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APRP VOCAB EXPLAINED COMPLETE 200 VOCAB AND DETAILED EXPLANATIONS |AGRADE
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APRP VOCAB EXPLAINED COMPLETE 200 VOCAB AND DETAILED EXPLANATIONS |AGRADE
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APRP VOCAB 2024-2025 EXPLAINED COMPLETE200 VOCAB AND DETAILED EXPLANATIONS
|AGRADE
Terms in this set (179)
ACH Automated Clearing House
Backbone for the electronic movement of money and
data, a processing and delivery system that provides
for the distribution and settlement among financial
ACH Network
institutions of electronic credits and debits, as well as,
non-monetary entries with payment related
information
Central clearing facility that receives entries from the
ACH Operator ODFIs and distributes the entries to the appropriate
Receiving Depository Financial Institution
, 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
ACH Policy
• Outline of the types of ACH products the FI will offer
• Any types of prohibited/restricted originators
• 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"
Automated means to route/direct a transaction using a
Addressing
set of data often employing a directory service.
Process of encouraging customer participation in
fraud detection and increase customer confidence by
Alternate channel
sending confirmations of certain high-risk activities
confirmations
through additional communication channels such as
the telephone, e-mail, or traditional mail
AML Anti- Money Laundering-
A consequence or by-product of not managing
Ancillary Risk credit, operational, fraud, systemic or compliance
Risks
A digital wallet platform developed by Google to
power in-app and tap-to-pay purchases on mobile
Android Pay devices, enabling users to make payments with
Android phones, tablets or watches. It is an open loop
system
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