APRP TESTS COMPILATION BUNDLE
COMPREHENSIVE EXAMS 2026 TESTED
QUESTIONS AND SOLUTIONS GRADED A+
⩥ 1974. Answer: Year National Automated Clearing House Association
was formed.
⩥ 1978. Answer: Federal Reserve System, Local ACHs were linked
electronically on a nationwide basis in what year?
⩥ Federal Reserve Bank (FRB) & The Clearing House (TCH). Answer:
What are the two ACH Operators?
⩥ Monetary Control ACT in 1980. Answer: Encouraged private sector
ACH Operators to compete with the Federal Reserve, which could no
longer it's services free of charge.
⩥ Originator (Originating Company or Individual). Answer: Natural
person or an organization that has authorized an ODFI to transmit, for
the account of that person, a credit, debit or nonmonetary entry to the
Receiver's account
⩥ Originating Depository Financial Institution (ODFI). Answer:
Institution that receives payment instructions from Originators or Third-
,Party Senders, and transmits the ACH entries directly or indirectly to the
ACH Operator.
⩥ ACH Operator. Answer: Central facility for the clearing, delivery and
settlement of entries between or among participating Depository
Financial Institutions (DFIs)
⩥ Receiving Depository Financial Institution. Answer: Depository
Financial Institution (DFI) that receives ACH entries from the ACH
Operator and post the entries to the accounts of it's depositors
(Receivers).
⩥ Receiver. Answer: Natural person or an Organization that has
authorized an Originator to initiate an ACH entry to their account.
⩥ Sending Point. Answer: An organization that transmits entries to an
ACH Operator on behalf of an ODFI.
⩥ Receiving Point. Answer: An RDFI itself, Participating DFI, or
designated Third Party Service Provider that has entered into an
agreement to receive ACH files for the RDFI.
⩥ Third-Party Service Provider. Answer: An organization that performs
any function of ACH processing of entries on behalf of the Originator,
Third-Party Sender, ODFI or the RDFI for such entries.
,⩥ Third Party Sender. Answer: An organization that acts as an
intermediary in transmitting entries between the Originator and the
ODFI, including Direct Access, and acts on behalf of an Originator or
another Third-Party. (There is no contractual agreement directly between
the Originator and the ODFI)
⩥ ACH Credit. Answer: Type of entry that occurs when an Originator
initiates a transfer to move funds into a Receiver's account.
⩥ ACH Debit. Answer: Type of entry were funds are collected from a
Receiver's account and transferred to an Originator's account.
⩥ On-Us Entry. Answer: Type of entry in which the originating and
receiving accounts are both at the same financial institution.
⩥ Same Day ACH. Answer: Enable the option for same-day ACH
payments through the ACH Network, without affecting existing ACH
schedules and capabilities.
⩥ 1st Window: 10:30 AM submission - 1 PM settlement
2nd Window: 2:45 PM submission - 5 PM settlement
3rd Window: 4:45 submission - 6 PM settlement. Answer: What are the
three Same Day ACH transmission and corresponding settlement
deadlines. (Eastern Time)
, ⩥ International Transactions (IATs) and High-Value Transactions
(greater than $100k as of March 20, 2020). Answer: Two types of entries
not eligible for Same Day ACH.
⩥ The Green Book. Answer: A procedural manual for Federal
Government ACH Payments
⩥ Credit, Debit and Prepaid Cards. Answer: 3 main types of payment
cards
⩥ Credit Cards. Answer: Payment Cards that offers short-term lines of
credit to consumers and business users.
⩥ Single-Message Transaction (Online). Answer: Card transaction
authenticated with a Personal Identification Number (PIN) where both
authorization and clearing take place through one message from a
merchant's card acceptance terminal.
⩥ Dual-Message Transaction (Offline). Answer: Card transaction
authenticated with a Signature where the merchant first transmits a
message at the time of purchase containing the information required for
an authorization decision from the card association and a second
message is sent later that contains data required for the clearing and
settlement.
