Payments Professionals Bootcamp : Focus on SWIFT Messages from Udemy

What's inside

Learning objectives

Payment fundamentals in great detail
Risk in payment systems
Domestic payment systems (fedwire, chips, and ach)
International payment system
Swift fin mt • swift code • swift mt message structure • swift rma and rma plus • direct payments, cover payments, and serial payments • swift iso 20022
Swift message type mt & mx iso 20022
Pain and pacs messages
Global cashless transactions

Innovations to payment services
Fednow, swift gpi,
Blockchain technology (stellar blockchain network and ripple)
Message in international trade
Payments
Payment gateway
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Payment fundamentals in great detail
Risk in payment systems
Domestic payment systems (fedwire, chips, and ach)
International payment system
Swift fin mt • swift code • swift mt message structure • swift rma and rma plus • direct payments, cover payments, and serial payments • swift iso 20022
Swift message type mt & mx iso 20022
Pain and pacs messages
Global cashless transactions
Innovations to payment services
Fednow, swift gpi,
Blockchain technology (stellar blockchain network and ripple)
Message in international trade
Payments
Payment gateway
Show more
Show less

Syllabus

Introduction

Basics of Payment and Settlement system

Basics of Payment and Settlement system :Article

The components of a payment and settlement system

Importance of the Payment systems

Market infrastructures

Services of financial institutions and their relationship with payments

Basics of Domestic Payments Processing

Transfers across multiple banks

Transfers through a Central Counter Party (CCP)

Transfer through Multilateral Net Settlement

Participants of a CCPClearinghouse

Classification of Payments

Classification based on transaction value and priority

Classification based on the payment date

Classification based on customer type

Classification based on the originator’s and beneficiary’s location

Messaging standards

Terminologies used in messaging

How can a message be processed

Global party identification codes used in the paymHow can a message be processed

Regional Codes in the payment system

Currency code

The three elements of payment systems

Types of clearing and settlement system

Payments through non-banking players

Cross-border payments

How does the correspondent banking system work

Example of correspondent baking transaction

Forex terminologies related to payments

The operational structure of the Forex market

Charges of processing transactions Domestic and Cross-border

Payment through cheques

ACH Cheque conversion mechanism USA

Operations of ACH & similar systems around the world

Request for feedback: Your thoughts on the course progress so far

ACH Operations through the NSS, Specific to USA

ACH Operations through the National Settlement Service

ACH History

Terminologies related to ACH

NACHA Standard Entry Class Codes

SEC Codes list

Originating Depository Financial Institution (ODFI) Activities

Example of a direct debit transaction (pull transaction)

Example of a credit transaction (push transaction)

Receiving Depository Financial Institution (RDFI) activities

Same-day ACH Settlement

What is Phixius

National Settlement Service (NSS)

Fedwire System

The Federal Reserve System

Terminologies specific to the US

Fedwire Message codes and Definitions

Using the Fedwire services

Schedule for processing online messages

Schedule for processing offline messages

Conditions for time extension

Transactions through the Fedwire system

Liquidity management in the Fedwire system

Interest charged for intraday liquidity

Fedwire ANSI messaging

Fedwire Market Practice to Support SWIFT GPI

Fedwire's Account Management Information (AMI) application

Fedwire Transfer volume-based pricing structure

Fedwire Surcharges

CHIPS (Clearing House Interbank Payment System)

CHIPS (Clearing House Interbank Payments System)

Terminologies related to CHIPS

CHIPS schedule for pre-funding, processing, and settlement

Risk Management in CHIPS

Mechanism of pre-funding

The primary pre-funding process

The supplemental pre-funding process

The final pre-funding and settlement process

CHIPS Message Priority and Queue Management

CHIPS Supplemental Funding Withdrawal Rules

Risk in the Payment System

Risk in the Payment System (Article)

Risks in the payment system

Settlement risk or Credit risk

Liquidity risk

Systemic risk

Herstatt risk

Operational risk

Legal risk

Risk mitigation methods

The stock approach

Net Stable Funding Ratio (NSFR)

