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How does the CBS system validate transactions?
- a)By checking the account number
- b)By checking the balance in the account
- c)By checking the authority of the teller (Maker) who does the transaction
- d)All of the above
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
How does the CBS system validate transactions?a)By checking the accoun...
The system validates the account number, balance in the account, the authority of the teller (Maker) who does the transaction, the authority of the officer (Checker) who authorizes the transaction, and other validations parameterized at the product level if required to be done.
Most Upvoted Answer
How does the CBS system validate transactions?a)By checking the accoun...
Transaction Validation in CBS System
The Core Banking System (CBS) is designed to ensure the security and integrity of financial transactions. It employs several checks to validate transactions effectively. The correct answer, which is option 'D', includes all the methods of validation.
1. Checking the Account Number
- The CBS system verifies the validity of the account number provided during a transaction.
- This ensures that the transaction is directed to a legitimate and existing account, avoiding fraudulent activities.
2. Checking the Balance in the Account
- Before proceeding with a transaction, the system checks if sufficient balance is available in the account.
- This prevents overdrafts and ensures that the account holder can afford the transaction, maintaining the financial integrity of the system.
3. Checking the Authority of the Teller (Maker)
- Each transaction must be authorized by a teller or operator, whose identity and authority are validated by the CBS.
- This step ensures that only authorized personnel can execute transactions, safeguarding against unauthorized access and potential fraud.
Conclusion
In summary, the CBS system employs a comprehensive validation approach by checking the account number, balance, and the authority of the teller involved in the transaction. This multi-faceted method helps maintain security, reliability, and trust in banking operations, making option 'D' the correct answer.
The Core Banking System (CBS) is designed to ensure the security and integrity of financial transactions. It employs several checks to validate transactions effectively. The correct answer, which is option 'D', includes all the methods of validation.
1. Checking the Account Number
- The CBS system verifies the validity of the account number provided during a transaction.
- This ensures that the transaction is directed to a legitimate and existing account, avoiding fraudulent activities.
2. Checking the Balance in the Account
- Before proceeding with a transaction, the system checks if sufficient balance is available in the account.
- This prevents overdrafts and ensures that the account holder can afford the transaction, maintaining the financial integrity of the system.
3. Checking the Authority of the Teller (Maker)
- Each transaction must be authorized by a teller or operator, whose identity and authority are validated by the CBS.
- This step ensures that only authorized personnel can execute transactions, safeguarding against unauthorized access and potential fraud.
Conclusion
In summary, the CBS system employs a comprehensive validation approach by checking the account number, balance, and the authority of the teller involved in the transaction. This multi-faceted method helps maintain security, reliability, and trust in banking operations, making option 'D' the correct answer.
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How does the CBS system validate transactions?a)By checking the account numberb)By checking the balance in the accountc)By checking the authority of the teller (Maker) who does the transactiond)All of the aboveCorrect answer is option 'D'. Can you explain this answer?
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