Financial Software & Systems Interview Questions, Process, and Tips for Freshers

Transaction response codes are codes that indicate the status of a transaction.

• Transaction response codes are used in electronic payment systems to indicate the status of a transaction.

• These codes can indicate whether a transaction was approved, declined, or resulted in an error.

• Common transaction response codes include 00 for approved transactions, 05 for declined transactions, and 12 for invalid transactions.

• Transact...read more

Transaction flow of a POS machine involves multiple steps from initiation to completion.

• Customer initiates payment by swiping or inserting card

• POS machine reads card information and sends it to payment gateway

• Payment gateway verifies card details and sends request to card issuer

• Card issuer approves or declines the transaction and sends response to payment gateway

• Payment gateway sends response to POS machine

• POS machine

An authorizer is a person or system that grants or denies access to resources based on predefined rules.

• Authorizers are commonly used in computer security to control access to files, folders, and other resources.

• They can be implemented as software programs or as hardware devices.

• Authorizers typically use a set of rules to determine whether a user or system is authorized to access a resource.

• Examples of authorizers incl...read more