The London Institute of Banking & Finance has established a new qualification for professionals in the global payments industry that has Swift Institute backing.

The Certificate in Principles of Payments, or CertPay, targets payments professionals in operations, management, compliance or risk teams. It provides a comprehensive understanding of payments, from terminology to the mechanics of moving money across the globe, while also covering key areas of compliance, risk, regulation and strategy.

CertPAY becomes part of The London Institute of Banking & Finance’s professional qualifications framework, designed to allow students to demonstrate expertise in payments.

“With increasing digitalization, the global payments industry has been revolutionized in recent years," Martin Day, managing director of corporate and professional qualifications at the institute, stated in a March 10 press release.

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As banks and other financial organizations look to capitalize on customers’ use of technology and desire for simplicity, a whole new range of challenges and opportunities has arisen, Day added.

“As an industry we need to equip our students with the knowledge and skills to cultivate these opportunities, while mitigating against their risks," Day said.

The launch of CertPAY is an important step in helping the institute enhance "the professionalism and employability of all those working within the payments sector,” he added.

The Swift Institute, set up by the Society for Worldwide Interbank Financial Telecommunications [Swift], operates as a bridge between financial education and the financial/payments industry. It supports independent, academic research and recognizes academic programs by backing qualifications and standards.

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