The mind map below shows an extensive outline of payment knowledge.ย
This gives us ๐ ๐ญ๐จ๐ฉ-๐๐จ๐ฐ๐ง ๐ฏ๐ข๐๐ฐ ๐จ๐ ๐ญ๐ก๐ ๐ข๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ and an overview of how the payment systems work.
Notice that different countries have different payment frameworks.ย But in general, the payment industry is composed of below parts:
๐น Regulatory Authority
๐น Central Bank
๐น Commercial Banks
๐น Non-Bank Payment Companies
๐น Payment Systems
๐น Clearing Networks
๐น Settlementย Systems
โถ๏ธ ๐๐จ๐ซ๐ ๐๐ฌ๐๐๐ฎ๐ฅ ๐๐๐ญ๐๐ซ๐ข๐๐ฅ๐ฌ for your reference:
- Payment Systems in the U.S. by GlenBrook
- BIS (Bank for International Settlements) Website
- PayPal documents
- Stripe documents
- SWIFT documents
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