AAP question with answers 2025
What are the primary functions of NACHA? - CORRECT ANSWERS-manages the
development, administration, and governance of the ACH Network.
Who are the ACH Operators? - CORRECT ANSWERS-EPN or FRB
What is the function of the ACH Operators? - CORRECT ANSWERS-central clearing
facility for the clearing, delivery and settlement of entries between and among
participating DFIs.
Which Regulations govern FEDWIRE funds transfer? - CORRECT ANSWERS-Reg J,
Subpart B, UCC4A, Reg CC, BSA, OFAC, Federal Reserve Policy on Payments
System Risk.
What year routing number policy was adopted by the American Bankers Association -
CORRECT ANSWERS-1911
What year did the national standard for imprinting checks with machine-readable
numbers and characters? - CORRECT ANSWERS-1956
What rules and regs govern the processing of ACH transactions? - CORRECT
ANSWERS-NACHA Operating Rules, Title 31 CFR Part 210, UCC4A, Reg E, Reg CC,
Reg D
Do all FI have to originate ACHs to receive them? - CORRECT ANSWERS-No
Name the participants in a Fedwire transaction - CORRECT ANSWERS-Originator-
Originating/Sender Bank-Federal Reserve Bank-Beneficiary's DI-Beneficiary
How many addenda records can a CTX have? - CORRECT ANSWERS-9,999
Transaction Set 813 - CORRECT ANSWERS-Tax Returns
Transaction Set 820 - CORRECT ANSWERS-Payment order/remittance info
What are the primary functions of NACHA? - CORRECT ANSWERS-manages the
development, administration, and governance of the ACH Network.
Who are the ACH Operators? - CORRECT ANSWERS-EPN or FRB
What is the function of the ACH Operators? - CORRECT ANSWERS-central clearing
facility for the clearing, delivery and settlement of entries between and among
participating DFIs.
Which Regulations govern FEDWIRE funds transfer? - CORRECT ANSWERS-Reg J,
Subpart B, UCC4A, Reg CC, BSA, OFAC, Federal Reserve Policy on Payments
System Risk.
What year routing number policy was adopted by the American Bankers Association -
CORRECT ANSWERS-1911
What year did the national standard for imprinting checks with machine-readable
numbers and characters? - CORRECT ANSWERS-1956
What rules and regs govern the processing of ACH transactions? - CORRECT
ANSWERS-NACHA Operating Rules, Title 31 CFR Part 210, UCC4A, Reg E, Reg CC,
Reg D
Do all FI have to originate ACHs to receive them? - CORRECT ANSWERS-No
Name the participants in a Fedwire transaction - CORRECT ANSWERS-Originator-
Originating/Sender Bank-Federal Reserve Bank-Beneficiary's DI-Beneficiary
How many addenda records can a CTX have? - CORRECT ANSWERS-9,999
Transaction Set 813 - CORRECT ANSWERS-Tax Returns
Transaction Set 820 - CORRECT ANSWERS-Payment order/remittance info
