Finastra Assessment Test Finastra Assessment Core Banking Solutions 3 — Questions and Answers
Question 1: Which Finastra product is a cloud-native core banking solution designed primarily for community and regional banks?
- Fusion Essence
- Fusion Phoenix
- Fusion Mbanx (Correct answer)
- Fusion Retail Banking
Correct answer: Fusion Mbanx
Fusion Mbanx is Finastra's cloud-native core banking platform targeted at community banks and credit unions in North America.
Question 2: What does AML stand for in the context of Finastra's compliance features within core banking?
- Automated Money Ledger
- Anti-Money Laundering (Correct answer)
- Account Monitoring Layer
- Asset Management Limit
Correct answer: Anti-Money Laundering
AML stands for Anti-Money Laundering, a set of regulations and procedures that Finastra's core banking solutions help banks comply with.
Question 3: In Finastra core banking, what is the purpose of an 'interest accrual' process?
- Calculating fees charged to dormant accounts
- Accumulating interest earned or owed over a period before payment (Correct answer)
- Generating end-of-day regulatory reports
- Reconciling inter-branch transactions
Correct answer: Accumulating interest earned or owed over a period before payment
Interest accrual is the process of tracking and accumulating interest earned or owed over time, which is then applied on scheduled payment dates.
Question 4: Which integration standard does Finastra commonly use to enable banks to connect core banking with third-party fintech applications?
- SOAP only
- REST APIs and open banking standards (Correct answer)
- FTP file transfers
- Proprietary binary protocols
Correct answer: REST APIs and open banking standards
Finastra uses REST APIs and open banking standards (like PSD2) through Fusion Fabric.cloud to enable secure, scalable third-party integrations.
Question 5: What is the function of a 'general ledger' (GL) module within Finastra's core banking system?
- Managing customer loan applications
- Recording all financial transactions to produce accurate financial statements (Correct answer)
- Processing real-time card payments
- Storing customer KYC documents
Correct answer: Recording all financial transactions to produce accurate financial statements
The general ledger records every financial transaction and is the foundation for producing balance sheets, income statements, and regulatory reports.
Question 6: How does Finastra's multi-currency support in core banking benefit international banks?
- It limits transactions to major currencies only
- It enables accounts and transactions in multiple currencies with automated FX conversion (Correct answer)
- It simplifies compliance by using a single base currency
- It eliminates the need for correspondent banking relationships
Correct answer: It enables accounts and transactions in multiple currencies with automated FX conversion
Multi-currency support allows banks to hold accounts, process transactions, and automatically convert between currencies, supporting global banking operations.
Question 7: Which concept describes the ability of Finastra's core banking to serve multiple banks on a shared infrastructure while keeping their data isolated?
- Single-tenancy
- Multi-tenancy (Correct answer)
- Data federation
- Cluster partitioning
Correct answer: Multi-tenancy
Multi-tenancy allows multiple banks or business units to share the same Finastra platform infrastructure while maintaining strict logical separation of their data.
Finastra Assessment Test Finastra Assessment Core Banking Solutions 3
Which Finastra product is a cloud-native core banking solution designed primarily for community and regional banks?