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APRP Exam Flash Cards (220 questions and answers).
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APRP Exam Flash Cards (220 questions and answers).
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APRP ExamFlash Cards (220
questions and
answers)
ACH Network is governed by these rules and
regulations.
ACH Rules
EFTA and Regulation E
Regulation CC
Regulation D
31 CFR Part 203, 208, 210, & 370
UCC Articles 4 & 4A
BSA/AML
State EFT Acts
,FRB Operating Rules Circular 4
Private Sector ACH Operator Rules
OFAC
Emerging payments are governed by these rules
and regulations.
Generally, these are ACH or card transactions;
therefore, the respective payment system rules
and regulation would apply.
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Check payment system is governed by these rules
and regulations.
,Regulation CC..
UCC Article 3.
UCC Article 4.
Regulation J Subpart A.
F.R.B. Operating Circular 3..
E.C.C.H.O Rules
Examples of credit risk with wire payments.
1. Originator/Sender Bank makes an irrevocable
payment on behalf of a customer through an
extension of credit.
2. Beneficiary Bank does not post the payment
properly.
Card payment system is governed by these rules
and regulations.
1. Regulation E
2. Regulation Z
3. Card Association Rules
Examples of credit risk with emerging payments.
1. Failure or bankruptcy of entity initiating
payment.
2. Funds availability prior to receiving final
settlement.
3. Per-transaction dollar limits being set too high
4. Funds unavailable to satisfy debit return
Maximum timeframe an ODFI is exposed to credit
risk for ACH debit origination.
1. up to 60 days from the Settlement Date for
consumer Standard Entry Class (SEC) codes per the
ACH Rules.
, 2. Up to 60 days from the consumer's statement
date per Regulation E.
Examples of credit risk with card payments.
1. Merchant declares bankruptcy, commits fraud or
is otherwise unable to pay its chargebacks causing
the Acquiring Financial Institution to pay the Card
Issuer.
2. with EMV, the Card issuer may encounter credit
risk due to fallback transaction.
Examples of credit risk with ACH debit payments.
1. ODFI is unable to recover funds from Originator
for returned debit entries
2. RDFI is untimely in returning debit entries
Maximum timeframe an ODFI is exposed to credit
risk for ACH credit origination.
Up to two banking days.
Examples of credit risk with ACH credit payments.
1. Originator fails to fund ODFI for credit entries
initiated.
2. RDFI posted credit entry prior to settlement
Date.
Examples of fraud risk with check payments.
1. Lost or stolen check
2. Alteration of deposited items.
3. Forged or missing endorsement
4. Deposit of counterfeit items
5. Check kiting
6. Redeposit of items/duplicate presentment
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