Financial Transaction Processing

ALSO CALLED: Transaction Processing (Finance)
DEFINITION: The Transaction Processing Performance Council (TPC) is a worldwide consortium that establishes standards intended to promote the fast, efficient and reliable execution of e-commerce and database transactions. The benchmarks defined by the TPC measure performance on the basis of the speed and reliability with which transactions are carried out. Speed can be measured in terms of the number of transactions  … 
Definition continues below.

FINANCIAL TRANSACTION PROCESSING DEFINITION (continued): …  per second or minute; reliability can be expressed as a percentage.A typical transaction is an order for merchandise placed by a customer using a Web browser and entered into a corporate database by means of the Internet. The order transaction involves checking an inventory list, verifying that the item is in stock or determining when it will be, entering the order information into the system, confirming that the order has been placed and estimating the time of shipment. Order confirmation is typically sent back to the customer by e-mail. Some transactions are placed by customers using the telephone … 
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