How transaction works in financial institutions

In this day and age, many people believe that an individual's worth is determined by how much money he or she has. Nowadays, money is directly related to an individual's level of advancement. As time passes, concentrating on the establishment where the cash is kept becomes increasingly important. The security of the place to store one's accumulated wealth should be a top priority for anybody in the modern era. Understanding how exchanges and money work in the financial sector is as important as learning how to bring in cash. Complex ideas can easily be taught with an example and the below mentioned scenario will be an excellent one to show earning individuals about the financial world and how elements work in that system.

The problem

Disaster Recovery and Near Disaster Recovery (DR and NDR) can be determined as the core aspect that should be checked upon while looking into a financial institution. Knowing how an institution works in time of peril will give an idea of how secure the entire system works to save any person's hard-earned money. So, paying close attention to them will ensure & guarantee an individual’s wealth security. For better understanding, the entire process of financial institutions can easily be explained by a simple problem-solving scenario. Suppose a Financial Institution required a real-time application cluster to be established for their on-premises DC. Additionally, NDR and DR for undisrupted services. Some Key Highlights of the problem that they are looking for are High dependability on a single application server, the need to reduce RTO and RPO, Establishment of NDR. Giving solutions to this problem should be the number one priority for any IT service management agencies that these institutions are working with.

Answer to the problem

Finding an answer that fits your question is the major aspect that all institutions with a problem is looking for. So, for the above-mentioned problem, effective solutions could be designing and deploying an Oracle real application cluster (RAC) for the application's high availability, implementing Oracle active data card (ADG) for real-time data replication between DC and NDR, and stepping up data card (ODG) for data replication between NDR and DR and Configured NVME SAN storage at DC, NDR and DR for fast data replication.

Aftermath of the answer

After effects are the testimony to the answer provided. The aftermath of a solution will determine the course of action for both the problem seeker (the institution) and also the solution provider (the IT solution providing company) in the future. The aftermath of the above problem should be paid close attention to by any financial institution. Achieved HA for Core Banking Solution (CBS), Migration of certain workload from DC to NDR, Significant reduction in RTO and RPO & Enhanced customer delightful experience with these insights with you your money will be safer with any institution that you are going for. Knowing how to make and protect your wealth will always take you & you are loved once a long way in the journey of life.

The article has been written by Anshul Goyal, Business Development Manager, B M Infotrade Pvt. Ltd