Introduction to Digital Payments
4.2 (490 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
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Introduction to Digital Payments

Learn basics of the payments industry
4.2 (490 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
13,497 students enrolled
Last updated 12/2015
English
English [Auto-generated]
Price: Free
Includes:
  • 1 hour on-demand video
  • 6 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Learn to speak Financial Services language
  • Familiziarize yourself with banking regulations
  • Learn key players and opportunities in the payments space
  • Understand common payment methods
  • Learn basic payments processes and systems
  • Understand emerging payments trends
View Curriculum
Requirements
  • 1-2 years work experience in project-/product management or analyst roles
  • Basic knowledge in Cash/Treasury Management, Corporate Finance or Financial Services
Description

Do you want to transition your career into the payments industry? Have you just started a project in the payments space? Are you looking for a concise overview on payments terminology, methods, key industry players, and emerging trends?

This is an exciting time in the global payments industry with innovation in online and offline payment technology. Consumers are starting to understand the advantage of using mobile devices for payments, rather than transacting in cash and credit cards. Innovative startups and established Financial Services players are offering fantastic career opportunities in the payments space.

In addition to rapidly evolving technology, complex regulations make it difficult to enter the payments space. For example, Dodd Frank establishes a new regulatory framework for cross-border payments. If you manage projects in the in payments space you must have a fundamental knowledge of the regulatory environment.

The course will cover the following topics:

  • Payments Terminology and Acronyms such as AML, SWIFT and ACH
  • Regulatory agencies including the Fed, OCC and FDIC
  • Legislations e.g., BSA, USA Patriot and Dodd Frank
  • Market Environment including Banks, Credit Card Providers, Gateways and eWallets Providers
  • Payment Types e.g., cheques, ACH, Wires, Cards and Virtual Currencies
  • Payment Processing including statuses of a payment lifecycle
  • Industry Standards such as ISO and SEPA
  • Application programming interfaces (APIs)
  • Trends in mobile payments, virtual payments and emerging markets

Payments knowledge is critical in almost any role and industry sector – B2B, B2C and C2C. If you are starting a new job as an Analyst, Engineer, Manager or Sales Representative in the payments industry this course will introduce you into digital payments in a nutshell.

Sign up for this course to learn the fundamentals of digital payments today!

Who is the target audience?
  • Product- /Project- / Operations Managers
  • Sales Representatives and Consultants
  • Software Engineers
  • Business Analysts
Compare to Other Payments Courses
Curriculum For This Course
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Overview
1 Lecture 01:37

Payments knowledge is critical in any industry sector – B2B, B2C and C2C. This lecture is an overview of what we cover including

  • Payments Terminology
  • Regulatory and Market Environment
  • Payment Types
  • Payment Processing
  • Industry Standards and Interfaces
  • Emerging Trends
What we cover
01:37
+
Regulatory and Market Landscape
3 Lectures 14:29

Complex regulations make it difficult to enter the payments space. For example, Dodd Frank 1073 establishes a new regulatory framework for cross-border electronic transfer payments. If you manage projects or develop products in the in payments space you must have a fundamental knowledge of the regulatory environment.

This lecture covers

  • regulatory agencies including the Fed, OCC and FDIC and
  • legislations such as BSA, USA Patriot and Dodd Frank.
Regulatory Agencies and Legislation
08:21

Test your knowledge on regulatory agencies and legislation.

Regulatory Agencies and Legislation
2 questions

This is an exciting time in the global payments space. Consumers and merchants are starting to better understand the advantage of using mobile devices for payments, rather than transacting in cash and credit cards. Innovative Tech startups and established Financial Services players are offering fantastic career opportunities in the payments space.

In this lecture we will discuss the payments ecosystem including

    • Banks & Credit Unions
    • Store Cards Providers
    • Credit Card Associations
    • Payment Processors
    • Gateways Providers
    • POS Terminal Providers
    • Merchant Providers
    • Closed Network Providers
    • eWallets / eWallet Platform Providers
    • Virtual currencies Providers
Market Landscape
06:08

Test your knowledge on the payment market landscape

Market landscape
1 question

Share your knowledge on regulatory and market landscape in the payments space.

Exercise: Regulatory/Market Landscape
1 page
+
Payment Types
7 Lectures 19:01

Understanding payment types will help you to better define the objectives and scope of projects in the payments space. In this lecture we will discuss payments types in terms of

  • parties involved
  • methods
  • initiation channels
  • processing speed
  • payment region
  • payment value
  • payment volume
Overview
04:30

The future of payments is electronic and checks/cheques are likely to fade away. However, there are still a lot of countries that still relies heavily on cheques. Therefore, knowledge of checks/cheques processing is important if you are working in the payment industry.

