BAFT Certificate In Principles Of Payments (CertPAY) Practice Test

Which feature most clearly distinguishes an instant payment service from a traditional batch payment service?

It always requires a correspondent bank It can only be used for cross-border payments It settles only once at the end of each month It is designed to make funds available to the beneficiary in near real time

Correct Answer:

It is designed to make funds available to the beneficiary in near real time

Explanation:

Instant payment services are designed for near-real-time processing and availability of funds, unlike traditional batch systems that collect transactions for later processing.

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