- Paperback: 170 pages
- Publisher: Glenbrook Partners; 2 edition (November 11, 2013)
- Language: English
- ISBN-10: 0982789726
- ISBN-13: 978-0982789728
- Product Dimensions: 7.4 x 0.4 x 9.7 inches
- Shipping Weight: 1 pounds (View shipping rates and policies)
- Average Customer Review: 4.1 out of 5 stars See all reviews (26 customer reviews)
- Amazon Best Sellers Rank: #93,097 in Books (See Top 100 in Books)
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Payments Systems in the U.S. - Second Edition 2nd Edition
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From the Author
At Glenbrook, we often refer to ourselves as "payments geeks". In our strategy consulting practice, in our teaching, and in our writings we like to delve down into the details of how the systems work - and we like to share it with others! I've found a particular fascination in the economics of the payments industry - discovering where money is made, and how.
From the Back Cover
The Payments Systems Explained!
Are you a payments professional who wants to understand more about the systems you work with every day? This book offers the knowledge and insight needed by:
* Product and sales managers from payments processors and service providers
* Payments managers and treasury professionals at physical and eCommerce merchants, billers, and enterprises
* Bank product managers, risk managers, and sales managers
* Technology and service executives whose products leverage payments systems
* Investors, inventors and analysts
* Management teams from payments start-ups
Why We Wrote This Book
Carol Coye Benson and Scott Loftesness are two of the founding partners of Glenbrook, a leading strategy consulting firm in the payments industry. After founding Glenbrook, they quickly realized that executives from many of their clients (banks, processors, card networks, technology and service providers, as well as merchants, payments start-ups and investors) wanted a more in-depth understanding of hwo the payments systems actually work.
In response to this, Carol and Scott developed the Glenbrook Payments Boot Camp - a two day "deep dive" into the industry - covering value chains, economics, regulation, products, markets, risk management and technology. Their lively and engaging teaching style quickly made the Payments Boot Camp popular throughout the industry. "Payments Systems in the U.S." draws on this material - and explains, in clear and simple writing, how this industry works, who makes money from it, and how it is changing.
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Top customer reviews
1. First use of acronyms (of which there are plenty!) should ALWAYS be preceded by the full name. For example, before simply writing ODFI, the authors should spell out Originating Depository Financial Institution.
2. A glossary of acronyms and agencies would also be extremely useful for references.
3. The book lacks case studies and concrete examples.
4. Almost no discussion of fraud is allocated to the six payment systems. Where it is mentioned, no real life scenarios are described. (Although fraud risks may have been outside the authors' intended scope, the book was used as the primary text in an undergraduate class I took on payment systems fraud.)
5. The writing style is does not engage the reader. It reads more like an instruction manual for assembling a microwave oven.
6. Some of the diagrams were as incomprehensible as the text itself.
In short, the book seems as if it is written for people already working as payments professionals--and perhaps it was. As a newcomer to the fraud investigation world, however, I was not familiar with the terms or processes detailed in the book and therefore gleaned little useable knowledge.
I was disappointed as this is that it is really at the 25,000 to the 50,000 foot level and doesn't really dive into details in most areas and in many sections read like a history of this industry and not a how, what, and why description. Especially as it states in the introduction "This book provides a comprehensive view of the entire payments industry, including all its systems and functions." which it clearly fails to meet. So using the college textbook terms I might only categorize it as "supplemental reading material" only.
The book is also very "business" oriented and doesn't really explain hardly any of the technology, standards (the payments industry is based on standards and not even mentioning them?), flows, of HOW in some cases the different functions work and flow together; as the book is titled "Payment SYSTEMS" and not "Payments Industry" or something similar I expected even a bit more deep dive vs. a bullet list of terms with quick definitions. In some cases I would almost go as far as stating some are wrong and not just information missing.
I think it does have some really good illustrations though that explain some things easily and some of the walk throughs of the fews "hows" in the book were good.. but the level of detail was very inconsistent. Some other tables and descriptions I am wondering why they are there other than to consume space. I will also note that all of the graphics and tables in the Kindle version of this book are awfully blurry to the point the text is almost unreadable.
I've been in the financial industry 15+ years (a majority in the card and ATM area) and have been doing PCI since its draft version and "The Data Security and PCI" segment in chapter 5 I would go as far as saying is one of the worst summations of PCI and Card Industry Data Security I have also ever read and really downplays the importance of it.
It should also be pointed out that this book is made by Glenbrook who are the publishers of the PaymentsNews and PaymentsViews websites (as described in 'Chapter 11'). It at times almost seems to almost be written from the outside media organization looking into the industry vs. someone in the industry themselves doing this stuff every day and being it is the publishers of Payment News (which I read) I also expected more from them.
If or when it comes time to do the third edition, the authors should reach out to me if they want to add some real meat to some of the areas of the content of this book as I really think the foundation is there to be much more.