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Global Payments: And the Fintech Innovations Changing the Industry
Glenbrook’s “Global Payments” provides the go-to-answers to the big questions about global payments. In clear and lively writing, the author explains the common model behind national payments systems all over the world, what actually happens in a cross-border payment, and how fintech innovators are changing the industry. The book describes payments innovations in the rails, in the products and services, and new out-of-the-box alternatives. It explores real-time retail payments (aka Faster Payments) and how these systems are facilitating financial inclusion. Anyone in the payments industry – from anywhere in the world – can benefit from understanding this big-picture view.
94 pages, Kindle Edition
Published November 8, 2020
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Displaying 1 - 11 of 11 reviews
September 7, 2021
The read draws a clearer view on how on large scale the payments are carried out across the world. What are the latest innovations in the industry and how the things may be advancing in the future. In a nutshell, I recommend this read for a freshmen in the industry who would like to have a broader picture before delving into details. Although everything the book speaks about is hardly comprehendible plainly in theory. As the book stipulates, many find it challenging to understand the big picture how all the moving parts fit together and in particular how the confusing, rapidly changing (and risky) cross-border payments ecosystem functions. Thus, counting only on the book to help you to grasp all concepts is futile, one needs to be using and seeing things in application in order to fathom them on a decent level.
Here are some key excerpts from the book:
- When we speak of global payments there are few issues, we need to get answers about:
o How do national payments systems work?
o Who are the players in each country?
o How do cross-border payments work?
o How is interoperability achieved?
o What are the fintech providers?
o How they shaped payment innovation?
o What is financial inclusion?
- The essential requirements of payments users are universal: safety, ubiquity, affordability, reliability and usability
- Flow of cross-border payments is enormous and cross border payments services are among the most complex (and lucrative) sectors of the payments industry
- Monetary authority of Singapore – annual fintech conference in 2019 attracted 60K participants from IMO countries
- Some aspects of the today’s fintech landscape are merely window dressing but some will change industry substantially
- Payment systems development in emerging economies is important as the predictor of eventual direction of the global industry – countries without entrenched digital payments systems are using new technologies and business models
- Many governments with passionate commitment to financial inclusion see the potential to bring underserved citizens into the digital mainstream
- payment systems are inherently national
- there are no true global payments systems, virtually all payments transactions are national
- there are fundamentally different two types of payments: token based and account based
- cash is self clearing and self settling payment method – though handling and theft risks persist
- 1994 Sanwa bank – money laundering atm-s – dispensing yens sanitized and wrinkle free
- Account based payments are instructions resulting in one account being debited and another credited
- Only certain types of chartered/licensed institutions are allowed to offer accounts and only those within a country are allowed to join its payments systems
- The core systems at each country are actually very similar – there is a mutual threshold of available tech and ideas; another reason global standard bodies, CPMI, BIS, FATF
- Every country has an interoperable payments system – a core set of them (IPS)
-
- RTGS (real time gross settlement) systems, ACH – automated clearing house, direct debit, credit transfer, faster payments, debit card systems are all examples of IPS as some credit card, prepaid card and mobile payments
- Payment systems bind FSPs, the set of rules tht does so
- In closed loop systems, PSPs grant transaction accounts to both payer and payee – e.g. AMEX, m-pesa, Alipay
- Each country’s includes similar types of players:
o FSPs- banks, EMI, microfinance institutions – provide transaction accounts
o Central banks – operate country’s RTGS wire transfer system, including ta national RTRP (real time retail payments) system. CB’s representatives sit on payments clearing house’s boards in advisory roles. Some CB’s manage national currencies.
o One or more clearing houses involved with operations of national payments systems they are owned collectively by country’s fin institutions CH’s operate ACH, ATMs, RTRP
o Card systems – debit and credit cards provided by domestic card scheme operated by multipurpose CH or Global card network. ATM function as debit cards. Global card systems may operate with national platform regional or global
- Some regulators think of payments system as public goods, akin to internet DNS or highway
- 3 questions about the future:
o Payment systems – infrastructure compared to marketplace
o How will open banking evolve
o How will retail fraud be managed
Here are some key excerpts from the book:
- When we speak of global payments there are few issues, we need to get answers about:
o How do national payments systems work?
o Who are the players in each country?
o How do cross-border payments work?
o How is interoperability achieved?
o What are the fintech providers?
o How they shaped payment innovation?
o What is financial inclusion?
