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Payment Systems Flashcards

1
Q

A company or individual that has been authorized by the Receiver to initiate either a credit or debit ACH entry to their account.

A

Originator

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2
Q

An individual or company that has authorized an Originator to initiate an ACH entry to their account with the RDFI.

A

Receiver

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3
Q

A financial institution that receives payment instructions from Originators and forwards the entries to the ACH Operator.

A

Originating Depository Financial Institution (ODFI)

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4
Q

A financial institution that receives ACH entries from the ACH Operator and posts the entries to the accounts of its depositors.

A

Receiving Depository Financial Institution (RDFI)

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5
Q

The central clearing facility for ACH transactions.

A

ACH Operator

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6
Q

A third-party that processes ACH files and/or entries on behalf of financial institutions and/or Originators.

A

Third-Party Service Provider

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7
Q

A third-party that provides ACH services to the Originator, and, in that capacity, acts as an intermediary between the Originator and ODFI.

A

Third-Party Sender

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8
Q

An entity that issues a credit or debit card to the Cardholder.

A

Card Issuer

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9
Q

The financial institution that contracts with a merchant to initiate payment requests to a card association or company in the context of credit and debit card payments.

A

Acquirer (Processor, Merchant Bank or Merchant Processor)

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10
Q

A person or entity that is issued a credit or debit account that is accessed using a card.

A

Cardholder

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11
Q

Network which provides switching facilities for the routing of credit, debit and ATM card transactions between Acquirers and Card Issuers.

A

POS/ATM/Credit Card Network

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12
Q

Financial institution identified by the routing number encoded on the MICR line of a check.

A

Paying Bank (Payor’s Depository Financial Institution)

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13
Q

The party to whom a check is made payable.

A

Payee

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14
Q

The first bank to which a check is deposited or transferred.

A

Bank of First Deposit (Payee’s Depository Financial Institution)

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15
Q

The party obligated to pay on a check.

A

Payor (Check Writer, Maker or Drawer)

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16
Q

A voluntary association of depository institutions that facilitate the clearing of checks or electronic items through the direct exchange of funds between members.

A

Clearing House

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17
Q

Private depository institution, Bankers’ Bank or Federal Reserve Bank providing clearing or settlement services to a Paying Bank or Bank of First Deposit.

A

Correspondent Bank

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18
Q

Financial institution that creates the image of the original check.

A

Truncating Bank

19
Q

Financial institution that produces the Substitute Check or Image Replacement Document (IRD).

A

Reconverting Bank

20
Q

Sender of the payment order in a funds or securities transfer.

A

Originator

21
Q

Financial institution that initiates a funds transfer on behalf of the Originator.

A

Originating/Sender Bank

22
Q

Entity that processes and settles Fedwire Funds.

A

Federal Reserve Bank

23
Q

Financial institution identified in a funds transfer to be credited pursuant to the payment order.

A

Beneficiary’s Bank

24
Q

Person or entity to be paid in a funds transfer.

A

Beneficiary

25
Q

Type of retail processing where a card payment is expected after the goods or services have been received; typically refers to credit payments (e.g., credit card).

A

Pay Later

26
Q

Type of retail processing where a card payment is expected when the goods or services are received; generally associated with debit payments (e.g., debit card).

A

Pay Now

27
Q

Type of retail processing where a card payment is made for goods or services with prepaid or stored-value cards.

A

Pay Before

28
Q

Delivery system that enables paper checks to be processed remotely.

A

Remote Deposit Capture (RDC

29
Q

Check created by a Payee based on the account holder’s authorization that does not bear a signature.

A

Remotely Created Check (RCC)

30
Q

A check that never appears in paper form.

A

Electronically Created Item (ECI)

31
Q

An entry to the record of an account to represent the transfer or removal of funds from the account.

A

Debit Entry

32
Q

An entry to the record of an account that represents the transfer or placement of funds into the account.

A

Credit Entry

33
Q

A payment card issued to a person for purchasing goods and services through an electronic transfer of funds from a demand deposit account rather than using cash, checks or drafts at the point-of-sale.

A

Debit Card

34
Q

A card indicating the holder has been granted a line of credit to make purchases or withdraw cash up to a prearranged ceiling.

A

Credit Card

35
Q

A card-based payment system that assigns a value to the card; some cards can be “reloaded” through various methods and others are designed to be discarded.

A

Prepaid/Stored Value Card

36
Q

A bank account established directly or indirectly by an employer on behalf of an employee to which an employee’s wages are electronically transferred to.

A

Payroll Card Account

37
Q

Global network messaging service supporting correspondent banking and financial market utilities.

A

SWIFT

38
Q

Multilateral systems that provide the infrastructure for transferring, clearing and settling payments, securities and other financial transactions among financial institutions or between financial institutions and the system.

A

Financial Market Utilities (FMUs)

39
Q

A set of specifications, standards or conventions that enable computer programs to exchange information.

A

Application Program Interface (API)

40
Q

Computer-to-computer exchange of business documents and payment-related information in a standard electronic format between business partners.

A

Electronic Data Interchange (EDI)

41
Q

Hosted service offering that acts as an intermediary between business partners to transmit data (i.e., business documents).

A

Value Added Network (VAN)

42
Q

An international standard-setting body composed of representatives from various national standards organizations.

A

International Organization for Standards (ISO)

43
Q

A type of database that is consensually shared and synchronized across nodes in a network spread across multiple sites, institutions or geographies.

A

Distributed Ledger Technology (DLT)

44
Q

Uses algorithms to enable transactions to be aggregated in blocks, which are added to a chain of existing blocks using a cryptographic signature.

A

Blockchain

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