transaction-verification

Vocabulary Word

Definition

'Transaction-verification' is the process of ensuring that a transaction — a deal or exchange — has been conducted correctly. It's like cross-checking a contract to ensure all terms have been met.

Examples in Different Contexts

In banking, transaction verification is the process of confirming the authenticity of a transaction before finalizing it. A bank officer might say, 'We use multi-factor authentication and real-time alerts as part of our transaction verification process to prevent fraud.'

Practice Scenarios

Tech

Scenario:

The latest update to our payment system seems to be experiencing some issues. There have been reported delays in processing payments and updates.

Response:

We likely need to optimize our transaction verification processes to streamline the system and avoid such delays.

Logistics

Scenario:

There have been some complaints about missing items in recently shipped orders. We need to review our cargo handling processes.

Response:

I agree, a streamlined transaction verification process for every shipment could help us track if all items are correctly accounted for.