APRP TESTS COMPILATION BUNDLE 2026
EXAM PREP PREMIUM QUESTIONS AND
COMPLETE SOLUTION GUIDE GRADED A+
⩥ Memo Post.
Answer: A posting to an account which may affect the balance but is
temporary until the institution has completed all verification and
reconciliation it receives throughout the day.
⩥ Proximity Payments.
Answer: POS transactions made with a mobile device like a cellphone,
smart card, PDA or any device with a microchip (the term M-payment is
exclusive to a mobile phone)
⩥ Decoupled Debit Cards.
Answer: A card issued by a financial institution regardless of where
customer's transaction accts are held. The issuer uses the ACH network
instead of EFT network for settlement. (example: Target Red Card)
⩥ Contactless Cards or key fobs.
Answer: Utilize an embedded computer chip with financial and personal
info for transactions. They employ radio-frequency identification
(RFID) technology
, ⩥ PCI DSS is....
Answer: Payment Card Industry Data Security Standards: designed to
ensure that ALL companies that accept, process, store or transmit credit
card information maintain a secure environment
⩥ Open Loop Network is....
Answer: A multiparty network that connects the Issuing FI and
Acquiring FI, and manages the flow of value between them. (Example:
Visa and MasterCard)
⩥ Closed Loop Network.
Answer: Provides payment services directly to merchants and
cardholders without involving FIs (Example: Amex and Discover)
⩥ Check Clearing is....
Answer: The path the check follows
⩥ Check Collection is....
Answer: The process of ensuring the funds represented by the check are
debited from and credited to the appropriate accounts
⩥ Benefits of RDC include....
Answer: Decreased Processing costs
Support New and Existing banking products
EXAM PREP PREMIUM QUESTIONS AND
COMPLETE SOLUTION GUIDE GRADED A+
⩥ Memo Post.
Answer: A posting to an account which may affect the balance but is
temporary until the institution has completed all verification and
reconciliation it receives throughout the day.
⩥ Proximity Payments.
Answer: POS transactions made with a mobile device like a cellphone,
smart card, PDA or any device with a microchip (the term M-payment is
exclusive to a mobile phone)
⩥ Decoupled Debit Cards.
Answer: A card issued by a financial institution regardless of where
customer's transaction accts are held. The issuer uses the ACH network
instead of EFT network for settlement. (example: Target Red Card)
⩥ Contactless Cards or key fobs.
Answer: Utilize an embedded computer chip with financial and personal
info for transactions. They employ radio-frequency identification
(RFID) technology
, ⩥ PCI DSS is....
Answer: Payment Card Industry Data Security Standards: designed to
ensure that ALL companies that accept, process, store or transmit credit
card information maintain a secure environment
⩥ Open Loop Network is....
Answer: A multiparty network that connects the Issuing FI and
Acquiring FI, and manages the flow of value between them. (Example:
Visa and MasterCard)
⩥ Closed Loop Network.
Answer: Provides payment services directly to merchants and
cardholders without involving FIs (Example: Amex and Discover)
⩥ Check Clearing is....
Answer: The path the check follows
⩥ Check Collection is....
Answer: The process of ensuring the funds represented by the check are
debited from and credited to the appropriate accounts
⩥ Benefits of RDC include....
Answer: Decreased Processing costs
Support New and Existing banking products
