We use cookies on all our websites to gather anonymous information about your visit that helps us to make improvements and increase performance. By continuing you are consenting to these cookies.

If you would like more information or would like to change your cookie preferences, please visit our cookies page.

CertPay: Why is a qualification in payments important?

31 January, 2017Karen Lines

The financial services landscape is constantly evolving and there has been an increasing focus on regulation and compliance in recent years. One important area which has seen many of these changes is payments. Despite the significance and systemic importance of payments to the global economy, there is a shortage of consistent, high quality educational material on the subject. This creates a significant risk in what is already a challenging environment.

The influence of innovation and technology on the payments industry has created an influx of entrants to the market, new delivery channels and an increase in competition. In such an environment, people are often the differentiator and knowledge gained through professional education can contribute to the success of a business.

The Level 3 Certificate in Principles of Payments (CertPAY) qualification offers an introduction to the global industry, providing a comprehensive understanding of payments, from terminology to the mechanics of moving money across the globe, as well as compliance, risk, regulation, and strategy. The qualification will allow students to develop specialist knowledge and skills relating to products, purpose, structure and the inherent risks associated with payments. 

Educating relevant employees in banks and all other payment service providers will assist in building and maintaining knowledge in this specialist area to “future proof” operations. In addition, as regulations continue to evolve, evidencing through a recognised independent professional accreditation that a workforce is experienced in this key area of risk is an extremely positive step for the industry. As previously mentioned, the industry is constantly evolving and CertPAY increases the awareness of how FinTech is changing the competitive landscape.

Another benefit to a qualification in payments is increased awareness of compliance and risk associated with the monitoring of payments and incidents which is an important area for all organisations. It is also important that countries where outsourcing operational processes occurs, still have a pool of employees holding sufficient understanding of the payments process to be able to assist customers.

CertPAY is an opportunity for those entering and working in the payments industry to gain a professional qualification and receive formal recognition of expertise in this important subject. It provides a solid foundation across the payments industry and is broad enough to appeal to the ever widening market of providers. 

CertPAY has been designed to provide a broad overview of payments and is relevant to a wide audience including, but not limited to, operational staff working in the payment sector, who need to understand the inherent risks of their role. As well as managers within organisations providing payments services, who have responsibility for the area and wish to certify their knowledge. Other practitioners working in banks, corporates or non-financial institutions in functions such as Relationship Management and Credit may also wish to enhance their existing knowledge, and areas such as risk, compliance and due diligence can only benefit from increased knowledge.

Karen Lines is a Senior Business Consultant at The London Institute of Banking & Finance.

To find out more information and register your interest to study, visit the CertPAY qualification page.

Read all the articles in the CertPAY series