Error Task Execution Function - Introduction

Periodic process errors are mistakes or failures that occur during routine processes within a bank or financial institution.

These errors can impact various aspects of banking operations, including transaction processing, risk management, and customer service.

Some examples, are as follows:-

  • Technical Faults: An upgrade to the batch scheduling process that caused the bank to lose the ability to process payments, which resulted some customers stranded abroad without access to funds, and that late payment penalties imposed on the customers.

  • Settlement Risk and Time Zone Differences: A bank received a large sum of payment in Deutsche Mark (DEM) payments that is to be exchanged for US Dollars (USD) for transfer to New York. However, the counterparty bank did not receive their USD payments due to the failure to account for time zone differences and trading hours, which disrupted the bank’s settlement process.

This function basically allows users (the system administrator) to do the following:-

  • View the periodic tasks that contain errors during periodic process.

  • Resubmit the 'fixed' periodic tasks to be executed or processed during periodic process.