Finastra Assessment Test Finastra Assessment Core Banking Solutions 4

Question 1

In Finastra's core banking context, what is KYC and why is it critical during account onboarding?

Accepted Answer

Know Your Customer — verifies customer identity to prevent fraud and comply with regulations

Answer

KYC (Know Your Customer) is a regulatory process that verifies customer identity during onboarding to prevent money laundering, fraud, and terrorist financing.

Question 2

What is the significance of the Basel III framework for Finastra's core banking reporting capabilities?

Accepted Answer

It sets capital adequacy, liquidity, and leverage requirements that banks must report on

Answer

Basel III establishes international standards for bank capital adequacy and liquidity, requiring core banking systems to generate precise regulatory reports.

Question 3

Which security principle in Finastra's core banking ensures that no single employee can complete a sensitive transaction without a second person's approval?

Accepted Answer

Four-eyes principle (dual control)

Answer

The four-eyes principle (dual control) requires two authorized individuals to approve sensitive operations, reducing the risk of fraud or errors.

Question 4

In core banking, what does 'end-of-day (EOD) processing' typically include?

Accepted Answer

Running batch jobs for interest accrual, statement generation, and account updates

Answer

EOD processing runs batch jobs that calculate interest, generate statements, update balances, and perform reconciliation after the business day closes.

Question 5

How does Finastra's core banking handle 'dormant accounts' to comply with regulatory requirements?

Accepted Answer

They are flagged, reported to regulators, and may have restrictions applied after a defined inactivity period

Answer

Dormant accounts are flagged after a defined inactivity period, subject to special handling and regulatory reporting, often with restricted transaction capabilities.

Finastra Assessment Test Practice Test

Finastra Assessment Test Practice Test

Finastra Assessment Test Finastra Assessment Core Banking Solutions 4