Payments Academy
Morgan Stanley PAYMENT OPERATIONS STARTED LIVE 01 Morgan Stanley - similar to Goldman Sachs in that its payment ACTIVE 02 Societe Generale - one of the largest banks in France QUEUED 03 Australia and New Zealand Banking Group - ANZ, the Australia and New QUEUED 04 At the time of the acquisition - Credit Suisse ran its own payment hub QUEUED 05 Learn the clearing systems - Second, learn the clearing systems the bank QUEUED 06 Questions when you - payments team, ask which model you QUEUED Morgan Stanley is similar to Goldman Sachs in that its payment operations are built around institutional clients Step 1 of 6 Morgan Stanley STARTED Morgan Stanley similar to Goldman Sachs in that its payment ACTIVE Societe Generale one of the largest banks in France QUEUED Australia and New Zealand Banking Group ANZ, the Australia and New Zealand Banking QUEUED At the time of the acquisition Credit Suisse ran its own payment hub QUEUED Learn the clearing systems Second, learn the clearing systems the bank QUEUED Questions when you payments team, ask which model you QUEUED Morgan Stanley is similar to Goldman Sachs in that its payment operations are built around institutional clients
Societe Generale PAYMENT OPERATIONS IN PROGRESS LIVE 01 Morgan Stanley - similar to Goldman Sachs in that its payment DONE 02 Societe Generale - one of the largest banks in France ACTIVE 03 Australia and New Zealand Banking Group - ANZ, the Australia and New QUEUED 04 At the time of the acquisition - Credit Suisse ran its own payment hub QUEUED 05 Learn the clearing systems - Second, learn the clearing systems the bank QUEUED 06 Questions when you - payments team, ask which model you QUEUED Societe Generale is one of the largest banks in France and a major transaction bank in Europe and Africa. Step 2 of 6 Societe Generale IN PROGRESS Morgan Stanley similar to Goldman Sachs in that its payment DONE Societe Generale one of the largest banks in France ACTIVE Australia and New Zealand Banking Group ANZ, the Australia and New Zealand Banking QUEUED At the time of the acquisition Credit Suisse ran its own payment hub QUEUED Learn the clearing systems Second, learn the clearing systems the bank QUEUED Questions when you payments team, ask which model you QUEUED Societe Generale is one of the largest banks in France and a major transaction bank in Europe and Africa.
Australia and New Zealand Banking Group PAYMENT OPERATIONS IN PROGRESS LIVE 01 Morgan Stanley - similar to Goldman Sachs in that its payment DONE 02 Societe Generale - one of the largest banks in France DONE 03 Australia and New Zealand Banking Group - ANZ, the Australia and New ACTIVE 04 At the time of the acquisition - Credit Suisse ran its own payment hub QUEUED 05 Learn the clearing systems - Second, learn the clearing systems the bank QUEUED 06 Questions when you - payments team, ask which model you QUEUED ANZ, the Australia and New Zealand Banking Group, is the leading transaction bank in Australia and New Zealand, and its payment operations are built around the Australian clearing systems Step 3 of 6 Australia and New Zealand Banking Group IN PROGRESS Morgan Stanley similar to Goldman Sachs in that its payment DONE Societe Generale one of the largest banks in France DONE Australia and New Zealand Banking Group ANZ, the Australia and New Zealand Banking ACTIVE At the time of the acquisition Credit Suisse ran its own payment hub QUEUED Learn the clearing systems Second, learn the clearing systems the bank QUEUED Questions when you payments team, ask which model you QUEUED ANZ, the Australia and New Zealand Banking Group, is the leading transaction bank in Australia and New Zealand, and its payment operations are built around the Australian clearing systems
At the time of the acquisition PAYMENT OPERATIONS IN PROGRESS LIVE 01 Morgan Stanley - similar to Goldman Sachs in that its payment DONE 02 Societe Generale - one of the largest banks in France DONE 03 Australia and New Zealand Banking Group - ANZ, the Australia and New DONE 04 At the time of the acquisition - Credit Suisse ran its own payment hub ACTIVE 05 Learn the clearing systems - Second, learn the clearing systems the bank QUEUED 06 Questions when you - payments team, ask which model you QUEUED At the time of the acquisition, Credit Suisse ran its own payment hub, its own SWIFT connection, Step 4 of 6 At the time of the acquisition IN PROGRESS Morgan Stanley similar to Goldman Sachs in that its payment DONE Societe Generale one of the largest banks in France DONE Australia and New Zealand Banking Group ANZ, the Australia and New Zealand Banking DONE At the time of the acquisition Credit Suisse ran its own payment hub ACTIVE Learn the clearing systems Second, learn the clearing systems the bank QUEUED Questions when you payments team, ask which model you QUEUED At the time of the acquisition, Credit Suisse ran its own payment hub, its own SWIFT connection,
Learn the clearing systems PAYMENT OPERATIONS IN PROGRESS LIVE 01 Morgan Stanley - similar to Goldman Sachs in that its payment DONE 02 Societe Generale - one of the largest banks in France DONE 03 Australia and New Zealand Banking Group - ANZ, the Australia and New DONE 04 At the time of the acquisition - Credit Suisse ran its own payment hub DONE 05 Learn the clearing systems - Second, learn the clearing systems the bank ACTIVE 06 Questions when you - payments team, ask which model you QUEUED Second, learn the clearing systems the bank is a member of, because membership decides what the bank can settle directly and what it must send through a correspondent. Step 5 of 6 Learn the clearing systems IN PROGRESS Morgan Stanley similar to Goldman Sachs in that its payment DONE Societe Generale one of the largest banks in France DONE Australia and New Zealand Banking Group ANZ, the Australia and New Zealand Banking DONE At the time of the acquisition Credit Suisse ran its own payment hub DONE Learn the clearing systems Second, learn the clearing systems the bank ACTIVE Questions when you payments team, ask which model you QUEUED Second, learn the clearing systems the bank is a member of, because membership decides what the bank can settle directly and what it must send through a correspondent.
Questions when you join a team PAYMENT OPERATIONS COMPLETE LIVE 01 Morgan Stanley - similar to Goldman Sachs in that its payment DONE 02 Societe Generale - one of the largest banks in France DONE 03 Australia and New Zealand Banking Group - ANZ, the Australia and New DONE 04 At the time of the acquisition - Credit Suisse ran its own payment hub DONE 05 Learn the clearing systems - Second, learn the clearing systems the bank DONE 06 Questions when you - payments team, ask which model you ACTIVE When you join a payments team, ask which model you are in, who the customers are, and what they value most. Step 6 of 6 Questions when you join a team COMPLETE Morgan Stanley similar to Goldman Sachs in that its payment DONE Societe Generale one of the largest banks in France DONE Australia and New Zealand Banking Group ANZ, the Australia and New Zealand Banking DONE At the time of the acquisition Credit Suisse ran its own payment hub DONE Learn the clearing systems Second, learn the clearing systems the bank DONE Questions when you payments team, ask which model you ACTIVE When you join a payments team, ask which model you are in, who the customers are, and what they value most.

