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Exam CRCM topic 1 question 186 discussion

Actual exam question from ABA's CRCM
Question #: 186
Topic #: 1
[All CRCM Questions]

The following mentioned points are actually _______________.
"¢ Reserve Banks may rely on numbers given in a payment order to identify an intermediary or beneficiary bank
"¢ Reserve Banks, when acting as beneficiary's bank, may rely on the number in the payment order that identifies the beneficiary

  • A. Fedwire transfers
  • B. Interdistrict transfers
  • C. Intradistrict transfers
  • D. Any one of these
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Suggested Answer: A 🗳️
by Cam22 at March 16, 2024, 10:39 p.m.

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Cam22
4 months ago
Selected Answer: A
The correct answer is A. Fedwire transfers. The points mentioned relate to practices within the Fedwire system, where Reserve Banks, and other participating institutions, may rely on numerical identifiers (such as routing numbers or account numbers) to identify intermediary banks, beneficiary banks, and beneficiaries in the process of executing payment orders. This reliance on numbers for identification is a characteristic feature of the Fedwire funds transfer system, which facilitates the quick and secure transfer of funds between financial institutions.
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