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.
Reconverting Bank ~CORRECT ANSWER~✓✓Financial institution that
produces the substitute check or Image replacement documents(IRD)
Truncating Bank ~CORRECT ANSWER~✓✓Financial institution that creates an
image of the original check
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.
Reconverting Bank ~CORRECT ANSWER~✓✓Financial institution that
produces the substitute check or Image replacement documents(IRD)
Truncating Bank ~CORRECT ANSWER~✓✓Financial institution that creates an
image of the original check
