Descriptions
The rapid advancement of technology has opened new opportunities for the enhancement of systems used for originating processing payments. At the same time, it has also encouraged perpetrators of cybercrime to develop more sophisticated and advanced tools. This increases the exposure of financial institutions to cyberthreats, which, if not identified and caught in time, can have severe implications on financial institutions and more generally, on financial stability. This course covers cutting-edge issues and developments in payment systems involving the application of technology, such as cross-border payments and correspondent banking; the potential of technology to enhance financial inclusion; the spread of mobile wallets and contactless payments; the potential of open application programming interfaces (open APIs) to enhance the bank customer experience; and 24/7 availability and fast payments. In addition, the course will explain emerging cyberthreats to payment systems and how to identify, monitor, and mitigate these threats; and the basics of a cyber resilience assessment framework for payment systems.