Key points of this lesson, in order.

0:00 / 4:54 Step 1 of 6

More Banks and What to Learn from Them

How 10 Large Banks Do Payments, Lesson 7 of 7, Narration 4:54, D14 Business analysis and professional practice

Sanctions screeningPayment hubSettlement

What you will learn

Your objective. By the end of this lesson, you will be able to explain more banks and what to learn from them. Morgan Stanley is similar to Goldman Sachs in that its payment operations are built around institutional clients, but it has a different emphasis, wealth management through its acquisition of E*TRADE and its large.

Why it matters. The patterns a business analyst should recognise are the same in every large bank.

Chapter objective: Learner compares how ten large banks organise payments, including hub models, vendor choices, and operating models, and extracts lessons a smaller bank can apply. Learner applies this skill in realistic banking scenarios, with clear examples and correct terminology throughout.

Key learning points

  • Morgan Stanley
  • Societe Generale
  • Australia and New Zealand Banking Group
  • At the time of the acquisition
  • Learn the clearing systems
  • Questions when you join a team

Key terms

Sanctions screening: Checking payment parties, countries and references against sanctions lists published by governments and international bodies.

Payment hub: A central system in a bank that receives payment instructions from all channels, validates them, applies screening and routing rules, and sends them to the correct clearing system or correspondent.

