Objectives On completion of this tutorial you will be able to:

• Recognize low- and large-value payments systems and their differences
• Interpret the different payments messages
• Define fast payments and list the benefits and range of services associated with fast payments
• Describe the clearing and settlement of fast payments
• List the different risks associated with fast payments

Overview Traditionally, retail banks controlled the transfer of payments between customers. However, with the arrival of the Internet and e-commerce, combined with regulatory initiatives to open the payments markets to nonbanks, the payment landscape is changing greatly. Further, technological advancements are allowing all participants to accelerate the clearing and settlement of payments, particularly with large payments where it is cost effective to do so. This tutorial describes the different payments systems and how fast payments are becoming available in various forms. Prerequisite Knowledge Payments - An Introduction Tutorial Level: Introductory Tutorial Duration: 50 minutes