APRP-Exam questions with complete solutions 2023Prepaid/Stored Value Card
A card-based payment system that assigns a value to the card; some cards can be "reloaded"through various methods and the others are designed to be discarded.
Credit card
A card indicating the holder has been granted...
Prepaid/Stored Value Card - correct answer A card-based payment system that
assigns a value to the card; some cards can be "reloaded"through various methods and
the others are designed to be discarded.
Credit card - correct answer A card indicating the holder has been granted a line of
credit to make purchases or withdraw cash up to a prearranged ceiling.
Debit card - correct answer A payment card issued to a person for purchasing goods
and services through an electronic transfer of funds from a demand deposit account
(DDA) rather than using cash, checks drafts at the point of sale.
Credit entry - correct answer An entry to the record of an account that represents the
transfer or placement of funds into the account.
Debit entry - correct answer An entry to the record of an account that represents the
transfer or removal of funds from the account.
Electronically Created Item (ECI) - correct answer A check that never appears in paper
form.
Remotely Created Check(RDC) - correct answer Check created by a payee based on
the account holder's authorization that does not bear a signature.
Remote Deposit Capture (RDC) - correct answer Delivery system that enables paper
checks to be processed remotely.
Pay Before - correct answer Type of retail processing where a card payment is made
for goods or services with prepaid or stored-value cards,
Pay Now - correct answer Type of retail processing where a card payment is expected
when the goods or services are received; generally associated with debit
payments(debit cards)
Pay Later - correct answer Type of retail processing where a card payment is expected
after the goods or services have been received; typically refers to credit payments(credit
cards)
SWIFT - correct answer Global network messaging service supporting correspondent
banking and financial market utilities.
, Financial Market Utilities(FMUs) - correct answer Multilateral systems that provide the
infrastructure for transferring, clearing and settling payments, securities and other
financial transactions or between financial institutions and the system.
Application Program Interface (API) - correct answer A list of specifications, standards
or conventions that enable computer programs to exchange information.
Payroll card account - correct answer A bank account established directly or indirectly
by an employer on behalf of an employee to which an employees wages are
electronically transferred to.
Beneficiary - correct answer Person or entity to be paid in a funds transfer.
Beneficiary's bank - correct answer Financial institution identified in a funds transfer to
be credited pursuant to the payment order.
Federal Reserve Bank - correct answer Entity that process and settles Fedwire Funds
Originating/Sender Bank - correct answer Financial Institution that initiates a funds
transfer on behalf of the Originator.
Originator - correct answer Sender of the payment order in a funds or securities
transfer.
Reconverting Bank - correct answer Financial institution that produces the substitute
check or Image replacement documents(IRD)
Truncating Bank - correct answer Financial institution that creates an image of the
original check
Corresponding Bank - correct answer Private depository institution, Bankers Bank or
Federal Reserve Bank providing clearing or settlement services to a paying Bank or
Bank of First Deposit.
Clearing House - correct answer A voluntary association of depository institutions that
facilitate the clearing of checks or electronic items through the direct exchange of funds
between members.
Payor (Check Writer, Maker or Drawer) - correct answer The party obligated to pay on
a check
Bank of First Deposit (Payee's Depository Financial Institution) - correct answer The
first bank to which a check is deposited or transferred.
Payee - correct answer The party to whom a check is made payable
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller maxiscore. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $18.99. You're not tied to anything after your purchase.
