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Message: <blockquote data-quote="Nash'" data-source="post: 789892" data-attributes="member: 10026">DescriptionCentralized Core Banking Software refers to software which uses a single physical database across all the branches of the bank. All the parameters for any product can be setup in this single database from a single location (typically HO) and applied to all the accounts across all branches. It is the technology more than the functionality which is referred to by the phrase "Centralized Core Banking Software". The end user software must be browser based as it allows the bank to install the main software and its patches on a single centralized application server which gets downloaded to the bank officer’s terminal on his browser automatically. Ideally this should be written in Java Applets as they allow for encrypted data + compressed data movement between the client machine and the server machine. What Is A True Centralized Core Banking System?In a true centralized core banking system, its architecture should consist of:1. Single database server for the entire bank2. Single application server for the entire bank3. No application or patch installation manually or through a program at any node except the central application server4. All branches connected to the centralized application server through leased lines5. No branch database servers6. No application servers of any type at any branchFunctionalityIn general, centralized core banking allows a bank to be a global bank (a product offering change in a single place makes the change applicable for all branches), and have global customers and branches. Specifically, the bank can perform the following functions with centralized core banking software:• Retail Functions: Savings Account, Current Account (CC/OD/CL), Term Deposits, Loan Accounts and Remittances• Corporate Functions: Letters of Credit, Letters of Guarantee (Bank Guarantees), Bill Purchase, Inward and Outward Bill Collection (Both financial and non financial documents)What Are The Advantages Of A Centralized CBS?1. Global customer, Global bank, and Global employees2. Bank can get information from its entire database at any instant at a high level or at any level of detail by pressing a button rather than wait for all the reports to come in at the end of the day and then consolidate them.3. It is cost effective as no separate database server is required at each branch and no database administrator is required at each branch4. Centralized parameter and product setup removes the possibility of human error in copy paste and allows the bank to get onto the new products instantly across all its branches.5. This is a must in order to have risk management and know your customer (KYC) as the customer belongs to the bank and not to individual branches.</blockquote>

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