Payments 101

Welcome! In a series of videos, you will learn about the history of payments and the role of the Federal Reserve in the payments system. The content for this module was taken from the Federal Reserve Bank of Richmond’s Payments 101 course.

After completing this course, you will be able to:

Explain the functions of money.
Discuss the pros and cons of a gold standard.
Recognize why the Federal Reserve note was needed.
Explain the cash life cycle.
Recognize the need for clearinghouses.

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