32. Which of the following would BLJ likely classify as a commercial payments processor rather than a network? (p. 151; Kindle, 2530-2535) 1. A company whose main business is to handle transactions \"on behalf of\" its customers (e.g., the banks that contract for its services). 2. A company that provides switching and settlement services for a group of banks plus a set of operating rules to govern interactions among them. 3. A company that provides a single payment function, such as authentication or security services. A. 1and2 B.2and3 C.land2 D. 1and3 33. According to BL], payment networks and payment processors are similar in that they both . (p. 150; Kindle, 2509) A. have always operated as for-prot companies B. are required by regulators to provide detailed reports on their activities C. need to operate at large scale to cover their xed costs D. rely exclusively on ad valorem fees 34. The last category of payments providers are nonbank payments providers such as PayPal and Western Union. BLJ dene these providers as nonbank companies other than closed-loop card networks that directly serve . To do business, these companies often have to make arrangements with . (pp. 152-153; Kindle, 2548-2554) A. banks; the Federal Reserve B. banks; Visa and MasterCard C. end parties; banks belonging to the necessary payments networks D. end parties; the Federal Reserve