Foundations of Payment Networks (ACH, Card, Check, Wire)

Payment rails are what allows transactions to flow. Payment rail operators set the rules that dictate how and when funds are made available. This introductory course examines the ACH Network, the credit card networks, TCH's RTPs and the Fed's upcoming FedNow. Students will come away with an understanding of the rules, settlement mechanisms, funds availability allowances, and dollar limits. Faculty also discuss overlay services and third parties as the relate to the rails.