Arrange the following steps involved in completing an electronic funds transfer via mobile banking in the correct sequential order from transaction initiation to final settlement:
- 1The customer logs into the mobile app and enters the recipient's account details and transfer amount.
- 2The user authenticates the payment request by inputting a secret Personal Identification Number (PIN) or biometric credential.
- 3The originating bank verifies account balance, debits the sender's account, and routes the payment instruction through the central interbank switch.
- 4The beneficiary's bank receives the transaction instruction, credits the recipient's account, and returns a success confirmation response.
Cevap
The correct sequence begins with entering transfer details, followed by PIN authorization, originating bank debit and interbank switch routing, and ends with beneficiary account crediting and confirmation.
The electronic fund transfer workflow logically begins with entering transaction parameters, followed by user authentication via secret PIN, then originating bank debiting with interbank switch routing, and finishes with beneficiary account crediting and confirmation generation.
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Anahtar Kavram
Electronic Funds Transfer Process and Interbank Settlement Workflow