APRP Vocab Questions and Answers with Verified Solutions | Latest
2026 Update
Q: ACH
Answer:
Automated Clearing House
Q: ACH Network
Answer:
Backbone 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
Q: ACH Operator
Answer:
Central clearing facility that receives entries from the ODFIs and distributes
the entries to the appropriate Receiving Depository Financial Institution
,APRP Vocab Questions and Answers with Verified Solutions | Latest
2026 Update
Q: ACH Policy
Answer:
Every 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"
,APRP Vocab Questions and Answers with Verified Solutions | Latest
2026 Update
Q: Addressing
Answer:
Automated means to route/direct a transaction using a set of data often
employing a directory service.
Q: Alternate channel confirmations
Answer:
Process of encouraging customer participation in fraud
detection and increase customer confidence by sending confirmations of certain
high-risk
Q: activities through additional communication channels such as the telephone,
e-mail, or
Answer:
traditional mail
, APRP Vocab Questions and Answers with Verified Solutions | Latest
2026 Update
Q: AML
Answer:
Anti- Money Laundering-
Q: Ancillary Risk
Answer:
A consequence or by-product of not managing credit, operational, fraud,
systemic or compliance Risks
Q: Android Pay
Answer:
A 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
2026 Update
Q: ACH
Answer:
Automated Clearing House
Q: ACH Network
Answer:
Backbone 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
Q: ACH Operator
Answer:
Central clearing facility that receives entries from the ODFIs and distributes
the entries to the appropriate Receiving Depository Financial Institution
,APRP Vocab Questions and Answers with Verified Solutions | Latest
2026 Update
Q: ACH Policy
Answer:
Every 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"
,APRP Vocab Questions and Answers with Verified Solutions | Latest
2026 Update
Q: Addressing
Answer:
Automated means to route/direct a transaction using a set of data often
employing a directory service.
Q: Alternate channel confirmations
Answer:
Process of encouraging customer participation in fraud
detection and increase customer confidence by sending confirmations of certain
high-risk
Q: activities through additional communication channels such as the telephone,
e-mail, or
Answer:
traditional mail
, APRP Vocab Questions and Answers with Verified Solutions | Latest
2026 Update
Q: AML
Answer:
Anti- Money Laundering-
Q: Ancillary Risk
Answer:
A consequence or by-product of not managing credit, operational, fraud,
systemic or compliance Risks
Q: Android Pay
Answer:
A 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
