Process of Verification and Change Track (Audit Trial/Event Logging) in Banking:
“Verification”, is a process of confirmation, this is a critical activity which a bank operator performs by carefully examining the result of a each activity which needs approval.
Based on the number of verification required at Bank level or System or Area level, a record will under go verification. During verification of a record, the operator can modify the record once again or Accept change or Reject the change. In order to perform verification there may need of special permissions for the operator. Actions performed on the record may include Adding the record (Creation of the change), Updating (Modifying on top of original change), Deletion.
In some systems, operator one who modifies/creates record may not have permission to verify the record but can only see the record, if the user has special permission then he can verify his own changes.
Change Tracking or Audit Trail or Event Logging:
“Change tracking”, is the process of tracking data modifications done by different users to the system. Data modification includes adding data, deleting or modifying the existing production data in the system. Data can be a single record or set of records based on the business needs
NOTE: Verification and Change Tracking are done for the purpose of safety before accepting any change as it have vital role in payment initiation, processing, settlement, clearing or posting. These process serves as more than one eye examination of record under change and keeping all the events of changes helps.