How can you update your Payment Systems skills?

Payments systems and Financial markets infrastructure are the the main layer of any payments ecosystem and to know more about it you need to know first below basics: 1- Terms : there are many terms used in payments systems and FMI space like issuer ,acquirer ,schemes ,settlement ,payment tool (cards ,Tokens ,NFC...),payment acceptance(POSs ,Ecommerce ,QR....),also type of payments (Peer to peer ,peer to merchants, Governmental,.....) 2- Working Flow: How payments systems are working, the stake holders and how integration done to execute payments starting from issuing the payment to settle it for related stakeholder. 3-Technology: understand the role of technology in facilitate and develop payments for institutions ,customers....

Based on my experience to know the basic flow and their complexity of any payment system, pick up any type of payment system such as card or mobile and try to understand the step by step process. Ask yourself questions such as if your paying with card: 1. By when my payment is going to merchant? 2.who is acquirer in payment? 3. What does it mean when you see approved message on terminal/pos machine? 4.who send this approval? 5. How does this authorisation process work? 6. Understand your card for e.g. Bin number, cvv Etc.

Payments industry is an exciting and dynamic world where you should always be willing to push your boundaries to be relevant. Being passionate about everything you do help to navigate successfully on this journey. Being teachable is key to be a successful Payments professional.

Updating your payment systems skills involves staying abreast of the latest industry trends, technologies, and best practices, as well as continuously developing your knowledge and expertise in the rapidly evolving field of digital payments.

An easy way to get a helicopter view of the global payments landscape is to follow some of the leading voices on social media - John Kiff (AKA Kiffmeister) and the Fed's Joshua Rosenburg regularly post the latest developments on Twitter (X) and LinkedIn. Another way to stay informed is Central Bank Payments News, a monthly e-publication that rounds up news, reports, and speeches - as well as contributions from central banks and financial authorities worldwide like BIS, IMF, World Bank, Bank of England, Central Bank of Kenya, Bank of Japan, and more (full disclosure - I am editor in chief of the publication).

Since payment system is dynamic and largely affected by technological innovation and regulation, it is critical to read and understand every aspect of change in the field. in addition, payment system is driven by technology, rules and financial institutions(fintechs) it is also important to get involved in various workshops, working groups and online courses.

PYMNTS, Payments Dive, and PaymentsJournal are useful magazines that frequently share news about payments. You can also learn about payments in the mobile wallet forums on Reddit.

update your payment system skills, consider these steps: Research: Stay updated on the latest trends, Online Courses: Enroll in online courses or platforms like Coursera, Udemy, or LinkedIn Learning that offer courses on payment systems, fintech, or related topics. Certifications: Pursue relevant certifications such as Certified Payments Professional (CPP) or Certified Fintech Professional (CFT) to validate your expertise. Collaboration: Collaborate with colleagues or join online forums to Blogs and Videos: Follow blogs and YouTube channels that discuss payment technology, system architecture, and integration. Stay Current: Follow key players in the payment industry, such as companies like Visa, Mastercard, and PayPal,

You should read published reports, news from international organisations like BIS,IMF,Worldbank,IIF that focus on the development of the Financial Markets infrastructure (FMI), as well as market trends in payments acceptance like POSs, E-Commerce platforms, Payments Gateways, and payments tools like cards, contactless tools and NFC, wallets, and Digital currencies. The space of Payments Systems and the Financial Markets infrastructure (FMI) always has updates from different aspects like technology, banking, security, etc., so Finally, keep up with news and upgrade your payment systems.

Please remember that keeping your technological stack up to date is a requirement when it comes to payments, especially if we are talking about card payments as required by the Payment Card Industry Data Security Standard (PCI DSS). But it’s not only regulations that impose being on top of your game in terms of technology: new payment instruments such as crypto acceptance or creating frictionless flows for your customers with api integrations and tokenization or having machine learning models on subscriptions are only a few technical improvements that can be done to improve your customer’s payment experience.

I have some exposure working in the payment domain especially in the segment of cross border payments rule development for the segment of clearing & settlement of card based payments along with some exposure in payment wallet based API application analysis along with the data analysis with respect to the merchant profile associated to the payment gateway tool and end user profile during the check out activity through the card details. How the sensitive information like card details including card number, cvv, card expiry along with user's d.o.b etc are masked using a token for the time of transaction through the web that is in the card not present scenarios. Also having some theoretical understanding in credit card portfolio analysis.

Engage in industry events, seminars, and networking opportunities to connect with peers, industry experts, and thought leaders, fostering knowledge sharing, collaboration, and the exchange of best practices and innovative ideas in the realm of digital payments.

Uusi kuluttajansuojalaki aktivoituu 1.10.2023. Pankki painikkeiden osuudet pit?v?t pintansa Suomalaisten suosituimpana maksutapana. Koska maksutapojen esivalinta poistuu uuden lains??d?nn?n my?t?, on on oletettavaa, ett? pankki pankkipainikkeiden k?ytt? yleistyy jatkossakin. Suomen k?ytetyimm?t maksutavat ovat: Pankit (50%+), mobiilimaksut (kortit), kortit sek? lasku- ja osamaksutavat.

Network by attending industry events. Share relevant expertise, and explore the products and services offered by different organizations. Connect and engage with industry colleagues on social media. Initiate insightful discussions with peers, friends, and coworkers. Ask questions and share opinions on current events in the payment space can provide invaluable insights.

When updating your CV, especially in sectors influenced by payment technologies, it's not enough to simply mention "familiar with payment systems." Dive deeper. Be specific. Here's why: 1?? Clarity: Being precise about your experiences—whether it's with IBAN based payments, blockchain solutions, or Cards Schemes —helps your CV stand out. 2?? Demonstrate Expertise: Listing specific payment platforms or projects showcases the depth of your understanding and your hands-on experience. 3?? Bridge The Gap: Your experiences can help employers see how your skills can fill the gaps in their teams or projects. Remember, specificity breeds credibility. So, next time you're updating that CV, think twice before being vague!.

Seek opportunities to work on projects involving the implementation of new payment technologies, such as blockchain, digital wallets, or contactless payment solutions, allowing you to gain practical experience and develop a deeper understanding of the functionalities and intricacies of these technologies.

Share your knowledge via different platforms--panels, thought leadership articles, speaking engagements, conferences, etc. Sharing your knowledge reinforces what you're learning and also expands your network and invites deeper conversation around emerging trends in the industry. This type of exchange and visibility also positions you as a thought leader who will be sought after to contribute to more payments industry discussions.