1. A customer sets up an automatic monthly rent payment where their landlord's bank pulls funds from their account on the 1st of each month. This is an example of:
A push payment initiated by the customer
A pull payment initiated by the payee
A wire transfer with same-day settlement
A real-time payment (RTP) transaction
2. In the four-party card payment model, which entity is responsible for authorizing a card transaction and bearing credit risk?
The acquiring bank
The card network (Visa/Mastercard)
The issuing bank
The payment service provider (PSP)
3. A card transaction is authorized at 2:00 PM. The merchant's account is credited the next business day at 9:00 AM. What process occurred overnight?
Authorization and real-time settlement
Tokenization and 3DS authentication
Clearing and settlement (batch processing)
Dispute resolution and chargeback filing
4. Which of the following payment rails supports true real-time, 24/7/365 settlement with near-immediate finality?
ACH (Standard) — T+1 batch
Visa card network
RTP (The Clearing House Real-Time Payments)
SWIFT wire transfers
5. A merchant receives $97.50 for a $100.00 card sale. The $2.50 difference most likely represents:
The settlement delay adjustment
Interchange fees distributed across the card network participants
A currency conversion charge
A PCI DSS compliance levy
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