Electronic payments can be more cost-effective than traditional check payments, but also have their own issues. In the Guide to Electronic Payments course, we explore the various electronic payment systems, including ACH, wire transfers, FedNow, Venmo, Xoom, and Zelle. We also delve into the controls needed for these payment systems, and discuss how to most effectively convert from check payments to electronic payments.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Identify the characteristics of the various electronic payment systems.
Specify the circumstances under which a wire transfer should be used.
Recall the reasons why electronic payments are more cost-effective than checks.
Specify the various controls needed for an electronic payment system.
Major Topics
The Clearing and Settlement Process
ACH Payments
Wire Transfers
The FedNow Payment Option
The Venmo Payment Option
The Xoom Payment Option
The Zelle Payment Option
Issues Favoring Electronic Payments
Conversion Best Practices
Electronic Payment Controls