- The essential requirements of payments users are universal: safety, ubiquity, affordability, reliability and usability
- Flow of cross-border payments is enormous and cross border payments services are among the most complex (and lucrative) sectors of the payments industry
- Monetary authority of Singapore – annual fintech conference in 2019 attracted 60K participants from IMO countries
- Some aspects of the today’s fintech landscape are merely window dressing but some will change industry substantially
- Payment systems development in emerging economies is important as the predictor of eventual direction of the global industry – countries without entrenched digital payments systems are using new technologies and business models
- Many governments with passionate commitment to financial inclusion see the potential to bring underserved citizens into the digital mainstream
- payment systems are inherently national
- there are no true global payments systems, virtually all payments transactions are national
- there are fundamentally different two types of payments: token based and account based
- cash is self clearing and self settling payment method – though handling and theft risks persist
- 1994 Sanwa bank – money laundering atm-s – dispensing yens sanitized and wrinkle free
- Account based payments are instructions resulting in one account being debited and another credited
- Only certain types of chartered/licensed institutions are allowed to offer accounts and only those within a country are allowed to join its payments systems
- The core systems at each country are actually very similar – there is a mutual threshold of available tech and ideas; another reason global standard bodies, CPMI, BIS, FATF
- Every country has an interoperable payments system – a core set of them (IPS)
-
- RTGS (real time gross settlement) systems, ACH – automated clearing house, direct debit, credit transfer, faster payments, debit card systems are all examples of IPS as some credit card, prepaid card and mobile payments
- Payment systems bind FSPs, the set of rules tht does so
- In closed loop systems, PSPs grant transaction accounts to both payer and payee – e.g. AMEX, m-pesa, Alipay
- Each country’s includes similar types of players:
o FSPs- banks, EMI, microfinance institutions – provide transaction accounts
o Central banks – operate country’s RTGS wire transfer system, including ta national RTRP (real time retail payments) system. CB’s representatives sit on payments clearing house’s boards in advisory roles. Some CB’s manage national currencies.
o One or more clearing houses involved with operations of national payments systems they are owned collectively by country’s fin institutions CH’s operate ACH, ATMs, RTRP
o Card systems – debit and credit cards provided by domestic card scheme operated by multipurpose CH or Global card network. ATM function as debit cards. Global card systems may operate with national platform regional or global
- Some regulators think of payments system as public goods, akin to internet DNS or highway
- 3 questions about the future:
o Payment systems – infrastructure compared to marketplace
o How will open banking evolve
o How will retail fraud be managed
March 6, 2025
Contactless payments, blockchain, and AI-driven fraud detection are making transactions faster and more secure. One trend I find exciting is fintech white-label software https://kindgeek.com/white_label which allows businesses to launch their own payment solutions without building everything from scratch. This is huge for startups and banks looking to stay competitive. With AI and automation improving security and efficiency, I wouldn’t be surprised if cash becomes obsolete in a few years.
November 18, 2020
The book was clear and concise. I suppose I'd like to have seen what technology is doing to force relaxation, if any, on regulations and forex controls.
April 3, 2025
I’ll start by saying that my expectations for Global Payments were probably off, and that’s on me. I could have checked some reviews or even just look at the page count before buying it. But in my defense, when Glenbrook publishes something on payments, I assume it’s going to be thorough, detailed, and insightful—because that’s the standard they’ve set with Payments Systems in the U.S and other publications / workshops.
Unfortunately, Global Payments falls short of that bar. The content itself isn’t bad, but the book feels more like a magazine than a proper industry resource. It’s extremely short, which means no topic gets the depth or detail I was hoping for. Payments is a nuanced, complex space, and this book is too light on context to be truly useful for professionals who already understand the basics.
