APRP-Exam
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)
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)
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
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)
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)
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
