APRP-Exam 2023 with 100% correct answers
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.
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.
