Description: Introduction to Payment Systems | System Design, Class 6: Payments, What is a payment system?, Payment Processing: Industry Overview, 13. Payments, Part 1, Electronic Funds Transfers and Other Payment Systems: Module 4 of 6
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A payment system is any system used to settle financial transactions through the transfer of monetary value, and includes the institutions, instruments, people, rules, procedures, standards, and technologies that make such an exchange possible. A common type of payment system is the operational network that links bank accounts and provides for monetary exchange using bank deposits.
What makes a payment system a system is the use of cash-substitutes; traditional payment systems are negotiable instruments such as drafts (e.g., checks ) and documentary credits such as letters of credit . With the advent of computers and electronic communications a large number of alternative electronic payment systems have emerged. These include debit cards , credit cards , electronic funds transfers , direct credits , direct debits , internet banking and e-commerce payment systems . Some payment systems
What is SWIFT? SWIFT, also called Society for Worldwide Interbank Financial Telecommunications, is a message network which is used by financial organizations such as banks and money brokers to communicate with each other using predefined messages and instructions. Put it simple, SWIFT is just working like a social network in which the users are all financial institutions. Each user will have a unique SWIFT id, and they can securely send and receive information between each other for their daily business, su