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...
APRP-Exam QUESTIONS WITH COMPLETE
SOLUTIONS
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
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