Liquidity Coverage Ratio (LCR)

Solutions to mitigate the risks

Proper selection of the direct participants by the CCP

Net Debit Cap

Novation

Intraday liquidity arrangement

Collateral requirement

Loss-sharing arrangement

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Examines payment fundamentals highly detailed and from multiple perspectives

Explores risk in payment systems, providing valuable insights for understanding financial risks

Covers a wide range of international payment systems, such as SWIFT, CHIPS, and Fedwire, giving learners a global perspective

Provides up-to-date information on the latest payment innovations, including blockchain and FedNow, preparing learners for the future of payments

Offers a deep dive into SWIFT FIN MT and ISO 20022, two essential messaging standards in the payments industry

May require learners to have some prior knowledge or experience in the payments industry to fully grasp the concepts

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 Payments Professionals Bootcamp : Focus on SWIFT Messages with these activities:

Review basic accounting principles

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Brings core accounting principles to the forefront of your mind ensuring you have a solid foundation.

Browse courses on Accounting Principles

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Review accounting textbooks or online resources.
Solve practice problems related to basic accounting principles.
Take a practice quiz to test your understanding.

Learn about different payment systems

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Expand your knowledge by exploring various payment systems and their functionalities.

Browse courses on Payment Systems

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Watch video tutorials on different payment systems.
Read articles or blog posts about the topic.
Attend a webinar or online workshop on payment systems.

Practice SWIFT Message Type MT100

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Reinforce your understanding of SWIFT Message Type MT100 by practicing composing and interpreting these messages.

Browse courses on Swift

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Review the syntax and structure of SWIFT Message Type MT100.
Use online resources or software tools to practice composing SWIFT Message Type MT100.
Exchange practice messages with peers or instructors to receive feedback.

Two other activities

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Summarize a Research Paper on Blockchain in Payments

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Deepen your understanding of blockchain by summarizing a research paper on its applications in payment systems.

Browse courses on Blockchain

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Select a recent research paper on blockchain in payments.
Read and understand the paper, focusing on its key findings and implications.
Write a summary of the paper, highlighting the main points and your own insights.

Develop a presentation on blockchain technology

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Provides an opportunity to delve deeper into blockchain technology and showcase your understanding.

Browse courses on Blockchain Technology

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Research and gather information on blockchain technology.
Create a presentation outline and slides.
Practice your presentation and get feedback from others.
Deliver your presentation to the class or a group.

Career center

Learners who complete Payments Professionals Bootcamp : Focus on SWIFT Messages will develop knowledge and skills that may be useful to these careers:

Payment Systems Analyst

Payment Systems Analysts are responsible for the design, implementation, and maintenance of payment systems. This course will provide learners with the essential knowledge and skills needed to succeed as a Payment Systems Analyst, including an understanding of domestic and international payment systems, SWIFT messages, and the latest innovations in payment services.

See salaries and explore the career path for Payment Systems Analyst

Financial Risk Analyst

Financial Risk Analysts need a comprehensive understanding of financial markets and instruments to effectively manage financial risk. This course will help build a foundation for success as a Financial Risk Analyst by providing learners with a deep understanding of payment systems, including both traditional and modern methods. Knowledge of risks in payment systems is also crucial for this role, and this course covers this important topic as well.

See salaries and explore the career path for Financial Risk Analyst

Treasury Analyst

Treasury Analysts are responsible for managing the financial resources of a company or organization. This course will help Treasury Analysts build a strong foundation in payment systems, which is essential for effective cash management and investment decisions. The course also covers topics such as risk management in payment systems, which is critical for Treasury Analysts to understand in order to mitigate financial risks.

See salaries and explore the career path for Treasury Analyst

Financial Analyst

Financial Analysts provide financial advice to individuals and organizations. A solid understanding of payment systems is essential for Financial Analysts to make informed investment decisions and provide sound financial advice. This course will give learners the knowledge and skills they need to excel in this role.

