Payment system CONTACT, whose organizer and Clearing Center is JSCB RUSSLAVBANK (CJSC) that celebrated its 20th anniversary in 2010. Since then the Russian market has welcomed 14 systems more, and a number of money transfer systems have appeared in the CIS countries. The growth rate of cross-border transfers through the Russia-CIS corridor considerably surpasses the similar figures of the world market for money transfers. All these years the dynamics of increasing the volumes by CONTACT has been above the average rate in the Russian market. The average transfer amount, that was clearly rising before the crisis, indicates the constant increase in trust of users to the said service.
No wonder that such a conjunction in the fast growing market has caused a fierce competition among the market players in terms of prices, products and technology. The advent of Russian money transfer systems compelled the world market leaders, such companies as Western Union and MoneyGram, to significantly reduce their tariffs in the CIS area. The majority of Russian systems, including CONTACT, have also brought their tariffs down over the past years.
The price competition is aimed at making customers switch from other systems, in other words, at repartition of the existing market for transfers. The product competition, that is extension of the product range by including cross-selling payment and transfer products in it, is directed at attracting a new segment of clients. To date, CONTACT provides the possibility to pay for services of over 1,200 providers – the System makes it possible to pay off a loan in the largest Russian banks and banks of the CIS countries, to replenish accounts, to pay for utility and mobile communication services, to buy out booked airplane tickets and tour packages as well as to make a variety of other payments. The product range of CONTACT is not to be excelled among Russian money transfer and payment systems.
The technological competition has a twofold goal: on the one hand, it helps to entice customers from other systems due to the increased service quality and provision of new tools; on the other hand, to attract new customers by implementing services of the system into popular highly technological devices and networks.
With a view to speeding up the customer service and money transfer delivery to recipients, CONTACT is successfully coping with the task of migrating the whole System to a breakthrough software that is the technological platform of CONTACT NG developed by the specialists of JSCB RUSSLAVBANK (CJSC) in the end of 2010. The platform CONTACT NG Technology allows integrating all types of CONTACT transfer and payment services with automated banking systems (ABS) of partner banks as well as with the remote banking services (internet banking, mobile banking), terminals and automated teller machines. The migration of the System to the new software platform is to provide the facility of sending and receiving no-address remittances in the current year.
While fruitfully cooperating with the largest retail banks of the world and taking an active part in the SWIFT panel of Workers' Remittances Advisory Group, JSCB RUSSLAVBANK (CJSC) was the only bank among banks of Russia and the CIS countries that received a compliance certificate of SWIFT Workers' Remittances that allows the bank to apply the cutting-edge standards of inter-bank exchange of information on money transfers.
Offering customers market-driven fees for "classical" money transfers, constant extension of the product range, implementation of new innovative technologies are the ways for CONTACT to demonstrate the implacable growth of volumes of money transfers in strategic directions and the most capacious payment flows. CONTACT is expanding its geographical presence (covering now 100 countries) and condensing its branch network in the largest countries that are both senders and receivers of transfers (over 7,700 bank outlets in Russia, over 12,000 outlets in the CIS area and more than 50,000 outlets all over the world). Thus CONTACT is becoming more accessible for its customers and making its services more available, which results in higher customer satisfaction.
Viktor F. GrechaninovPartner of «Mosaic Investment»(Ukraine)«Modern banking services:peculiarities of expansion to regions»
Alexander GolubevHead of INTEL EXPRESS representative office in Ukraine, (Georgia)«The ways to make money transfer business successful»
Money transfers as a distinctive social business;
Security is a must. Speed, Price and Quality - will the customer get them all?
New technologies and a human being;
What is the "nationality" of your system?
Who is to choose the method of a transfer: the sender or the recipient?
Intell Express is more than just a way to transfer funds.
Anna A. KucherHead of Sales Department, Financial Service Bureau ltd. (Ukraine)«Single Window. The solution to operating with international money transfer systems in the single interface»
"Single Window" is a complex solution that allows banks and financial institutions to operate in the single interface and provides them with access to different international money transfer systems.
Money transfers are a splendid source of commission fees for a bank if leaving out of account the technical and organisational complexity of connection to the systems, installation costs and expenses of a bank for soft and hardware system maintenance as well as complexity for cashiers to operate dozens of various systems.
There is a specialised information processing center, Financial Service Bureau, that is created with a view to optimizing the banks' expenditures when getting connected to money transfer systems and servicing through them. Besides that the technological solution "Single Window" has been developed.
The services of this kind are widely used by over 170 banks and financial institutions, inclusive of the banks and financial institutions in Ukraine, Kazakhstan, Moldova, Georgia, Armenia, Tajikistan, Azerbaijan, Uzbekistan, Kyrgyzstan and other countries.
Andrey M. KharabaraHead of Sales Department, Gamma-Dnepr company (Ukraine)«Organisation of complex customer service with application of modern technology and solutions»
Despite of the fact that all retail banks widely use ATMs, payment terminals and other alternative self-service solutions, there is still the need in executing operations of servicing payments of the public (depositing and dispensing cash) in the presence of a cashier. First and foremost, it concerns mixed transactions and transactions of high value. That explains why banks are seeking new solutions that can streamline the work of cashiers and ensure the high efficiency of cash processing which becomes crucial when the service quality appears to be the key to success in the fight for a client.
To date, one of a bank's top priority tasks is to encourage its client to buy not 1–2 products, but to enter into an agreement for a number of services. That is the reason why any contact between a customer and a bank turns into an event of great significance. A customer considers every detail: how profitable the offer is, how convenient the servicing in the bank is. These are the points the banks have to bear in mind when creating outlets in the format of "mini without a cash desk" in which there are no barriers between a cashier and a customer and all the services are provided in the "single window".
The technology of cash re-cycling makes it possible to organise mini-outlets occupying the smallest space possible in the places with great demand for banking services, including fully-featured cash-desk service (hotels, state establishments, courts etc.).
Gamma-Dnepr Company is an exclusive representative of CTS Cashpro in Ukraine selling teller cash recyclers ÑÌ-18. The company has a great experience in developing this market niche and provides an off-the-shell complex solutions to organising mini-outlets at the bank's least expenses.
Irina PavlenkoHead of Precious Metals Division of Khreshchatik Bank (Ukraine)«The peculiarities of the bank metals market in Ukraine»
The less people trust the currency, the more they value gold
What factors define the current investment attractiveness of presious metals?
Which do the Ukrainians prefer – gold or silver?
What makes Ukrainian investors purchase bank metals?
What "covert pitfalls" of investing in bank metals are there in Ukraine?
Ingots "stashed away" at home or "metal" deposits in a bank – what forms of investing are people most likely to use?
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