Introduction to Digital Payments

Learn basics of the payments industry
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  • Lectures 17
  • Contents Video: 1 hour
    Other: 3 mins
  • Skill Level Beginner Level
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 4/2014 English

Course 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!

What are the requirements?

  • 1-2 years work experience in project-/product management or analyst roles
  • Basic knowledge in Cash/Treasury Management, Corporate Finance or Financial Services

What am I going to get from this course?

  • 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

What is the target audience?

  • Product- /Project- / Operations Managers
  • Sales Representatives and Consultants
  • Software Engineers
  • Business Analysts

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Overview
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
Section 2: Regulatory and Market Landscape
08:21

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.
2 questions

Test your knowledge on regulatory agencies and legislation.

06:08

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
1 question

Test your knowledge on the payment market landscape

1 page

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

Section 3: Payment Types
04:30

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
03:04

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.

02:14

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.

02:07

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.

04:21

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.

02:45

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.

Payment Types Quiz
3 questions
1 page

Share your knowledge on payment types.

Section 4: Payment Process
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
Payments Process Quiz
3 questions
Section 5: Interfaces & Industry Standards
03:25

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.

05:16

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)
Industry Standards Quiz
3 questions
1 page

Share your knowledge on payments APIs.

Section 6: Conclusion
07:11

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.

01:30

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.

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Instructor Biography

Martin V., PSM, PMP, CSSBB, PM Trainer | 60,000+ Students | 135+ Countries

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 operations management best practices such as ITIL, Agile, and SDLC. Also, Martin facilitated large-scale business transformation initiatives in the insurance industry using Lean and Six Sigma methodologies. In addition, he trained and consulted companies in EMEA on process automation and process-driven implementation of SAP solutions.

Martin has taught professionals in 135+ countries on project and IT operations management best practices. He has earned PMP, PSM and CSSBB as well a master's degrees in engineering and business.

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