LIBF Level 3 Certificate in Principles of Payments (CertPAY)

Purpose of the Qualification

• Provides a comprehensive understanding of the payments industry.
• Focuses on compliance and strategy.
• Develops specialist knowledge in products, structure, and risks in payments.
• Enhances employability and professionalism in the payments sector.

Objectives and Key Content Areas

• Differentiates professionals in the sector with key knowledge.
• Solid foundation for newcomers in UK and international markets.
• Covers purpose and structure, economic value, operations, legal and regulatory frameworks.

Key Skills Developed

• Understanding of industry responses to environmental changes.
• Mastery of technical language and regulation of payments.
• Independent work and learning capabilities.

Structure

• Consists of two mandatory units: Principles of the Payments Industry (PPA) and Payment Regulation, Risk, and Compliance (PRC).
• Total Qualification Time (TQT) is 200 hours, including guided learning and other independent hours.

Qualification Delivery

• Guided Learning (GL) includes study time and supervised exams.
• Self-directed study qualification with planned examination sessions.

Assessment

• Two-part examination assessing Unit 1 and Unit 2.
• Unit 1: 35 multiple-choice questions.
• Unit 2: 25 multiple-choice questions and two case studies.
• Pass mark of 70% for each unit.

Preparing for the Assessment

• Exams available at Pearson VUE test centers or remotely.
• Registration and booking managed by the candidate.
• Use all learning resources for exam preparation.

Qualification Grading

• Graded as pass/fail.
• Must achieve 70% in each unit.
• Feedback available via analysis sheets.

Resit Attempts

• No restriction on resit attempts within the 12-month registration period.

Additional Information

• No prior payments knowledge required.
• No specific entry requirements but proficiency in English at Level 3 is necessary.
• Recognition of prior learning can reduce the number of required units.

Progression and Preparation for Further Study

• Opportunities for further study with LIBF in trade and transaction banking.
• CertPAY contributes towards Diploma for Qualified Trade Finance Experts (QTFE).

Preparation for Employment

• Designed to enhance knowledge and skills valued in the payments industry.

Appendices

Appendix 1: Unit 1 - Principles of the Payments Industry (PPA)

• Assessment via 35 multiple-choice questions.
• Covers component parts of payments, economic value, infrastructure, and technical standards.
• Learning outcomes include understanding payment types, processes, and industry operations.

Appendix 2: Unit 2 - Payment Regulation, Risk, and Compliance (PRC)

• Assessment via 25 multiple-choice questions and two case studies.
• Focuses on payment regulation, financial crime, risk and security.
• Learning outcomes include understanding legal frameworks, compliance, and risk mitigation strategies.