This lecture you will will provide a brief overview on the fundamentals of checks/cheques.

Checks / Cheques
03:04

The automated clearinghouse (ACH) system is a network for financial transactions in the United States to process large volumes of credit and debit transactions in batches.

The Fed and EPN are the two national ACH operators that process ACH.

This lecture will provide an overview of ACH.

ACH / GIRO
02:14

Wire transfers are fast, reliable and secure but more expensive to use compared to checks/cheques or ACH due to higher transaction costs.

There are different funds transfer networks including

  • FedWire
  • CHIPS
  • SWIFT

In this lecture you will learn the fundamentals of wires transfers.

Wire Transfer
02:07

Cards are a popular and convenient payments method.

There are a number of payment cards including

  • debit cards,
  • credit cards and
  • prepaid/stored-value cards

In this lecture you will learn the fundamentals of payment cards.

Cards
04:21

According to the European Central Bank, a virtual currency is "a type of unregulated, digital money, which is issued and usually controlled by its developers, and (...) accepted among the members of a specific virtual community". Virtual currencies include

  • convertible
  • non-convertible
  • centralized
  • decentralized

This lecture will provide a brief overview of virtual currencies.

Virtual Currencies
02:45

Payment Types Quiz
3 questions

Share your knowledge on payment types.

Exercise: Payment Types
1 page
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Payment Process
1 Lecture 03:54

Understanding how a payment is processed is important if you are working on projects related to payments.

In this lecture you will learn

  • how a payment is processed
  • common payment statuses/events
Payment Process
03:54

Payments Process Quiz
3 questions
+
Interfaces & Industry Standards
3 Lectures 08:41

Application-programming interfaces (APIs) play an important role in efficiently developing payments solutions.

Examples of payment services include

  • Credit/debit card payment service e.g., Paypal, Stripe, Amazon
  • ACH payment service e.g., SecureNet, ACH Works
  • Virtual Currencies e.g., Super Rewards, Virtapay

In this lecture you will learn the fundamentals of APIs.

APIs
03:25

Industry standards important to know if you are managing project or developing products in payments space.

In this lecture we will cover

  • Standards of the International Organization for Standardization, e.g. ISO 20022,

    ISO 8583, ISO 4217 and ISO 9362

  • Single Euro Payments Area (SEPA)
ISO and SEPA
05:16

Industry Standards Quiz
3 questions

Share your knowledge on payments APIs.

Exercise: Application Program Interfaces
1 page
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Conclusion
2 Lectures 08:41

The payments space is changing quickly as startups are launching new services. Digital payments are increasing in favour over the use of cash and checks/cheques. Mobile payment are competing with credit cards, and big data analysis tools are facilitating marketing and security in the payments space.

In this lecture we will discuss emerging trends.

Emerging Trends
07:11

In this lecture we will recap what we covered. We discussed

  • regulatory agencies and legislations in the payments space.
  • the industry players in the payments ecosystem.
  • Ypayment types including cheques, ACH, Wires, Cards and Virtual Currencies.
  • Yhow a payment is processed and typical payment statuses in a payment lifecycle.
  • industry standards such ISO and SEPA and payment APIs.
  • emerging trends in the payments industry.

The payments ecosystem is quite complex and covering all aspects in detail would be beyond the scope of this course, however, knowing these fundamentals will help you to better navigate the payments space to develop or improve products and manage a projects in the payments space.

Please feel free to reach out for any questions or suggestions.

Thanks for watching and see you the next course.

Wrap Up
01:30
About the Instructor
Martin V., PSM, SAFe, PMP, CSSBB
4.2 Average rating
4,568 Reviews
105,096 Students
3 Courses
95,000+ Students | 100+ Countries | First PM Course on Udemy

Martin V. has worked over 15 years in management and consulting roles. He has traveled extensively on global assignments for Financial Services and IT companies. During his tenure in banking, Martin helped to implement global payment standards and Self-Service for online and mobile banking platforms that move $2+ trillion in payment transactions daily. Moreover, he helped to deploy CRM tools and institutionalized IT operations management best practices. Also, Martin facilitated large-scale business transformation initiatives in the insurance industry using Agile, Lean and Six Sigma frameworks. In addition, he trained and consulted companies in EMEA on process automation and implementation of SAP solutions.

Martin has taught professionals in over 100 countries on project and IT operations management best practices. He has earned PSM, SAFe, PMP and CSSBB certifications as well a Joint Master's in engineering and business from University of Kaiserslautern.