Payment Industry

It is recommended to inquire about the planned semester study schedule before purchasing and make sure that it is suitable for him. Tel. (0 5) 274 4888.

Course Payment Industry (VVFRM18103) annotation

The course on the payments industry will enable students to understand the mechanisms of monetary value transfer in the market, the specifics of their operation, existing regulatory models, and the practical feasibility of payment services in terms of the requirements set out in theory and practice. Students must attend at least 60% of the practical sessions according to the scheduled timetable.

Aim of course

To provide students with a comprehensive understanding of the payments industry and its ongoing transformation. During the course, participants will gain knowledge of the various payment methods, regulation, technologies and trends that shape this ecosystem.

Learning outcomes: Will be able to innovatively evaluate payment service market participants, thereby contributing to the smooth operation of the financial sector. They will also analyse and evaluate trends in the payment sector, forecast their development, and adapt core regulatory principles, successfully applying them in analogous fields.

Faculty and course volume in credits: A 6-credit course of study for the Master's degree in the Faculty of Business Management.

Course content

List of the Course lecture topics:

Changes in forms of settlement, electronic payment instruments, concepts, types and differences 

The concept of electronic payments, the legal basis for such payments 

The concept of payment methods, other forms of settlement

Specifics of personal data protection in electronic payments

Lithuanian banks’ electronic banking systems

Payment systems operated by the European Central Bank, the Bank of Lithuania and within the European Union, and other financial market infrastructures (TARGET Services, SEPA) 

Interbank correspondent relations system (SWIFT, CHIPS)

Payment institutions, specifics of legal regulation

Electronic money institutions, electronic money: types, differences from other electronic payment services

Payment initiation service: specifics, legal regulation

Peer-to-peer lending and crowdfunding services, platforms for such services, legal regulation of their operations

The concept of money laundering, national and international legal regulation 

Entities responsible for the prevention of money laundering, their rights and obligations

Identity verification, the content, importance and practical application of the ‘Know Your Customer’ principle

National and international organizations involved in the prevention of money laundering, and the documents they have adopted

List of the Course exercise topics:

Methods of payment between different payment service providers 

Key identifiers used in financial market infrastructure settlements

The significance of the US dollar and other currencies in international settlements 

Stablecoins and central bank digital currencies, their significance and interaction with traditional payment service providers

Group work: 

Analysis of the current Lithuanian payments market and the services available within it

Upon completion of the course with a positive assessment, a Certificate of Completion will be issued, which is transferable to any higher education institution. Upon completion of the course module without a final assessment, a certificate of completion of the course is issued.

The cost of the course is 469,00 Eur.