COMPREHENSIVE EXAMS 2026 TESTED
QUESTIONS AND SOLUTIONS GRADED A+
⩥ 1974. Answer: Year National Automated Clearing House Association
was formed.
⩥ 1978. Answer: Federal Reserve System, Local ACHs were linked
electronically on a nationwide basis in what year?
⩥ Federal Reserve Bank (FRB) & The Clearing House (TCH). Answer:
What are the two ACH Operators?
⩥ Monetary Control ACT in 1980. Answer: Encouraged private sector
ACH Operators to compete with the Federal Reserve, which could no
longer it's services free of charge.
⩥ Originator (Originating Company or Individual). Answer: Natural
person or an organization that has authorized an ODFI to transmit, for
the account of that person, a credit, debit or nonmonetary entry to the
Receiver's account
⩥ Originating Depository Financial Institution (ODFI). Answer:
Institution that receives payment instructions from Originators or Third-
,Party Senders, and transmits the ACH entries directly or indirectly to the
ACH Operator.
⩥ ACH Operator. Answer: Central facility for the clearing, delivery and
settlement of entries between or among participating Depository
Financial Institutions (DFIs)
⩥ Receiving Depository Financial Institution. Answer: Depository
Financial Institution (DFI) that receives ACH entries from the ACH
Operator and post the entries to the accounts of it's depositors
(Receivers).
⩥ Receiver. Answer: Natural person or an Organization that has
authorized an Originator to initiate an ACH entry to their account.
⩥ Sending Point. Answer: An organization that transmits entries to an
ACH Operator on behalf of an ODFI.
⩥ Receiving Point. Answer: An RDFI itself, Participating DFI, or
designated Third Party Service Provider that has entered into an
agreement to receive ACH files for the RDFI.
⩥ Third-Party Service Provider. Answer: An organization that performs
any function of ACH processing of entries on behalf of the Originator,
Third-Party Sender, ODFI or the RDFI for such entries.
,⩥ Third Party Sender. Answer: An organization that acts as an
intermediary in transmitting entries between the Originator and the
ODFI, including Direct Access, and acts on behalf of an Originator or
another Third-Party. (There is no contractual agreement directly between
the Originator and the ODFI)
⩥ ACH Credit. Answer: Type of entry that occurs when an Originator
initiates a transfer to move funds into a Receiver's account.
⩥ ACH Debit. Answer: Type of entry were funds are collected from a
Receiver's account and transferred to an Originator's account.
⩥ On-Us Entry. Answer: Type of entry in which the originating and
receiving accounts are both at the same financial institution.
⩥ Same Day ACH. Answer: Enable the option for same-day ACH
payments through the ACH Network, without affecting existing ACH
schedules and capabilities.
⩥ 1st Window: 10:30 AM submission - 1 PM settlement
2nd Window: 2:45 PM submission - 5 PM settlement
3rd Window: 4:45 submission - 6 PM settlement. Answer: What are the
three Same Day ACH transmission and corresponding settlement
deadlines. (Eastern Time)
, ⩥ International Transactions (IATs) and High-Value Transactions
(greater than $100k as of March 20, 2020). Answer: Two types of entries
not eligible for Same Day ACH.
⩥ The Green Book. Answer: A procedural manual for Federal
Government ACH Payments
⩥ Credit, Debit and Prepaid Cards. Answer: 3 main types of payment
cards
⩥ Credit Cards. Answer: Payment Cards that offers short-term lines of
credit to consumers and business users.
⩥ Single-Message Transaction (Online). Answer: Card transaction
authenticated with a Personal Identification Number (PIN) where both
authorization and clearing take place through one message from a
merchant's card acceptance terminal.
⩥ Dual-Message Transaction (Offline). Answer: Card transaction
authenticated with a Signature where the merchant first transmits a
message at the time of purchase containing the information required for
an authorization decision from the card association and a second
message is sent later that contains data required for the clearing and
settlement.
