How do you make Payment Systems Standards easy to use and accessible?

The payment system should be very strong. We need to have a secured payment gateway with maximum payment option. Security should be the priority thing.

In my experience, 'Knowing Your Client' is the first thing to be planned. We need to understand the client's business, current state of their functional and technical landscape, current pain points(if any), their vision wrt payments, the regulatory and governance controls in place, their current processes wrt people and technology etc. Once we understand our client and their needs, we can dive into intricacies associated with payment standards and related controls.

To understand the standards behind any topic, one should first understand the basics of that topic. Only then you can link the standard requirements to the use-cases in play. Hence before understanding Payments Standards, one should first understand what are the different types of payments in the country under discussion, who are the key players in the end-to-end scenarios, what are the key payment processing workflows associated with the rails, what are the regulations imposed on these rails etc.

Offer step-by-step guidelines and best practices for implementing payment standards. Use practical examples and real-world scenarios to illustrate concepts.

The Ideal place to get access to true and authorized documents are the websites of the standard regulatory bodies like the central banks or payments national infrastructure providers. One could also refer to the documents published by leading Banks and FinTechs in the associated geo.

Completely agree to the above statements. Many a times we may not find details in the documentation but can gain knowledge from the experience of the Subject Matter Experts in the domain.

In order to be compliant to the regulatory controls, proper control monitoring, testing, assurance and implementation strategy is required. Many a times due to multiple stakeholders involved, there is a slippage in the controls implementation, resulting in financial loss for the Banks and even impact their brand name. Hence proper strategies needed to be laid down for Controls like automation, proper documentation, aligned Roles & Responsibilities and ownership.

Organize the standards into a user-friendly format, such as a well-structured website or downloadable PDFs. Use headings, bullet points, and tables to make content easily scannable.

Present payment system standards in plain language that is easy to understand. Avoid excessive technical jargon and use clear, concise explanations.