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AAP > Other Pymt Systems/Terms of Note > Flashcards

Other Pymt Systems/Terms of Note Flashcards

1
Q

Refers to the path that a check follows

A

Check Clearing

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2
Q

Refers to the process of ensuring that the funds represented by a check are debited from and credited to the appropriate accts

A

Check Collection

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3
Q

Critical wholesale service for direct participation with the FRB

A

Fedwire Funds Service

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4
Q

Funds transfers made over the Fedwire Funds Service occur almost instantaneously and are ________________________ upon completion of processing by the FRB

A

final and irrevocable

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5
Q

The two operational components of the Fedwire Funds Service

A
  1. Computer applications that process and record individual funds and securities transfers as they occur
  2. A national communications network that electronically links the FRB with DFI’s
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6
Q

Most used application to access the Fedwire services (primarily by large FI’s)

A

FedLine Direct

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7
Q

Second-most used application to access the Fedwire services (primarily by mid and low volume FI’s)

A

FedLine Advantage

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8
Q

Fedline transfers may be initiated offline by providing transfer instructions to the FRB via ____________

A

Telephone

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9
Q

The Fedwire Funds Service is a __________________ system

A

Credit/push

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10
Q

Deadline for initiating on-line third-party transfers through the Fedwire Funds Service

A

6:45 EST

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11
Q

Mastercard and Visa operate in __________ ___________ networks that include issues, customers, processors, merchants, gateway partners and acquirers.

A

Open Loop

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12
Q

American Express and Discover are considered ________ _________ pymt cards because the card issuer also processes pymts.

A

Closed Loop

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13
Q

EVM (Europay, Mastercard, Visa) was implemented in the US to prevent ______________

A

Card-present fraud

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14
Q

Settlement on the FedNow Service is __________ and __________

A

Final, Irrevokable

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15
Q

The Fedwire Securities service is a _________________ system

A

Debit/Pull

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16
Q

The Fedwire Securities are held and transferred in electronic form known as ___________________

A

Book-Entry Securities

17
Q

The use of a ______________ debit card results in immediate funds transfer

A

PIN/Online

18
Q

A master file maintained by the ACH Operator to verify the file ________ routing numbers and other pertinent information of participating depository financial institutions.

A

Central Information File (CIF)

19
Q

The final character of a routing number that may be used to test the validity of a specific routing number.

A

Check Digit

20
Q

The balance of an account maintained by a financial institution at a Federal Reserve or correspondent bank.

A

Clearing Balance

21
Q

The transfer of funds from diverse accounts into a central account to effect more efficient cash management.

A

Cash Concentration

22
Q

The transfer of funds from a central account to diverse accounts to effect more efficient cash management.

A

Cash Disbursement

23
Q

A large dollar wire transfer system operated by the Clearing House Interbank Payments System Company.

A

Clearing House Interbank Payments Systems (CHIPS)

24
Q

A set of instructions governing the enciphering and deciphering of messages.

A

Key

25
Q

The time that transpires between the granting and receiving of availability on items deposited for clearing at the Federal Reserve Bank by financial institutions.

A

Federal Reserve Bank Float

26
Q

The administrative responsibility for the distribution of unique data security keys.

A

Key Management

27
Q

The non-public personal information (NPPI), including financial information, of a natural person used to create, or contained within, an entry and any related addenda record.

A

Protected Information (NPPI)

28
Q

A financial institution that sends ACH entries to a correspondent bank.

A

Respondent

29
Q

The advice, either paper or electronic, prepared by the ACH Operator stating the dollar value of an ACH file. This advice may include multiple files presented that day.

A

Statement of ACH Activity

30
Q

An electronic mechanism that routes transaction data captured from a plastic card and an electronic funds transfer terminal to the authorizing data processor in order to obtain the authorization of the card-issuing institution.

A

Switch

31
Q

Return on investment, usually expressed as a percentage of investment.

A

Yield

32
Q

Electronic checks/Electronic return checks conforms with the ____________ standards

A

ANS X9.100-187

33
Q

Governs image rules for check exchanges between ECCHO members

A

ECCHO Rules

34
Q

Governs ACH chk conversions (ARC, BOC, POP) and chk truncation (RCK, EXC, TRC, TRX)

A

NACHA Operating Rules

35
Q

Framework for the remittance transfer law

A

Reg E, Subpart B

AAP (18 decks)

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