Payments 101: How Payment Systems Work
Learn how payment systems work from end to end. This course explains transaction flows, payment methods, key industry players, clearing and settlement models, and how modern digital payments evolved. Ideal for fintech, banking, and product professionals entering the payments industry.
45 Concepts
Comprehensive curriculum
45 Concepts
Expert-led video content
Comprehensive Materials
Downloadable resources
Certificate
Available upon request
Community Access
Join 4,500+ students
What You'll Learn
Master the fundamental concepts that power the global payments industry
Understand the importance and economic role of the payment industry
Learn the evolution of money and payment methods, from barter to digital assets
Identify and explain key terminology and roles — debtor, creditor, agents, payment systems
Classify payment systems using multiple industry-standard criteria
Distinguish between open loop and closed loop payment models
Understand payment processes: instructions, clearing, settlement
Recognize settlement types, risks, and mitigation techniques
Learn foundations of authentication, authorization, and security
Course Curriculum
6 comprehensive topics covering all payment fundamentals
Importance of the Payment Industry
- Why payments matter in the global economy
- How payments enable trade, efficiency, and financial inclusion
- Overview of the evolution of money and value exchange
Evolution of Payment Methods
- From traditional forms of money to digital payments
- Key modern payment methods: bank transfers, cards, and digital wallets
- Emerging innovations: Payment Service Providers, open banking, cryptocurrencies
Key Terminology and Roles
- Core payment definitions
- Debtor, creditor, and their financial institutions
- What a payment system is and how it functions
Classification of Payment Systems
- How payment systems are categorized
- Settlement approaches: net vs gross, real-time vs scheduled
- Open-loop vs closed-loop models
Payment Processes
- The payment instruction flow
- Clearing and settlement fundamentals
- Understanding key risks in payment processing
Security, Authentication & Authorization
- Why authentication matters in payments
- Common authentication methods
- Authorization and how access decisions are made
Meet Your Instructor
Milko Filipov
Payments Expert | 12+ Years Experience
Milko Filipov is an experienced professional in payment systems, card payments, and digital banking, with strong expertise in emerging technologies, cryptocurrencies, and decentralized applications, agentic commerce and agentic payments. He has supported major global projects for organizations including NTT DATA, Siemens, BMW, Commerzbank, Atruvia, Capgemini, Bosch, BNP Paribas, Stripe, EPI, and Visa.
Milko holds an MBA in Finance and Strategic Management from the Katz Graduate School of Business at the University of Pittsburgh and is committed to helping financial and technology professionals deepen their understanding of the payments industry to drive better, more innovative banking solutions.
Requirements
- No prior payment industry experience needed
- Basic understanding of financial concepts helpful
- Interest in fintech and digital payments
Who This Course Is For
- Career changers entering fintech
- Business professionals working with payments
- Developers building payment solutions
- Students pursuing fintech careers
Ready to Start Your Payments Journey?
Join 4,500+ professionals who have already transformed their careers with this comprehensive course
Certificate included
Continue your learning journey
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