transaction processing

Transaction processing refers to the systematic and efficient handling of financial transactions within a business or organization. It involves the recording, verification, and completion of various types of transactions, such as sales, purchases, payments, and transfers. This process ensures accuracy, security, and timeliness in managing financial activities, allowing businesses to maintain proper records, reconcile accounts, and generate reports. Transaction processing systems often utilize computerized software and databases to streamline and automate these processes, improving efficiency and reducing the risk of errors or fraud.