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Banking & Payments 101
Section 1 of 9
How the global banking system works, payment rails (ACH, SWIFT, SEPA, RTP), card schemes, ISO messaging standards, and digital wallets
3 hours•intermediate
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Key Takeaways
- •Every bank payment crosses multiple rails — understanding the ACH/SWIFT/SEPA differences is essential for debugging payment failures
- •Card schemes (Visa/Mastercard) are messaging networks, not banks — they never hold money
- •ISO 8583 powers card transactions; ISO 20022 is replacing SWIFT wire messaging globally
- •Settlement is always T+1 or T+2 — real-time payments clear instantly but settle later
- •Open Banking (PSD2/CDR) exposes bank data and payment initiation via OAuth 2.0 APIs
📝Personal Notes
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