01. PF Module 02 Quiz

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Question 1 of 10

1. Question
What are the main types of payments systems models?
- A : Closed loop models
- B : Interbank system models
- C : Open loop models
- D : central bank systems models
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Question 2 of 10

2. Question
What is abstraction in payment system modeling?
- A : Abstraction is about highlighting the system structure
- B : Abstraction is about presenting the different part of the structure and how they work together
- C : Abstraction is about showing the connections of end parties to the payments system
- D : Abstraction is about hiding unimportant details in order to focus on essential characteristics of a system.
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Question 3 of 10

3. Question
What is the payment system model of a country usually composed of?
- A : Banks and payment service providers
- B : Interbank clearing systems
- C : Central bank systems
- D : Payment products
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Question 4 of 10

4. Question
In Closed loop systems, how do end parties interact with the system ?
- A : End parties transact directly with the system.
- B : End parties use intermediaries to transact with the system
- C : End parties sign an agreement directly with the system.
- D : All the three other answers
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Question 5 of 10

5. Question
What is true about participation of banks to payment systems?
- A : A bank chooses which interbank clearing systems to join as participant.
- B : A bank must become participant of the central bank system used for settlement.
- C : A bank cannot use different payments systems for clearing of the same payment instrument.
- D : A bank can join a payment system only as direct participant.
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Question 6 of 10

6. Question
How can a closed loop system access an open loop system?
- A : Join the system as a direct participant.
- B : Join the system as indirect participant, so access the CSM through a major Bank
- C : Join the open loop system as an end party by becoming customer of a Bank / PSP
- D : All the three other answers
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Question 7 of 10

7. Question
On which models do Cryptocurrencies mostly operate?
- A : A combination of open and closed loop models
- B : Closed loop models
- C : Open loop models
- D : All the three other answers
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Question 8 of 10

8. Question
Cryptocurrency systems operate completely autonomously and never use open loop systems
- A : True
- B : False
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Question 9 of 10

9. Question
What are the major differences between closed loop systems and open loop systems?
- A : It is possible for banks and PSPs to join open loop system as intermediary, but not closed loop system.
- B : Closed loop systems interconnects consumers while open loop systems interconnect merchants.
- C : Closed loop systems are centralized while open loop systems are decentralized
- D : Closed loop systems work better for merchants than open loop systems.
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Question 10 of 10

10. Question
Which of the following sentences is true about clearing and settlement mechanism?
- A : Clearing mechanism is usually implemented in Central bank systems.
- B : Settlement mechanism is usually implemented in Interbank transfer systems.
- C : Settlement mechanism is implemented in Central bank systems.
- D : Clearing mechanism is usually implemented in Interbank transfer systems.
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Payments Fundamentals

01. PF Module 02 Quiz

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