Payments Fundamentals

Free Section

01. Course overview Sample Lesson

01.00 Outline and instructions

01. Module 1 – Introduction to payments Sample Lesson

01.01 Payments, Payment instruments and payment systems

01. PF Module 01 Quiz

01. Module 2 – Payments systems Sample Lesson

01.02 Payments systems models

01. PF Module 02 Quiz

01. Module 3 – The model to know about payments systems Sample Lesson

01.03 The Four Corner Model and Participation to CSM

01. PF Module 03 Quiz

Paid Section

01. Module 4 – Clearing and Settlement

01.04 Clearing and Settlement Mechanisms

01. PF Module 04 Quiz

01. Module 5 – The two categories of payments

01.05 Push and Pull payments and the related risks

01. PF Module 05 Quiz

01. Module 6 – Standardization in payments

01.06 Payments messages standards

01. PF Module 06 Quiz

01. Module 7 – Payments in the same country and to other countries

01.07 Domestic and International Payments

01. PF Module 07 Quiz

01. Module 8 – Payment processing

01.08 Payment processing value chain

01. PF Module 08 Quiz

01. Module 9 – Regulations and risks

01.09 Regulations and Risks in payments

01. PF Module 09 Quiz

01. Module 10 – Business models

01.10 Economic models in payments – CSMs and PSPs

01. PF Module 10 Quiz

01. Module 11 – Players and their roles

01.11 Main key players in the payment industry

01. PF Module 11 Quiz

01. PF Final course quiz

01. PF Module 02 Quiz

Payments Fundamentals
01. Module 2 – Payments systems
01.02 Payments systems models
01. PF Module 02 Quiz

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Question 1 of 10

1. Question

What are the main types of payments systems models?

A : Closed loop models

B : Interbank system models

C : Open loop models

D : central bank systems models

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Question 2 of 10

2. Question

What is abstraction in payment system modeling?

A : Abstraction is about highlighting the system structure

B : Abstraction is about presenting the different part of the structure and how they work together

C : Abstraction is about showing the connections of end parties to the payments system

D : Abstraction is about hiding unimportant details in order to focus on essential characteristics of a system.

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Question 3 of 10

3. Question

What is the payment system model of a country usually composed of?

A : Banks and payment service providers

B : Interbank clearing systems

C : Central bank systems

D : Payment products

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Question 4 of 10

4. Question

In Closed loop systems, how do end parties interact with the system ?

A : End parties transact directly with the system.

B : End parties use intermediaries to transact with the system

C : End parties sign an agreement directly with the system.

D : All the three other answers

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Question 5 of 10

5. Question

What is true about participation of banks to payment systems?

A : A bank chooses which interbank clearing systems to join as participant.

B : A bank must become participant of the central bank system used for settlement.

C : A bank cannot use different payments systems for clearing of the same payment instrument.

D : A bank can join a payment system only as direct participant.

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Question 6 of 10

6. Question

How can a closed loop system access an open loop system?

A : Join the system as a direct participant.

B : Join the system as indirect participant, so access the CSM through a major Bank

C : Join the open loop system as an end party by becoming customer of a Bank / PSP

D : All the three other answers

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Question 7 of 10

7. Question

On which models do Cryptocurrencies mostly operate?

A : A combination of open and closed loop models

B : Closed loop models

C : Open loop models

D : All the three other answers

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Question 8 of 10

8. Question

Cryptocurrency systems operate completely autonomously and never use open loop systems

A : True

B : False

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Question 9 of 10

9. Question

What are the major differences between closed loop systems and open loop systems?

A : It is possible for banks and PSPs to join open loop system as intermediary, but not closed loop system.

B : Closed loop systems interconnects consumers while open loop systems interconnect merchants.

C : Closed loop systems are centralized while open loop systems are decentralized

D : Closed loop systems work better for merchants than open loop systems.

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Question 10 of 10

10. Question

Which of the following sentences is true about clearing and settlement mechanism?

A : Clearing mechanism is usually implemented in Central bank systems.

B : Settlement mechanism is usually implemented in Interbank transfer systems.

C : Settlement mechanism is implemented in Central bank systems.

D : Clearing mechanism is usually implemented in Interbank transfer systems.

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