APRP-EXAM UPDATED ACTUAL

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APRP-EXAM UPDATED ACTUAL

EXAM WITH CORRECT 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 designed to be discarded.

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

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

Credit entry - correct answer- An entry to the record of an account that represents the 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 transfer or removal of funds from the account.

Electronically Created Item (ECI) - correct answer- A check that never appears in paper form.

Remotely Created Check(RDC) - correct answer- Check created by a payee based on the account holder's authorization that does not bear a signature.

Remote Deposit Capture (RDC) - correct answer- Delivery system that enables paper checks to be processed remotely.

Pay Before - correct answer- Type of retail processing where a card payment is made for goods or services with prepaid or stored-value cards,

Pay Now - correct answer- Type of retail processing where a card payment is expected when the goods or services are received; generally associated with debit payments(debit cards)

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

SWIFT - correct answer- Global network messaging service supporting correspondent banking and financial market utilities.

Financial Market Utilities(FMUs) - correct answer- Multilateral systems that provide the infrastructure for transferring, clearing and settling payments, securities and other financial transactions or between financial institutions and the system.

Application Program Interface (API) - correct answer- A list of specifications, standards or conventions that enable computer programs to exchange information.

Payroll card account - correct answer- A bank account established directly or indirectly by an employer on behalf of an employee to which an employees wages are electronically transferred to.

Beneficiary - correct answer- Person or entity to be paid in a funds transfer.

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