INNOVATIVE INSTRUMENTS OF THE FINANCIAL MARKET IN THE SYSTEM OF INTERNATIONAL SETTLEMENTS
Abstract
The article is devoted to the research of innovative instruments of the financial market in the system of international settlements. In particular, the advantages of using innovative financial instruments compared to traditional methods were investigated. In addition, the article analyzes the risks and challenges associated with the implementation of innovative tools. The article examines such innovative tools of the financial market as blockchain and cryptocurrencies (Bitcoin and Ethereum), fintech platforms (PayPal, TransferWise (now Wise) and Revolut), central bank digital currencies (CBDC), smart contracts, ARI and open banking solutions, Big Data, analytics and artificial intelligence (AI) and machine learning and robotic process automation (RPA). The use of innovative tools of the financial market in the world is analyzed. Analysis of the use of innovative financial market tools in the system of international settlements allows us to understand how these technologies affect the efficiency, security and convenience of financial operations at the global level. Innovative financial market tools are rapidly being integrated into the international settlement system, showing significant growth and adoption. Blockchain, cryptocurrencies, fintech platforms, CBDC, smart contracts and open banking are becoming an integral part of the modern financial ecosystem, ensuring the efficiency, security and accessibility of international payments. However, further implementation of these technologies depends on overcoming technological, regulatory and economic barriers. The introduction of the latest technologies contributes to increasing the efficiency, security and accessibility of international financial transactions, which is critical for stable economic development and competitiveness in the world market. Further research and development in these areas will contribute to the successful implementation of innovative technologies and their effective use in the global financial system. It's a path that can lead to sustainable growth and enhanced competitiveness in the market.
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