APRP Newest Exam with accurate detailed solutions

APRP Newest Exam with accurate detailed solutions || || || || || ||




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
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designed to be discarded. || || ||




Credit card - correct answer✔✔A card indicating the holder has been granted a line of
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credit to make purchases or withdraw cash up to a prearranged ceiling.
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Debit card - correct answer✔✔A payment card issued to a person for purchasing goods and
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services through an electronic transfer of funds from a demand deposit account (DDA)
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rather than using cash, checks drafts at the point of sale.
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Credit entry - correct answer✔✔An entry to the record of an account that represents the
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transfer or placement of funds into the account.
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Debit entry - correct answer✔✔An entry to the record of an account that represents the
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transfer or removal of funds from the account.
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Electronically Created Item (ECI) - correct answer✔✔A check that never appears in paper
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form.



Remotely Created Check(RDC) - correct answer✔✔Check created by a payee based on the
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account holder's authorization that does not bear a signature.
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Remote Deposit Capture (RDC) - correct answer✔✔Delivery system that enables paper
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checks to be processed remotely.
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, Pay Before - correct answer✔✔Type of retail processing where a card payment is made for
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goods or services with prepaid or stored-value cards,
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Pay Now - correct answer✔✔Type of retail processing where a card payment is expected
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when the goods or services are received; generally associated with debit payments(debit
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cards)



Pay Later - correct answer✔✔Type of retail processing where a card payment is expected
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after the goods or services have been received; typically refers to credit payments(credit
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cards)



SWIFT - correct answer✔✔Global network messaging service supporting correspondent
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banking and financial market utilities.
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Financial Market Utilities(FMUs) - correct answer✔✔Multilateral systems that provide the
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infrastructure for transferring, clearing and settling payments, securities and other financial
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transactions or between financial institutions and the system. || || || || || || ||




Application Program Interface (API) - correct answer✔✔A list of specifications, standards
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or conventions that enable computer programs to exchange information.
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Payroll card account - correct answer✔✔A bank account established directly or indirectly
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by an employer on behalf of an employee to which an employees wages are electronically
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transferred to. ||




Beneficiary - correct answer✔✔Person or entity to be paid in a funds transfer.
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Beneficiary's bank - correct answer✔✔Financial institution identified in a funds transfer to
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be credited pursuant to the payment order.
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