Core Banking System
What is Core Banking System?
A Core Banking System (CBS) is the central system that processes banking transactions, posts updates to accounts, and manages various banking operations. It's the backbone of a bank's operations, handling tasks like deposit taking, loan management, payment processing, and customer relationship management. CBS enables banks to offer a wide range of products and services, automate processes, and maintain accurate financial records. It commonly involves a centralized database that stores all customer and account information, accessible through various channels such as branches, ATMs, and online banking platforms.
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