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The Evolution of Payments
Andreas Park
Andreas Park
This course explores the evolution of payments over time and its impact on the world economy by examining the interplay between payments and the economy, and delving into the role and legalities of payments in the international context.
Register for this course and see more details by visiting:
OpenCourser.com/course/6h8jau/the
What's inside
Learning objectives
- Skills to recognize the functions of money.
- The key elements of different types of payment transactions.
- The specifics of know-your-customer (kyc), anti-money laundering (aml), and combating the financing of terrorism (cft) rules.
- Actions that financial institutions must undertake to comply with international payment laws, and what that implies for businesses' cross-border payments.
- Skills to recognize the functions of money.
- The key elements of different types of payment transactions.
- The specifics of know-your-customer (kyc), anti-money laundering (aml), and combating the financing of terrorism (cft) rules.
- Actions that financial institutions must undertake to comply with international payment laws, and what that implies for businesses' cross-border payments.
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Develops knowledge of different payment transaction types, which is core for careers in finance
Teaches skills to recognize the functions of money, which is relevant to personal finances
Examines the impact of payments on the world economy, which is valuable knowledge for economists
Explores the interplay between payments and the economy, which is relevant to business
Teaches the key elements of different types of payment transactions, which is relevant to professionals in finance and commerce
Delves into the role of payments in the international context, which is useful for those working in international business or finance
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Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in The Evolution of Payments with these
activities:
Cross-Border Payments Tutorial
Show steps
Follow online tutorials and resources to gain practical knowledge on the processes and challenges of cross-border payments.
Show steps
-
Identify the different types of cross-border payment methods.
-
Compare the costs and timelines of different payment methods.
-
Explore the regulatory and compliance considerations for cross-border payments.
Review: International Payment Systems
Show steps
Read and analyze a book on international payment systems to deepen your understanding of the global payment landscape and its complexities.
Show steps
-
Read and summarize key chapters of the book.
-
Identify the major themes and insights presented in the book.
-
Relate the book's content to the course material.
Payment Regulations Database
Show steps
Compile a database of relevant payment regulations from different jurisdictions to enhance your understanding of the legal landscape.
Show steps
-
Identify key regulatory authorities and their websites.
-
Gather and organize payment regulations from different sources.
-
Create a structured system for accessing and referencing the regulations.
Five other activities
Expand to see all activities and additional details
Show all eight activities
KYC/AML Case Study Analysis
Show steps
Engage in group discussions and case study analysis to develop a deeper understanding of KYC/AML regulations and their impact on payments.
Show steps
-
Review real-world KYC/AML case studies.
-
Analyze the effectiveness of different KYC/AML measures.
-
Discuss best practices for implementing KYC/AML policies.
Create a Mock Financial Institution
Show steps
Construct a mock bank or payment processor to better understand the flow of payments between different stakeholders, and the regulations that govern them.
Show steps
-
Choose a type of financial institution to simulate.
-
Research the applicable regulations and compliance requirements.
-
Design the mock institution's structure, processes, and systems.
-
Test and simulate different payment scenarios.
Payment Scenarios Analysis
Show steps
Analyze various payment scenarios to improve your decision-making and problem-solving skills in handling different payment transactions.
Show steps
-
Identify common payment scenarios.
-
Analyze the different factors that influence payment choices.
-
Develop strategies for optimizing payment efficiency and reducing risks.
Payment Technology Workshop
Show steps
Attend a workshop to explore emerging payment technologies and their impact on the future of payments.
Show steps
-
Research and identify relevant workshops.
-
Register and attend the workshop.
-
Actively participate in discussions and demonstrations.
Payment Ecosystem Whitepaper
Show steps
Write a whitepaper that explores a specific aspect of the payment ecosystem, such as the impact of blockchain technology on payments or the role of artificial intelligence in fraud detection.
Show steps
-
Choose a specific topic within the payment ecosystem.
-
Research and gather relevant data and insights.
-
Analyze the data and develop key findings.
-
Write a well-structured and informative whitepaper.
Cross-Border Payments Tutorial
Show steps
Follow online tutorials and resources to gain practical knowledge on the processes and challenges of cross-border payments.
Show steps
Show steps
Show steps
- Identify the different types of cross-border payment methods.
- Compare the costs and timelines of different payment methods.
- Explore the regulatory and compliance considerations for cross-border payments.
Review: International Payment Systems
Show steps
Read and analyze a book on international payment systems to deepen your understanding of the global payment landscape and its complexities.
Show steps
Show steps
Show steps
- Read and summarize key chapters of the book.
- Identify the major themes and insights presented in the book.
- Relate the book's content to the course material.
Payment Regulations Database
Show steps
Compile a database of relevant payment regulations from different jurisdictions to enhance your understanding of the legal landscape.
Show steps
Show steps
Show steps
- Identify key regulatory authorities and their websites.
- Gather and organize payment regulations from different sources.
- Create a structured system for accessing and referencing the regulations.
Five other activities
Expand to see all activities and additional details
Show all eight activities
KYC/AML Case Study Analysis
Show steps
Engage in group discussions and case study analysis to develop a deeper understanding of KYC/AML regulations and their impact on payments.
Show steps
Show steps
Show steps
- Review real-world KYC/AML case studies.
- Analyze the effectiveness of different KYC/AML measures.
- Discuss best practices for implementing KYC/AML policies.
Create a Mock Financial Institution
Show steps
Construct a mock bank or payment processor to better understand the flow of payments between different stakeholders, and the regulations that govern them.
Show steps
Show steps
Show steps
- Choose a type of financial institution to simulate.
- Research the applicable regulations and compliance requirements.
- Design the mock institution's structure, processes, and systems.
- Test and simulate different payment scenarios.
Payment Scenarios Analysis
Show steps
Analyze various payment scenarios to improve your decision-making and problem-solving skills in handling different payment transactions.
Show steps
Show steps
Show steps
- Identify common payment scenarios.
- Analyze the different factors that influence payment choices.
- Develop strategies for optimizing payment efficiency and reducing risks.
Payment Technology Workshop
Show steps
Attend a workshop to explore emerging payment technologies and their impact on the future of payments.
Show steps
Show steps
Show steps
- Research and identify relevant workshops.
- Register and attend the workshop.
- Actively participate in discussions and demonstrations.
Payment Ecosystem Whitepaper
Show steps
Write a whitepaper that explores a specific aspect of the payment ecosystem, such as the impact of blockchain technology on payments or the role of artificial intelligence in fraud detection.
Show steps
Show steps
Show steps
- Choose a specific topic within the payment ecosystem.
- Research and gather relevant data and insights.
- Analyze the data and develop key findings.
- Write a well-structured and informative whitepaper.
Career center
Learners who complete The Evolution of Payments will develop knowledge and skills
that may be useful to these careers:
For more career information including salaries, visit:
OpenCourser.com/course/6h8jau/the
Reading list
We haven't picked any books for this reading list yet.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/6h8jau/the
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Effort
2 to 4 hours per week for 4 weeks
Level
Introductory
Via
edX
Institution
University of Toronto
Instructor
Andreas Park
Session
June 1, 2024
- May 30, 2025
Language
English
Transcript
English
Good to know
Develops knowledge of different payment transaction types, which is core for careers in finance
Teaches skills to recognize the functions of money, which is relevant to personal finances
Examines the impact of payments on the world economy, which is valuable knowledge for economists
Explores the interplay between payments and the economy, which is relevant to business
Teaches the key elements of different types of payment transactions, which is relevant to professionals in finance and commerce
Delves into the role of payments in the international context, which is useful for those working in international business or finance
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