APRP-Exam questions with complete solutions 2023Prepaid/Stored Value Card
A card-based payment system that assigns a value to the card; some cards can be "reloaded"through various methods and the others are designed to be discarded.
Credit card
A card indicating the holder has been granted...
prepaidstored value card a card based payment system that assigns a value to the card some cards can be reloadedthrough various methods and t
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APRP-Exam questions with complete
solutions 2023
Prepaid/Stored Value Card - correct answer A card-based payment system that
assigns a value to the card; some cards can be "reloaded"through various methods and
the others are designed to be discarded.
Credit card - correct answer A card indicating the holder has been granted a line of
credit to make purchases or withdraw cash up to a prearranged ceiling.
Debit card - correct answer A payment card issued to a person for purchasing goods
and services through an electronic transfer of funds from a demand deposit account
(DDA) rather than using cash, checks drafts at the point of sale.
Credit entry - correct answer An entry to the record of an account that represents the
transfer or placement of funds into the account.
Debit entry - correct answer An entry to the record of an account that represents the
transfer or removal of funds from the account.
Electronically Created Item (ECI) - correct answer A check that never appears in paper
form.
Remotely Created Check(RDC) - correct answer Check created by a payee based on
the account holder's authorization that does not bear a signature.
Remote Deposit Capture (RDC) - correct answer Delivery system that enables paper
checks to be processed remotely.
Pay Before - correct answer Type of retail processing where a card payment is made
for goods or services with prepaid or stored-value cards,
Pay Now - correct answer Type of retail processing where a card payment is expected
when the goods or services are received; generally associated with debit
payments(debit cards)
Pay Later - correct answer Type of retail processing where a card payment is expected
after the goods or services have been received; typically refers to credit payments(credit
cards)
SWIFT - correct answer Global network messaging service supporting correspondent
banking and financial market utilities.
, Financial Market Utilities(FMUs) - correct answer Multilateral systems that provide the
infrastructure for transferring, clearing and settling payments, securities and other
financial transactions or between financial institutions and the system.
Application Program Interface (API) - correct answer A list of specifications, standards
or conventions that enable computer programs to exchange information.
Payroll card account - correct answer A bank account established directly or indirectly
by an employer on behalf of an employee to which an employees wages are
electronically transferred to.
Beneficiary - correct answer Person or entity to be paid in a funds transfer.
Beneficiary's bank - correct answer Financial institution identified in a funds transfer to
be credited pursuant to the payment order.
Federal Reserve Bank - correct answer Entity that process and settles Fedwire Funds
Originating/Sender Bank - correct answer Financial Institution that initiates a funds
transfer on behalf of the Originator.
Originator - correct answer Sender of the payment order in a funds or securities
transfer.
Reconverting Bank - correct answer Financial institution that produces the substitute
check or Image replacement documents(IRD)
Truncating Bank - correct answer Financial institution that creates an image of the
original check
Corresponding Bank - correct answer Private depository institution, Bankers Bank or
Federal Reserve Bank providing clearing or settlement services to a paying Bank or
Bank of First Deposit.
Clearing House - correct answer A voluntary association of depository institutions that
facilitate the clearing of checks or electronic items through the direct exchange of funds
between members.
Payor (Check Writer, Maker or Drawer) - correct answer The party obligated to pay on
a check
Bank of First Deposit (Payee's Depository Financial Institution) - correct answer The
first bank to which a check is deposited or transferred.
Payee - correct answer The party to whom a check is made payable
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