The real cost of payments I’ve always wondered, from both a consumer’s and a payment professional’s perspective, what the true cost of providing payment services is to a bank. Of course, I cannot ask banks themselves for various reasons. That would not stop me from getting to the bottom of this. In this article, I am going to create a bank and define the parameters that would contribute to the cost based on my experience and some inputs from colleagues. This is...
The Payment Engine Also known as the payment hub or simply the back office application, these IT solutions help banks process hundreds of thousands of payments a day like clockwork. Most human beings with bank accounts must thank payment engines that process their salaries, help them pay rent, and make buying guitar strings on Amazon possible. It simply makes digital...
SEPA Instant – R-Message Flows SEPA Instant payments have a slightly different R-Message flow when compared to SEPA classic payments or high value payments. This article will attempt to explain them on a very high level. The following R-messages are in scope for a SEPA instant payment Reject – Pacs.002 (RJCT) “A ‘Reject’ occurs when an SCT Inst Transaction is...
SEPA Instant – Happy Path Flow SEPA instant is a “PUSH” type of payment where funds are pushed from the Originator’s account to the Beneficiary’s account. The “Targeted” completion time for a SEPA instant payment is 10 seconds (with a hard time-out of 20 seconds). This is monitored and controlled by the CSM(s). This time starts when the payment message...
SEPA Instant – Introduction Instant Payments are credit transfers that occur in real-time where the funds are available to the beneficiary almost instantly. SEPA Instant payments which went live in 2017 was introduced to prevent fragmentation of payment systems in SEPA (Area) ie. each country developing its instant payment equivalent. Here are the characteristics of a SEPA Instant payment On...
UNDERSTAND PAYMENTS IN 10 DAYS (NO CHARGE) You can understand payments in 10 days. Not master it. That may take a lifetime. Here is 10 days worth of reading material from online sources that would cost you “Zero” Bucks. All you have to do is spend 15-20 mins reading the articles mentioned below. Follow this to get a basic understanding...
Resume Building Resources Here are some resources that can help you build your resume to get your dream Job in payments
Payments Interview Preparation – A Quick Guide Let us assume that you have a few days to prepare for an interview where payments is one of the mandatory requirements. This is a quick guide on how to prepare for the interview and how to crack it successfully. Here, the assumption here is that you worked in the payments domain in...
SWIFT MT – MT103 Here is a very detailed session on SWIFT MT103
Polish Banking and Payment Systems – By Ramachandran Seetharaman Introduction Poland as a country is in the news for the right and wrong reasons. In being right, Poland is the only country in the EU to have accepted the maximum number of refugees from Ukraine. The crisis has also put Poland in the spotlight for the wrong reasons as its...
