Overview of Deposit Products and Non-Cash Payment Products
Our online course discusses the purpose and features of transaction accounts, term deposits, and cash management accounts. It also uses worked examples to demonstrate common approaches to calculating interest.
Whatever your place in Australia’s banking and payments system, we have your essential learning needs covered.
What are deposit products?
Deposit products cover all conventional deposits including transaction accounts, savings accounts, term deposits and specialist accounts for particular groups such as pensioners, full-time students, farmers and agricultural producers, the self-employed, small to medium businesses (SMEs), mortgage holders, first home buyers, trustees, deceased estates, social clubs and corporates.
What are non-cash payment products?
A non-cash payment (NCP) is any payment other than by physical delivery of Australian or foreign currency. Some examples of NCP facilities include cheque accounts, traveller’s cheques, stored value cards, electronic cash, direct debit services, payroll cards, fund transfer services, electronic bill payment services, debit cards and online payment arrangements.
Regulation of ADIs
Prudential regulation is a legal framework focused on institutions’ financial safety and stability and the broader financial system. APRA closely monitors the operation of banks through its prudential regulatory responsibilities.
APRA is a Commonwealth Government regulatory body established to set standards for the prudent management of banking, insurance, and superannuation.
- Financial Services Regulation and Licencing
- Overview of Deposit Products and Non-Cash Payment Products
- Application of cross-industry laws in financial services
What you will learn
- What the common functions of money are
- The concept of interest and how simple interest differs from compound interest
- How non-cash payment facilities are defined in financial services law
- Characteristics of non-cash payment facilities
- How banking and non-cash payment facilities are regulated by APRA and ASIC
- How the RBA oversees operation of Australia’s payment systems.
- The regulatory roles played by ASIC, APRA and the Reserve Bank of Australia (RBA)
Who is this course for?
- frontline branch and call centre staff
- payments and funds transfer facility providers
- financial advisers who advise on deposit products.
Recognition of Prior Learning
On successful completion of the course, you will be awarded a Certificate of Attainment confirming that you are RG 146 compliant to provide general advice in Deposit Products and Non-Cash Payment Products.
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