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...
- 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.
Regulatory and Compliance
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