The title promises a lot but Fintech innovations are barely covered, and some major topics, like cross-border payments, are given just a couple of pages. In the end, this feels more like a high-level introduction rather than a serious exploration of global payments.
It’s fine for what it is, but given the title and the publisher, it feels like a missed opportunity.
Unfortunately, Global Payments falls short of that bar. The content itself isn’t bad, but the book feels more like a magazine than a proper industry resource. It’s extremely short, which means no topic gets the depth or detail I was hoping for. Payments is a nuanced, complex space, and this book is too light on context to be truly useful for professionals who already understand the basics.
The title promises a lot but Fintech innovations are barely covered, and some major topics, like cross-border payments, are given just a couple of pages. In the end, this feels more like a high-level introduction rather than a serious exploration of global payments.
It’s fine for what it is, but given the title and the publisher, it feels like a missed opportunity.
August 14, 2024
Carol Coye Benson's Global Payments: And the Fintech Innovations Changing the Industry is an indispensable resource for anyone seeking to understand the intricacies of the modern payments landscape. The book offers a comprehensive overview of the global payments ecosystem, from the fundamental workings of national payment systems to the disruptive impact of fintech.
Benson’s clear and engaging writing style makes complex topics accessible to a wide audience. She expertly navigates the labyrinth of payment rails, products, and services, providing valuable insights into the forces shaping the industry. The book’s exploration of real-time retail payments and their role in financial inclusion is particularly enlightening.
A standout feature of Global Payments is its in-depth analysis of fintech innovations. The author skillfully dissects the strategies of various fintech players, highlighting how they are reshaping the industry through cutting-edge technologies and business models. This focus on fintech is crucial, as it underscores the pivotal role of fintech app development in driving the payments revolution.
Benson’s clear and engaging writing style makes complex topics accessible to a wide audience. She expertly navigates the labyrinth of payment rails, products, and services, providing valuable insights into the forces shaping the industry. The book’s exploration of real-time retail payments and their role in financial inclusion is particularly enlightening.
A standout feature of Global Payments is its in-depth analysis of fintech innovations. The author skillfully dissects the strategies of various fintech players, highlighting how they are reshaping the industry through cutting-edge technologies and business models. This focus on fintech is crucial, as it underscores the pivotal role of fintech app development in driving the payments revolution.
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May 9, 2025The global payments landscape is evolving rapidly, thanks to fintech innovations that are making transactions faster, more secure, and more accessible across borders. From blockchain-based transfers to mobile wallets, these advancements are reshaping how businesses and consumers interact financially. If you're looking to stay ahead in this space, partnering with a reliable eWallet app development company is key to offering modern, user-friendly payment solutions.
January 16, 2026
Digital payments are transforming at a fast pace as fintech technologies introduce smarter and more efficient transaction methods. Innovations such as mobile wallets and secure digital payment systems are changing the way users and businesses handle money worldwide. To keep up with this shift, working with a trusted ewallet app development company can help create flexible, secure, and user-focused payment solutions that meet modern market demands.
January 8, 2021
Excellent summary of Fintech innovations
Carol does a great job yet again with this short read on the recent innovations in the world of payment. It covers a wide range of areas, but I would have loved to see more detailed examples of each one....if not in the main section, at least in the appendix
Carol does a great job yet again with this short read on the recent innovations in the world of payment. It covers a wide range of areas, but I would have loved to see more detailed examples of each one....if not in the main section, at least in the appendix
March 2, 2021
Nothing crazy, but some good jumping off points/validations of existing viewpoints.
March 20, 2023
Great resource to understand Payment mechanisms and systems, light on context and innovation in the global space. A good primer though.
April 13, 2025
Strong on fundamentals but weak on fintech innovations
The book does a good job in covering all existing payment methods but not much on fintech innovations.
The book is good for anyone working in the payment fintech field.
The book does a good job in covering all existing payment methods but not much on fintech innovations.
The book is good for anyone working in the payment fintech field.
Displaying 1 - 11 of 11 reviews