Exam (elaborations)
APRP VOCAB EXAM 2024 WITH 100% ACCURATE ANSWERS
- Course
- Institution
APRP VOCAB EXAM 2024 WITH 100% ACCURATE ANSWERS
[Show more]
Content preview
APRP VOCAB EXAM 2024 WITH 100%ACCURATE ANSWERS
,APRP VOCAB EXAM 2024 WITH 100%
ACCURATE ANSWERS
Expedited Funds Availability Act (EFAA) - correct answersFederal law applies to making proceeds of
deposits into bank accounts available to depositors.
Check Clearing for the 21st Century Act (Check 21) - correct answersSubpart D to Regulation CC
facilitates truncation and image exchange but does not govern it. Creates and governs the use of a
substitute check in place of the original item without the agreement of the recipient as a negotiable
instrument. Provides warranties and indemnities that flow with a substitute check.
Regulation J - correct answersFederal regulation covering Federal Reserve Bank processing of checks and
wires. Defines an image plus data as an electronic item.
Regulation P - correct answersFederal regulation governing the treatment of nonpublic personal
information about consumers by financial institutions
ACH - correct answersAutomated Clearing House
ACH Network - correct answersBackbone for the electronic movement of money and data, a processing
and delivery system that provides for the distribution and settlement among financial institutions of
electronic credits and debits, as well as, non-monetary entries with payment related information
ACH Operator - correct answersCentral clearing facility that receives entries from the ODFIs and
distributes the entries to the appropriate Receiving Depository Financial Institution
ACH Policy - correct answersEvery financial institution should have this policy that outlines the financial
institution's goals and objectives for its ACH program. The policy should have the approval of the board
of directors. Some elements to be considered or be addressed include:
• A general statement that the organization will process ACH in accordance with U.S. law and the
NACHA Operating Rules
• Compliance with NACHA Operating Rules
• Outline of the types of ACH products the FI will offer
• Any types of prohibited/restricted originators
, • Internal controls practices to address the risk inherent to offering certain ACH products
• Third Party Senders relationships should be addressed
• ACH Receipt
• ACH Origination
• OFAC Requirements"
Addressing - correct answersAutomated means to route/direct a transaction using a set of data often
employing a directory service.
Alternate channel confirmations - correct answersProcess of encouraging customer participation in
fraud detection and increase customer confidence by sending confirmations of certain high-risk
activities through additional communication channels such as the telephone, e-mail, or traditional mail
AML - correct answersAnti- Money Laundering-
Ancillary Risk - correct answersA consequence or by-product of not managing credit, operational, fraud,
systemic or compliance Risks
Android Pay - correct answersA digital wallet platform developed by Google to power in-app and tap-to-
pay purchases on mobile devices, enabling users to make payments with Android phones, tablets or
watches. It is an open loop system
Anomaly Detection - correct answersA technique that compares current behavior with established
patterns of legitimate behavior and looks for anomalies
API - correct answersA set of specifications, standards or conventions that enable programs to exchange
information
Apple Pay - correct answersA mobile payment and digital wallet service by Apple Inc. that lets users
make payments using an iPhone, Apple Watch, iPad or Mac. It is an open loop system.
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 PRETTYGRADES81. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82215 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now