Banking

Nostro Bank Account A Nostro account is a bank account held by a domestic bank with a foreign bank, in a foreign currency, for the purpose of facilitating international transactions. It’s essentially “our account” with a foreign bank, allowing banks to manage their foreign exchange transactions, manage liquidity, and conduct global financial operations. In banking […]

Anti–Money Laundering (AML) Compliance Money laundering is a serious financial crime that allows criminals to disguise illegally obtained money as legitimate income. To prevent this, governments and regulators around the world require businesses to follow Anti–Money Laundering (AML) compliance rules. If you’re new to AML, this guide will help you understand the basics—what AML is, […]

Understanding the Banking Domain The banking domain is one of the most complex sectors in the world, dealing with large volumes of sensitive financial data and critical transactions. To understand software testing in the banking industry, becoming familiar with key concepts and terminology that define the environment is essential. In this chapter, we will cover […]

ECH/NACH Mandate in Banking In the banking ecosystem, automation and efficiency are critical for both customers and institutions. One key enabler of automatic financial transactions is the ECH/NACH mandate. This system allows organizations to debit or credit bank accounts of customers on a recurring basis with proper authorization. It is especially useful for services such […]