Faster Payments API Functions Quiz

A set of protocols and tools that allow different software applications to communicate and exchange data. They define how applications can request and send information, facilitating smooth interaction between various players in the payment ecosystem.

A type of barcode that can be scanned by smartphones to initiate a payment transaction. They can be static or dynamic and used for a wide range of payments from merchants or customers.

A system that enables quick and efficient processing of payment transactions. It relies on various technologies like APIs, tokenization, and network connectivity.

A process that replaces sensitive payment card details with unique tokens, enhancing security and protecting data.

The ability for multiple parties involved in a payment transaction to connect and exchange information seamlessly.

A unique identifier for a payment transaction, allowing tracking and record keeping.

QR codes that contain fixed information and are often printed and displayed in different locations for various purposes.

QR codes that can be updated with dynamic information, such as transaction-specific details, making them adaptable for various scenarios.

These APIs offer additional services like fraud prevention, sanction screening and transaction reporting.

This technology encrypts data sent over the internet, ensuring secure communication.

A combination of public and private keys used to verify the integrity and authenticity of messages.

A cryptographic protocol that uses public and private keys to verify the authenticity of messages.

This capability allows financial institutions to tokenize account credentials, reducing vulnerability from storing account information outside the banking system.

The key components of information security are confidentiality, data integrity and availability.

ACH network defines this to protect information against unauthorized access or modification.

These APIs let companies sign up for a provider's Faster Payments API service and streamline tasks like KYC validation and user authentication for accessing the service.

These APIs manage tasks related to adding, adjusting, or deleting log-in details for both users and APIs. They handle username, password, and channel access management, ensuring secure API access.

They enable and manage various payment-related processes, including initiating payments, receiving acknowledgment or response codes, and querying payment status.

These APIs retrieve information regarding customers or entities, including bank routing numbers, account details, and aliases, essential for payment processing.

These APIs accommodate specialized needs beyond the core functions. This can encompass features like payment confirmations, fraud detection, or custom reporting.

These APIs define the standard interfaces for initiating and receiving payments, ensuring compatibility between different systems and platforms.

They are responsible for maintaining the directory and updating information related to bank routing numbers, account details, and aliases.

These APIs are crucial for managing the security of sensitive payment information, ensuring safe and secure transactions.

A company or institution that processes payment transactions for merchants and businesses using Visa's network.

An organization that facilitates communication and data exchange between various payment systems. They connect different players, ensuring smooth transactions.

A service provided by Mastercard that allows senders to initiate and manage payments quickly and securely. It operates on Mastercard's network.

A database that holds payment-related information, including payment aliases and account details. It helps connect payers and payees.

An alternative to sharing sensitive account information like bank details. It can be an email, phone number, or a unique identifier that connects to the recipient's account.

A service built on top of an existing payment system, adding features or functionalities. They often simplify payment processes without changing the core infrastructure.

A digital platform that allows senders to initiate payments using services like Visa Direct or Mastercard Send, without having to directly connect to the payment network.

A decentralized system where different entities manage their own set of payment aliases, allowing for greater flexibility and autonomy.

A set of rules that allows different payment systems to communicate and exchange data in a standard way, ensuring consistency and reliability.

An international standard that defines message specifications for payments, enabling the exchange of structured, comprehensive information. It enables faster processing, reduces errors, and facilitates real-time tracking.

A messaging standard specifically designed for card-initiated transactions, enabling standardized communication for push-to-card payments. It ensures reliable and speedy processing, while also facilitating interoperability between different card networks.

The ability of different Faster Payments systems to communicate and interact with each other, allowing payments to flow seamlessly across networks and markets.

A system that reduces manual intervention in payment processing, automating the flow of data and speeding up transaction times.

A standard used by Same Day ACH (Automated Clearing House) payments in the United States, which allows for faster transaction processing within the same day.

The ability to track and confirm payments in real time, providing transparency and helping with reconciliation and compliance with regulatory requirements.

Information that is detailed and specific, providing a richer understanding of payment transactions and enhancing accuracy and efficiency.

Analyzing transaction data to identify potentially fraudulent activities, helping financial institutions prevent or minimize losses.

A system enabling fast and efficient processing of payments, often utilizing APIs, tokenization, and secure network connectivity.

A centralized platform where Faster Payment participants can manage their liquidity needs, ensuring seamless payment operations.

Tools provided by the central infrastructure operator to help Faster Payment participants identify and resolve errors, anomalies, or potential fraud during the payment process.

Additional services offered alongside core Faster Payment functionalities, such as fraud prevention, user authentication, and directory services.

A data-driven approach that analyzes transaction patterns and anomalies to detect potentially fraudulent activities.

A system that facilitates secure and efficient communication between different entities involved in Faster Payments.

A system that enables fast and efficient processing of payments, often utilizing APIs, tokenization, and secure network connectivity.