AAP exam 2023 with 100% correct answers

A company or individual that has been authorized by the Receiver to initiate either a credit or debit ACH entry to their account. - correct answer Originator A financial institution that receives payment instructions from Originators and forwards the entries to the ACH Operator. - correct answer Originating Depository Financial Institution (ODFI) ACH Payment Transaction are accumulated throughout the day, sent to the ACH Operator, sorted by destination, and transmitted in groups at specified times. - correct answer Batch Process, store-and-forward system An individual or a company that has authorized the Originator to initiate an ACH entry to their account with the RDFI. - correct answer Receiver Financial institution identified by the routing number encoded on the MICR lineof a check. - correct answer Paying Bank (Payor's Depository Financial Institution) A financial institution that receives ACH entries from the ACH Operator and posts the entries to the accounts of its depositors. - correct answer Receiving Depository Financial Institution (RDFI) The central clearing facility for ACH transactions. - correct answer ACH Operator A voluntary association of depository institutions that facilitate the clearing of checks or electronic items through the direct exchange of funds between memebers. - correct answer Clearing House An entity that issues a credit or debit card to the Cardholder. - correct answer Card Issuer The pa