Which of the Following Statements BEST Describes How the Automated

question 101

Multiple Choice

Which of the following statements BEST describes how the Automated Clearing House Network (ACH) maintains its integrity as a processor of electronic payments?

• A) The ACH network is an institution within the Federal Bank System and is regulated by strict government standards.
• B) The ACH network is a for-profit company and is regulated by its need to make a profit, which it can only do by strictly regulating itself.
• C) The ACH network is a financial institution and is thus regulated by its obligations to its investors.
• D) The ACH network is a not-for-profit association and is regulated by its independence from outside interests.
• E) The ACH network is a professional organization to which all financial institutions are obligated to contribute resources and is regulated by the interests of these institutions.

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Definitions:

Data Breach

An incident where confidential, protected, or sensitive information is accessed, disclosed, or taken without authorization.

Apology

An expression of regret or sorrow for having caused inconvenience, harm, or offense, often accompanied by an acknowledgment of responsibility and a gesture of making amends.

Pragmatist Approach

A practical approach to problems and affairs that focuses on the success of the outcomes rather than the adherence to any abstract principles.

Purist Approach

A methodology or philosophy that advocates for maintaining the original or core principles of an ideology, discipline, or practice without incorporating external influences or innovations.