Certified Treasury Professional Payment Systems and Technology Questions and Answers

Question 1

A treasury manager at a large corporation is tasked with improving the efficiency of processing payments to its suppliers.
The company frequently deals with high-value, time-sensitive domestic payments and is looking for a system that offers immediate, final settlement to improve supplier relationships and better manage liquidity.
Which of the following payment systems would be most appropriate for this purpose?

Accepted Answer

Fedwire Funds Service

Answer

Automated Clearing House (ACH)

Answer

Clearing House Interbank Payments System (CHIPS)

Answer

Society for Worldwide Interbank Financial Telecommunication (SWIFT)

Question 2

Which of the following is a primary benefit for a corporation adopting the ISO 20022 standard for its payment messaging?

Accepted Answer

The ability to transmit richer, more structured data, which enhances automated reconciliation and analytics.

Answer

A guaranteed reduction in bank transaction fees for all payment types.

Answer

Mandatory use of a single, universal currency for all cross-border transactions.

Answer

Elimination of the need for sanctions screening and compliance checks.

Question 3

A company is reviewing its treasury operations and wants to understand the primary purpose of the Check Clearing for the 21st Century Act (Check 21). Which statement accurately describes the main function of this act?

Accepted Answer

It establishes the legal framework for creating and accepting 'substitute checks' (digital images of original checks), which have the same legal standing as the original paper check.

Answer

It mandates that all banks must stop accepting paper checks and exclusively process electronic payments.

Answer

It requires all checks to be settled within one hour of being deposited.

Answer

It sets the maximum fee that banks can charge for processing a paper check.

Question 4

A company's treasury department is analyzing the costs associated with accepting credit card payments from customers. The largest component of the merchant discount fee is typically the:

Accepted Answer

Interchange fee paid to the card-issuing bank

Answer

Acquirer processing fee

Answer

Assessment fee charged by the card network (e.g., Visa, Mastercard)

Answer

Payment gateway fee

Question 5

A direct-to-consumer company wants to offer its gig economy delivery drivers the option to be paid instantly at the end of each shift, 24/7, including weekends and holidays. Which payment network characteristic is essential to meet this requirement?

Accepted Answer

Real-time payments (RTP) with 24/7/365 availability

Answer

Net settlement finality

Answer

Batch processing schedule

Answer

Support for high-value corporate transactions only

Question 6

When comparing the Clearing House Interbank Payments System (CHIPS) and Fedwire, which of the following is a key distinguishing feature of CHIPS?

Accepted Answer

It uses a multilateral netting process to calculate and settle transactions at the end of the day.

Answer

It is operated directly by the U.S. Federal Reserve.

Answer

It settles each transaction individually in real-time throughout the day.

Answer

It is primarily used for low-value, recurring consumer payments like payroll.