Settlement: The final movement of funds between banks to discharge obligations created by cleared payments. Settlement is usually made in central bank money or through correspondent accounts.

Payment flow diagram showing More Banks and What to Learn from Them.

Practise this lesson

Exercise

Map the payment in this lesson through the hub components.

Use the hub components and their order in this lesson.

  1. What to do. List each component the payment passes through, what it does, and what happens if it fails.

Correct result. The payment enters through a channel, passes the gateway, validation, fraud and sanctions checks, routing, and the ledger, then leaves through the right clearing system. A failure at any component stops or holds the payment, and the hub must record where it stopped.

Why. The hub is where most payment requirements live. If you cannot map a payment through it, you cannot specify, test or fix it.

Check your understanding

Practice question

Which of the following best describes more banks and what to learn from them?

Takeaway and next step

What to remember

Finally, remember that the bank name matters less than the business model.

Map the message fields from this lesson in the mapping workbench.

Open the Mapping Workbench →

Builds on "UBS and Goldman Sachs".

Transcript and full text

Show transcript

Morgan Stanley is similar to Goldman Sachs in that its payment operations are built around institutional clients, but it has a different emphasis, wealth management through its acquisition of E*TRADE and its large financial adviser network in the United States. The bank payment hub handles payments for more than 18 million wealth management accounts, including cash movements between brokerage and bank accounts, bill payments, and wire transfers instructed by financial advisers on behalf of clients. A client who sells 500,000 dollars of shares and wants the proceeds sent to an external bank account will have the payment released through Fedwire, with the adviser approving it online and the client confirming it by text message. The volumes are large and the client base is broad, so the bank has invested heavily in digital channels and in fraud prevention. Societe Generale is one of the largest banks in France and a major transaction bank in Europe and Africa. Its payment hub in Paris processes SEPA payments, T2 payments, and cross-border payments through SWIFT, and it is a leading clearer of euros in France. The bank has a strong presence in Africa through its subsidiary banks in more than 15 countries, and its payment network is built for corridors between France and West Africa that other European banks do not serve well. A company in Paris that pays a supplier in Senegal in West African francs will often route the payment through Societe Generale, which holds the local currency account and understands the local clearing rules. The bank is also a major provider of trade finance, and its payment and trade teams work closely together on transactions where a payment is linked to a letter of credit. ANZ, the Australia and New Zealand Banking Group, is the leading transaction bank in Australia and New Zealand, and its payment operations are built around the Australian clearing systems and the fast-growing real-time payment system in Australia, the New Payments Platform. ANZ processes millions of payments a day through the Bulk Electronic Clearing System for direct debits and direct credits, and through the New Payments Platform for instant payments that settle in seconds. The bank also has a strong institutional business in Asia, with payment hubs in Singapore and Hong Kong serving corporate clients who trade between Australia and China. A mining company in Perth that exports iron ore to Shanghai can receive Chinese yuan into its ANZ account in Singapore and convert it to Australian dollars in the same day. Credit Suisse was one of the largest banks in Switzerland until it was acquired by UBS in 2023, and its story is a lesson in what happens to a payment operation when a bank disappears. At the time of the acquisition, Credit Suisse ran its own payment hub, its own SWIFT connection, and its own correspondent network, serving private banking clients in Zurich and Geneva and institutional clients around the world. After the acquisition, UBS had to migrate those clients, those accounts, and those payment flows onto the UBS platform, a project that involved moving millions of payment instructions, rebuilding correspondent relationships, and retraining thousands of staff. The migration took years and is still the largest payment integration project in Swiss banking history. It shows that a payment hub is not just technology; it is the relationships, the reference data, and the operational knowledge that take years to build. The patterns a business analyst should recognise are the same in every large bank. First, find the payment hub and learn what it does, because every payment passes through it. Second, learn the clearing systems the bank is a member of, because membership decides what the bank can settle directly and what it must send through a correspondent. Third, learn the correspondent network, because the nostro accounts and the routing tables decide how cross-border payments travel. Fourth, learn the exception queues and the straight-through processing rate, because they show where the operation spends its time. Fifth, learn the sanctions screening and the compliance controls, because they decide which payments are held and who can release them. A business analyst who can map these five things in the first month will be useful far sooner than one who starts by reading the technology manuals. Finally, remember that the bank name matters less than the business model. A retail bank optimises for volume and cost, a corporate bank optimises for service and integration, a private bank optimises for security and personal service, and an investment bank optimises for speed and settlement accuracy. When you join a payments team, ask which model you are in, who the customers are, and what they value most. The answers will tell you which payment types matter, which systems matter, and where the next project will be. The banks in this chapter are different in size, in geography, and in history, but they all face the same question, how to move money safely, quickly, and cheaply for the customers who trust them with it.

