FINTECH QUIZ #3 QUESTIONS WITH DETAILED VERIFIED
AND 100% ACCURATE ANSWERS
Payment System Correct Answers a set of instruments, procedures, and
rules for the transfer of funds between or among participants.
Payment systems come in many.... Correct Answers shapes and sizes,
and new designs continue to emerge
Payment Types Correct Answers 1. Retail
2. Wholesale
Retail Payment Types Correct Answers Retail payments typically relate
to the purchase of goods and services byconsumers and businesses
Retail Payment Types Examples Correct Answers Low payment value
but significant volume, person-to-person payments
(e.g., transfer of money to a friend or family member), P2Bpayments
(e.g., bill payments)
B2P payments (e.g., salary payments)
B2Bpayments.
Operators in Retail Payment Type Correct Answers 1. Public Sector
2. Private Sector
,Settlement in Retail Payment Type Correct Answers Real-time and
deferred
Wholesale Payment Type Correct Answers large-value payments
between financial institutions
e.g., payments to settle securities and foreign exchange trades, payments
to and from central counterparties, and other interbank funding
transactions.
Operators in Wholesale Payment Type Correct Answers Banks
Key Components of Payment Systems Correct Answers 1. Front End
2. Back end
3. Settlement Payments
Front end of payment systems Correct Answers - comprises the source
of the funds (e.g., bank account)
- the service channel used to initiate the payment (e.g., mobile payment
app)
- the payment instrument (e.g., credit transfer)
There is a wide variety of front ends in retail payments.
Back end of payment systems Correct Answers - comprises the
arrangements for the clearing and settlements of payments
, Clearing is the process of transmitting, reconciling, and sometimes
confirming the transactions before settlement.
Settlements of payment systems Correct Answers process of transferring
funds to discharge monetary obligations between two or more parties.
US Payment systems Correct Answers can be categorized along the
dimensions:
- payment type (wholesale or retail)
- operator (central bank or private sector)
- settlement mode (real-time or deferred).
Payment Ecosystem Correct Answers made up of a combination of
players that interact with each other during the payment transaction
process
Payment Industry Key Players Correct Answers 1. Issuers & acquirers
2. credit card networks
3. payment processors
4. payment gateways
5. independent sales organizations
6. value-added resellers
7. payment facilitators
AND 100% ACCURATE ANSWERS
Payment System Correct Answers a set of instruments, procedures, and
rules for the transfer of funds between or among participants.
Payment systems come in many.... Correct Answers shapes and sizes,
and new designs continue to emerge
Payment Types Correct Answers 1. Retail
2. Wholesale
Retail Payment Types Correct Answers Retail payments typically relate
to the purchase of goods and services byconsumers and businesses
Retail Payment Types Examples Correct Answers Low payment value
but significant volume, person-to-person payments
(e.g., transfer of money to a friend or family member), P2Bpayments
(e.g., bill payments)
B2P payments (e.g., salary payments)
B2Bpayments.
Operators in Retail Payment Type Correct Answers 1. Public Sector
2. Private Sector
,Settlement in Retail Payment Type Correct Answers Real-time and
deferred
Wholesale Payment Type Correct Answers large-value payments
between financial institutions
e.g., payments to settle securities and foreign exchange trades, payments
to and from central counterparties, and other interbank funding
transactions.
Operators in Wholesale Payment Type Correct Answers Banks
Key Components of Payment Systems Correct Answers 1. Front End
2. Back end
3. Settlement Payments
Front end of payment systems Correct Answers - comprises the source
of the funds (e.g., bank account)
- the service channel used to initiate the payment (e.g., mobile payment
app)
- the payment instrument (e.g., credit transfer)
There is a wide variety of front ends in retail payments.
Back end of payment systems Correct Answers - comprises the
arrangements for the clearing and settlements of payments
, Clearing is the process of transmitting, reconciling, and sometimes
confirming the transactions before settlement.
Settlements of payment systems Correct Answers process of transferring
funds to discharge monetary obligations between two or more parties.
US Payment systems Correct Answers can be categorized along the
dimensions:
- payment type (wholesale or retail)
- operator (central bank or private sector)
- settlement mode (real-time or deferred).
Payment Ecosystem Correct Answers made up of a combination of
players that interact with each other during the payment transaction
process
Payment Industry Key Players Correct Answers 1. Issuers & acquirers
2. credit card networks
3. payment processors
4. payment gateways
5. independent sales organizations
6. value-added resellers
7. payment facilitators
