Digital Banking

1. Which statement(s) best describe a Payment Gateway Service Provider?

An entity that connects the online shop and other market participants such as banks or credit card acquirers

An online equivalent of a physical point of sale terminal

An e-commerce application service provider that processes payments for e-businesses online retailers AND traditional brick and mortar businesses.

All of the above

2. The pseudonym used by the author of the famous Bitcoin whitepaper is ____________?

Shigeru Miyamoto

Satoshi Nakamoto

Takuma Sato

Yukiya Arashiro

3. What are generally considered the main driver(s) behind electronic payment growth?

Massive growth in Internet and Online Retailing as well as consumer demand for new forms of online payment

Banking Regulations that provide the legal framework for providers to offer alternative payment methods

Innovative payment methods introduced by Banks, Non-Banks (eg FinTech’s) and Payment Companies

All of the Above

4. What role does a payment processor play in the processing and handing of transactions?

A payment processor processes transactions across a number of channels, for CardHolder Issuing Banks

A payment processor authorises payment instructions on behalf of participant card schemes

A payment processor processes the risk and compliance side of the transaction, on behalf of CardHolder Issuing Banks and Merchant Acquiring Banks

A payment processor communicates transaction-related information, between the bank and the merchant

5. What are the most important factors that a Merchant Acquirer should consider when setting up an online payment system?

Payment and Delivery

Customer Experience

Trust & Security

All of the Above

6. What does the legislative requirement outlined in PSD2, in summary, require Banks to do

Grant tax authorities access to customer data to ensure tax compliance

Allow Fintechs and Social Media providers, such as FaceBook and Twitter, access to customer profiles

Grant qualified access by Third Parties to Bank API’s to provide automated access to customer transaction accounts

Force banks to share customers financial data, even when its not in the customers best interests

7.

What is the primary function of a digital banking middleware platform?

Acting as a bridge between front-end apps and core systems

Hosting mobile apps directly

Replacing legacy hardware

Generating marketing content

8. Which country is the leading Mobile Payments market by value?

USA

India

China

Australia

9. ____________ is/are beginning to reshape the financial services landscape by introducing new ways to instantly communicate and share information among international payment service providers, banks, and financial technology (FinTech) companies

APIs

Bitcoins and cryptocurrencies

Chatbots

Virtual Reality

10. Which of the following are considered alternative payment methods?

Cash

Mobile Wallets

Buy Now, Pay Later (BNPL)

CNP (Card-Not-Present) Acceptance

Answers 2,3 & 4

11. What is the primary technology behind real-time payments in most modern digital banking systems?

Blockchain

ACH (Automated Clearing House)

Barcodes – the proprietory method patented by Amazon to process payments through its online gateway

Instant Payment Switching

12. What type of banking allows users to make transactions through the use of their smartphone or tablet?

Online banking

Mobile banking

Branch Teller banking

ATMs

13. What is the difference between a payment service provider and a payment processor?

Payment Service Providers offer services to accept payments. Payment Processors facilitate all or most of the transaction

Payment Processors offer services to accept payments. Payment Service Providers facilitate all or most of the transaction

Both A and B

Neither A or B

14. Which of the following statements describe ‘NFC’? (Check all that apply.)

Near Field Communication. A short-range contactless proximity technology

Near Field Communication. The standards derived from the EMV standards to establish radio communication between an account data holding device (eg. card/mobile) and a payment device (eg. POS)

Near Field Communication. A method of initiating payments, triggered by touching together or bringing two NFC payment capable devices into close proximity, usually no more than a few centimeters.

Not Found Communication. An alert sent out by the user, when no signal is available on a Mobile Phone

15.

Which type of authentication is commonly used in digital banking to verify user identity?

Biometric verification

Magnetic stripe cards

Static passwords only

Captcha puzzles

16.

Which of the following animals is featured in the meme that inspired the creation of Dogecoin? (the infamous cryptocurrency coin commonly associated with Elon Musk)

Grumpy Cat

Shiba Inu

Golden Retriever

Alpaca

17. Which statement(s) apply to online shopping carts, used by e-commerce websites?

Amazon created the first online shopping cart in 1997

Geoff Bezos, the founder of Amazon, owns patents on several key elements of the standard e-commerce payments process

Shopping carts allows online buyers to select items from an online store, prior to payment

A and C

18. Blockchain, also known as distributed ledger technology (DLT), can act as a complete and irrevocable record of all international payment transactions, offering full traceability.

TRUE

FALSE

Neither True nor False

None of the Above

19. Which of the following statements can be used to describe “man-in-the-middle” attacks?

A type of fraud that most often targets mobile payment systems

When hackers intercept financial information as it gets transmitted wirelessly, often for later use by fraudsters

possible when using a wireless network at a coffee shop your credit card, data is intercepted and used.

All of the Above

20. Which statement best describes an e-Payment?

A method for purchasing goods and services, online or over the internet, without having to use a physical card or cash

A method using cloud-based software systems (such as Google) to process all your financial transactions

The proprietory method patented by Amazon to process payments through its online gateway

A method for paying bills, using a mobile phone or a QR code

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