See salaries and explore the career path for Financial Analyst

Management Consultant

Management Consultants provide consulting services to businesses and organizations. This course will help Management Consultants build a foundation in payment systems, which is essential for understanding the financial operations of a company. The course also covers topics such as risk management in payment systems, which is critical for Management Consultants to understand in order to provide sound advice to clients.

See salaries and explore the career path for Management Consultant

Banker

Bankers provide financial services to individuals and businesses. This course will provide learners with the knowledge and skills they need to thrive in the banking industry, including a deep understanding of payment systems and the latest innovations in financial technology.

See salaries and explore the career path for Banker

Auditor

Auditors are responsible for reviewing and evaluating financial records. This course will help Auditors build a strong foundation in payment systems, which is essential for effectively auditing financial transactions. The course also covers topics such as risk management in payment systems, which is critical for Auditors to understand in order to identify and mitigate financial risks.

See salaries and explore the career path for Auditor

Compliance Officer

Compliance Officers are responsible for ensuring that a company or organization complies with all applicable laws and regulations. This course will help Compliance Officers build a strong understanding of payment systems, including both traditional and modern methods, which is essential for effective compliance monitoring. The course also covers topics such as risk management in payment systems, which is critical for Compliance Officers to understand in order to mitigate financial risks.

See salaries and explore the career path for Compliance Officer

Investment Banker

Investment Bankers provide financial advice to corporations and governments. A strong understanding of payment systems is essential for Investment Bankers to understand the financial markets and make sound investment decisions. This course will give learners the knowledge and skills they need to succeed in this role.

See salaries and explore the career path for Investment Banker

Data Analyst

Data Analysts collect, clean, and analyze data to identify trends and patterns. This course will help Data Analysts build a strong foundation in payment systems, which is essential for understanding financial data. The course also covers topics such as risk management in payment systems, which is critical for Data Analysts to understand in order to identify and mitigate financial risks.

See salaries and explore the career path for Data Analyst

Product Manager

Product Managers are responsible for developing and managing products. This course will help Product Managers understand the financial aspects of product development and management, including payment systems. The course also covers topics such as risk management in payment systems, which is critical for Product Managers to understand in order to mitigate financial risks.

See salaries and explore the career path for Product Manager

Operations Analyst

Operations Analysts are responsible for improving the efficiency and effectiveness of business processes. This course will help Operations Analysts build a strong understanding of payment systems, which is essential for understanding financial operations. The course also covers topics such as risk management in payment systems, which is critical for Operations Analysts to understand in order to mitigate financial risks.

See salaries and explore the career path for Operations Analyst

Information Security Analyst

Information Security Analysts are responsible for protecting an organization's information systems from cyber threats. This course will help Information Security Analysts understand the financial aspects of information security, including payment systems. The course also covers topics such as risk management in payment systems, which is critical for Information Security Analysts to understand in order to mitigate financial risks.

See salaries and explore the career path for Information Security Analyst

Risk Manager

Risk Managers are responsible for identifying, assessing, and mitigating financial risks. This course will provide learners with a comprehensive understanding of payment systems, including traditional and modern methods, which is essential for effective risk management. The course also covers topics such as risk management in payment systems, which is critical for Risk Managers to fully understand in order to effectively manage financial risks.

See salaries and explore the career path for Risk Manager

Actuary

Actuaries use mathematical and statistical methods to assess risk. This course will help Actuaries understand the financial aspects of risk, including payment systems. The course also covers topics such as risk management in payment systems, which is critical for Actuaries to understand in order to mitigate financial risks.

See salaries and explore the career path for Actuary

Cryptocurrency Trader

Cryptocurrency Traders buy and sell cryptocurrencies for profit. This course will help Cryptocurrency Traders understand the financial aspects of cryptocurrency trading, including payment systems. The course also covers topics such as risk management in payment systems, which is critical for Cryptocurrency Traders to understand in order to mitigate financial risks.

See salaries and explore the career path for Cryptocurrency Trader