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APRP Handbook - Ch 1: Payment Systems (16%) $9.29
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APRP Handbook - Ch 1: Payment Systems (16%)
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APRP Handbook - Ch 1: Payment Systems (16%) Industry Background - NACHA: Formed in 1974 to govern the ACH Network. Payment Processes and Technologies - Memo Post: Temporary posting to an account that may affect the balance until verification is completed. - Proximity Payments: POS transactio...

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  • August 15, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • aprp handbook ch 1 payment systems 16

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  • APRP Handbook - Ch 1: Payment Systems
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APRP Handbook - Ch 1: Payment Systems (16%)


Industry Background

- NACHA: Formed in 1974 to govern the ACH Network.



Payment Processes and Technologies

- Memo Post: Temporary posting to an account that may affect the balance until verification is
completed.

- Proximity Payments: POS transactions made with mobile devices (e.g., cellphones, smart cards) using
M-payments.

- Decoupled Debit Cards: Cards issued by financial institutions that operate via the ACH network for
settlement, regardless of transaction account location (e.g., Target Red Card).

- Contactless Cards or Key Fobs: Use RFID technology and an embedded chip for transactions.



Security Standards

- PCI DSS: Payment Card Industry Data Security Standards aimed at securing credit card information
across organizations.



Payment Networks

- Open Loop Network: A network connecting Issuing and Acquiring Financial Institutions (FIs) to manage
value flow (e.g., Visa and MasterCard).

- Closed Loop Network: Direct payment services between merchants and cardholders without involving
FIs (e.g., American Express and Discover).



Check Processing

- Check Clearing: The path a check follows in the collection process.

- Check Collection: Ensuring funds are correctly debited from and credited to appropriate accounts.

- RDC Benefits: Decreased processing costs, support for new and existing banking products, improved
customer access to deposits.



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