Accredited ACH Professional (AAP) Practice Exam

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Prepare for the Accredited ACH Professional (AAP) Exam with tailored questions and study materials to enhance your understanding of ACH transactions and operations. Test your skills and readiness for this important certification!

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Which payment system applies real-time, gross settlement?

ACH Payment System
Check Payment System
Wire Transfer Payment System
Card Payment System

The correct answer is: Wire Transfer Payment System

The Wire Transfer Payment System is characterized by real-time, gross settlement, meaning that transactions are settled immediately as they occur, rather than being batched for processing at a later time. This system allows for the instantaneous transfer of funds between financial institutions, providing both immediacy and finality in the payment process. In contrast, the ACH (Automated Clearing House) Payment System processes transactions in batches rather than in real time, meaning payments can take one to three business days to settle. The Check Payment System also does not provide immediate settlement as checks can take days to clear. The Card Payment System, while it does facilitate quick transactions at the point of sale, operates in a way where the actual settlement can take time due to the nature of the processing activities involved. The unique attribute of the Wire Transfer system ensures that it meets the requirement for real-time, gross settlement, distinguishing it clearly from the other options.