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CPP Electronic Payments & ACH Flashcards

6 cards from real CPP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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  1. What is FedNow, launched by the Federal Reserve in 2023?

    Answer: An instant payment service for 24/7/365 real-time payments

    FedNow is the Federal Reserve's instant payment service, launched in July 2023, enabling real-time money transfers 24/7/365.

  2. What does the CCD SEC code represent in ACH transactions?

    Answer: Corporate Credit or Debit

    CCD (Corporate Credit or Debit) is the SEC code used for business-to-business ACH transactions involving corporate accounts.

  3. Which rule requires Originators to use commercially reasonable fraud detection for WEB debit entries?

    Answer: Nacha WEB Debit Account Validation Rule

    Nacha's WEB Debit Account Validation Rule requires Originators to validate account numbers using a commercially reasonable method before initiating WEB debit entries.

  4. What is a Reversing Entry in the ACH system?

    Answer: A correcting transaction sent to reverse an erroneous original entry

    A Reversing Entry is an ACH transaction sent to undo an erroneous original entry, typically submitted within 5 banking days of the original settlement date.

  5. What is the significance of the NACHA Unauthorized Return Rate threshold for ODFIs?

    Answer: ODFIs must keep unauthorized return rates below 0.5%

    Nacha requires ODFIs to maintain an unauthorized ACH debit return rate below 0.5%, with violations potentially resulting in suspension from the network.

  6. What is the RTP (Real-Time Payments) network in the United States operated by?

    Answer: The Clearing House

    The RTP network is operated by The Clearing House (TCH), a private company owned by large US banks, and was launched in 2017.