APRP Vocab Study Guide with Complete Solutions
ACH - Answer️️ -Automated Clearing House
ACH Network - Answer️️ -Backbone for the electronic movement of
money and data, a processing and delivery system that provides for the
distribution and settlement among financial institutions of elec...
ACH Network - Answer✔️✔️-Backbone for the electronic movement of
money and data, a processing and delivery system that provides for the
distribution and settlement among financial institutions of electronic
credits and debits, as well as, non-monetary entries with payment related
information
ACH Operator - Answer✔️✔️-Central clearing facility that receives entries
from the ODFIs and distributes the entries to the appropriate Receiving
Depository Financial Institution
ACH Policy - Answer✔️✔️-Every financial institution should have this
policy that outlines the financial institution's goals and objectives for its
ACH program. The policy should have the approval of the board of
directors. Some elements to be considered or be addressed include:
• A general statement that the organization will process ACH in
accordance with U.S. law and the NACHA Operating Rules
• Compliance with NACHA Operating Rules
• Outline of the types of ACH products the FI will offer
• Internal controls practices to address the risk inherent to offering certain
ACH products
• Third Party Senders relationships should be addressed
• ACH Receipt
• ACH Origination
• OFAC Requirements"
Addressing - Answer✔️✔️-Automated means to route/direct a transaction
using a set of data often employing a directory service.
Alternate channel confirmations - Answer✔️✔️-Process of encouraging
customer participation in fraud detection and increase customer confidence
by sending confirmations of certain high-risk activities through additional
communication channels such as the telephone, e-mail, or traditional mail
AML - Answer✔️✔️-Anti- Money Laundering-
Ancillary Risk - Answer✔️✔️-A consequence or by-product of not managing
credit, operational, fraud, systemic or compliance Risks
Android Pay - Answer✔️✔️-A digital wallet platform developed by Google
to power in-app and tap-to-pay purchases on mobile devices, enabling
users to make payments with Android phones, tablets or watches. It is an
open loop system
Anomaly Detection - Answer✔️✔️-A technique that compares current
behavior with established patterns of legitimate behavior and looks for
anomalies
API - Answer✔️✔️-A set of specifications, standards or conventions that
enable programs to exchange information
Apple Pay - Answer✔️✔️-A mobile payment and digital wallet service by
Apple Inc. that lets users make payments using an iPhone, Apple Watch,
iPad or Mac. It is an open loop system.
Audit Policy - Answer✔️✔️-A financial institution's policy that should
address the following objectives, whether or not the audit functions are
handled in-house or outsourced: Policy Objective; Scope of work;
Authority; Auditing standards; Outsourcing/third parties; External auditor
restriction
Authentication - Answer✔️✔️-"The explicit instructions, including: timing,
amount, payee, source of funds and other conditions, given by the payer to
the payee to transfer funds on a one-time or recurring basis"
Address Verification System (AVS) - Answer✔️✔️-Verify a cardholder's
billing address and other pertinent information, used for mail, telephone,
and Internet transactions
Basel III Regulatory Capital - Answer✔️✔️-A comprehensive set of reform
measures, developed by the Basel Committee on Banking Supervision
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