Morgan Stanley is similar to Goldman Sachs in that its payment operations are built around institutional clients, but it has a different emphasis, wealth management through its acquisition of E*TRADE and its large financial adviser network in the United States. The bank payment hub handles payments for more than 18 million wealth management accounts, including cash movements between brokerage and bank accounts, bill payments, and wire transfers instructed by financial advisers on behalf of clients. A client who sells 500,000 dollars of shares and wants the proceeds sent to an external bank account will have the payment released through Fedwire, with the adviser approving it online and the client confirming it by text message. The volumes are large and the client base is broad, so the bank has invested heavily in digital channels and in fraud prevention.

Societe Generale is one of the largest banks in France and a major transaction bank in Europe and Africa. Its payment hub in Paris processes SEPA payments, T2 payments, and cross-border payments through SWIFT, and it is a leading clearer of euros in France. The bank has a strong presence in Africa through its subsidiary banks in more than 15 countries, and its payment network is built for corridors between France and West Africa that other European banks do not serve well. A company in Paris that pays a supplier in Senegal in West African francs will often route the payment through Societe Generale, which holds the local currency account and understands the local clearing rules. The bank is also a major provider of trade finance, and its payment and trade teams work closely together on transactions where a payment is linked to a letter of credit.

ANZ, the Australia and New Zealand Banking Group, is the leading transaction bank in Australia and New Zealand, and its payment operations are built around the Australian clearing systems and the fast-growing real-time payment system in Australia, the New Payments Platform. ANZ processes millions of payments a day through the Bulk Electronic Clearing System for direct debits and direct credits, and through the New Payments Platform for instant payments that settle in seconds. The bank also has a strong institutional business in Asia, with payment hubs in Singapore and Hong Kong serving corporate clients who trade between Australia and China. A mining company in Perth that exports iron ore to Shanghai can receive Chinese yuan into its ANZ account in Singapore and convert it to Australian dollars in the same day.

Credit Suisse was one of the largest banks in Switzerland until it was acquired by UBS in 2023, and its story is a lesson in what happens to a payment operation when a bank disappears. At the time of the acquisition, Credit Suisse ran its own payment hub, its own SWIFT connection, and its own correspondent network, serving private banking clients in Zurich and Geneva and institutional clients around the world. After the acquisition, UBS had to migrate those clients, those accounts, and those payment flows onto the UBS platform, a project that involved moving millions of payment instructions, rebuilding correspondent relationships, and retraining thousands of staff. The migration took years and is still the largest payment integration project in Swiss banking history. It shows that a payment hub is not just technology; it is the relationships, the reference data, and the operational knowledge that take years to build.

The patterns a business analyst should recognise are the same in every large bank. First, find the payment hub and learn what it does, because every payment passes through it. Second, learn the clearing systems the bank is a member of, because membership decides what the bank can settle directly and what it must send through a correspondent. Third, learn the correspondent network, because the nostro accounts and the routing tables decide how cross-border payments travel. Fourth, learn the exception queues and the straight-through processing rate, because they show where the operation spends its time. Fifth, learn the sanctions screening and the compliance controls, because they decide which payments are held and who can release them. A business analyst who can map these five things in the first month will be useful far sooner than one who starts by reading the technology manuals.

Finally, remember that the bank name matters less than the business model. A retail bank optimises for volume and cost, a corporate bank optimises for service and integration, a private bank optimises for security and personal service, and an investment bank optimises for speed and settlement accuracy. When you join a payments team, ask which model you are in, who the customers are, and what they value most. The answers will tell you which payment types matter, which systems matter, and where the next project will be. The banks in this chapter are different in size, in geography, and in history, but they all face the same question, how to move money safely, quickly, and cheaply for the customers who trust them with it.

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