Bitesize Payments
Payments are one of things that we do every day - they just happen, really they are just like magic!!!! But we don't wake up and think today I want to make a payment - we just want to pay a bill or buy a coffee but payments make them happen.
Paradoxically we both know more about them than we think and yet at the same time very little about what they are and how they work.
I have spent a lot of time in our industry doing education and training sessions on Payments and I kinda thought it would be useful to record it. So, here we go.... In Bitesize Payments I try and explain the History of Payments, how they work and who does what. Also who get paid for what....that might surprise you!
Anyway hopefully in less than 20 mins, week after week you can become a payment experts....... or at the very least someone who can ask the tough questions :-)
Please let me have your feedback, input or question at bitesizepayments@gmail.com
Thanks for listening.......
Bitesize Payments
Clearings - Its groundhog day
Welcome back to bitesize Payments were we discuss their history, how they work and of course who does what. In this episode we're discussing Clearings.
Clearings what are they? Well, they are sometimes called rails, schemes or the last mile either way there are a lot and I mean a lot, as I have mentioned before there is a clearing for every type of payment – RTGS, IP etc for every country. Not only that but they are different in every country even though they do effectively the same thing.
The first clearing was probably the format defined by Western Union in 1872 for what we now call wires. When we have electronic payments methods, we need these standards as we discussed in a previous episode.
When I said a lot how many is a lot. Well there are 195 countries in the world with electronic payment, there are ACHs, IP, hi value, Cards – credit and debit, x border etc so for the sake of argument at least 7 formats so there are up wards of 1,365 different file formats…. So a lot :-)
Today I am joined by Heike from Unifits and ex Vocalink etc to help me explain them, here we go….
Payments Industry Insights
History of Payments
Payment System Explained
Corporate Payments Strategy
Payment Regulations Impact
ISO20022 Standard
Digital Payments Evolution
CBDC Advancements
Cryptocurrency in Payments
Financial Technology Education