BANKING SOFTWARE
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Information Technology and Digital Banking (Elective) — CAIIB.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
What is Core Banking Solution (CBS) and why is it critical for modern banks?
CBS is a centralised platform that processes banking transactions in real-time across all branches, enabling anywhere-anytime banking and eliminating branch-level silos.
What is the primary function of a Core Banking Solution (CBS)?
Centralizes all banking operations on a single integrated platform.
Which RBI guideline mandates banks to have a Board-approved IT Policy?
RBI's Guidelines on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds (2011) requires banks to have a Board-approved IT and Information Security Policy.
What does SWIFT stand for in the context of banking software?
Society for Worldwide Interbank Financial Telecommunication.
What is the difference between a banking application and banking software?
Banking software is the broader umbrella covering all programs used in banking operations, while a banking application is a specific software module designed to perform a defined banking function such as loan origination or trade finance.
What is the purpose of a Disaster Recovery (DR) system in banking software?
Ensures continuity of operations during system failures or disasters.
What is the purpose of the Application Programming Interface (API) in banking software?
APIs allow different banking software modules and third-party fintech applications to communicate and exchange data securely, enabling open banking and seamless integration of services.
What is a Payment Gateway and what role does it play in banking?
Facilitates secure electronic payment transactions between customers and banks.
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