Liudmyla Kozarezenko

In conditions of modern economic transformations, an in-depth understanding of the essence of the state financial regulation of human potential in the system of ensuring socio-economic development of the country is important. It is important to use a holistic architecture of financial regulation of the economy, further development of provisions on institutional mechanisms of financial provision of human potential, which purposefully applied by state institutions. The proper level of validity of the priority directions of the state financial policy for the development of human potential will contribute to the effectiveness of structural changes in the economy and social sphere. It is proved that the system of state financial regulation of human development needs constant improvement taking into account progressive methods, adaptation to internal and external economic factors in conditions of institutional transformations of the economy. Based on the study of the theoretical foundations of the state financial regulation of human development, its essence is disclosed as an integral part of social development, which involves the use of a set of norms, rules, methods, forms, mechanisms and instruments of financial architecture, in order to provide conditions for improving the quality of the institutional environment of the model of economic growth and an increase in the level of human development in the conditions of strengthening the influence of integration processes on macroeconomic dynamics that will promote the increase of the effective structural changes in the economy and social sphere.

Despite the increasing role of cross-border payments within the globalization processes and rapid growth of venture sector, an issue of its implementation remains to be a debatable point for many countries. The paper identifies disruptive challenges for financial institutions need to adapt. The research investigates the value and the investment flows structure as most obvious indicators of FinTech and describes types of payments relationships there. The paper considers relationships between enterprises, financial institutions and individuals, which are formed in digital payments. To understand the difference between regular cross-border money transfers and P2P cross-border money transfers with TransferWise, both mechanisms were researched and the benefits underlined. For Ukraine, the improvement of existing cross-border payments system with FinTech is a crucial challenge. That is why it is important to focus on providing knowledge for people, supporting start-ups in the sector and learning the best implementation practices. A great example of cross-border payments of FinTech in Ukraine is TransferWise. The difference between regular cross-border money transfers and peer-to-peer (P2P) money transfers appears in its benefits, such as lower and more expectable transfer fee, mid-market exchange rate, less transaction period. By transforming existing cost structures and mitigating market imperfections, they provide innovative services that meet the users’ needs for speed, trust, low cost, usability, security and transparency. The results show high potential of FinTech for cross-border payment processing.