AAP SEC Codes and Entry Types 2

Question 1

The IAT SEC code is required when:

Accepted Answer

A payment transaction involves a financial agency outside the United States

Answer

Any international wire transfer is processed

Answer

A foreign currency is used in any ACH transaction

Answer

A cross-border PPD entry is sent to Canada

Question 2

CTX entries differ from CCD entries primarily because CTX:

Accepted Answer

Supports up to 9,999 addenda records for corporate trade exchange data

Answer

Is used only for consumer deposit accounts

Answer

Requires same-day settlement by rule

Answer

Is limited to credit entries only

Question 3

BOC (Back Office Conversion) entries are created from:

Accepted Answer

Checks collected at the point of sale and converted during back-office processing

Answer

Online banking check images submitted by consumers

Answer

Wire transfer instructions converted for ACH clearing

Answer

Returned ACH items re-processed as new entries

Question 4

RCK entries are used to re-present:

Accepted Answer

Returned consumer checks (NSF) as ACH debit entries

Answer

Rejected ACH batches for reprocessing

Answer

Corporate wire rejections as ACH credits

Answer

International check conversions for clearance

Question 5

The MTE SEC code is used for:

Accepted Answer

Machine transfer entries (ATM transactions) processed through the ACH network

Answer

Mobile telephone-initiated entries

Answer

Multi-transaction batch entries

Answer

Merchant terminal electronic payments

Question 6

When a consumer's check is received via a lockbox for conversion to an ACH debit, which SEC code applies?

Accepted Answer

ARC (Accounts Receivable Conversion)

Answer

BOC (Back Office Conversion)

Answer

POP (Point-of-Purchase)

Answer

TEL (Telephone-Initiated Entry)