Interoperability in BaaS Platforms BFC Practice Questions (Page 2)

Questions 6–10

1. 6foundation · easy

   In trade finance, how can BaaS interoperability support a letter of credit process?

   • ABy requiring all parties to use the same physical document exchange
   • BBy allowing the buyer's bank, seller's bank, and other parties to share a common view of the transaction status across different systems
   • CBy ensuring that all parties use the same currency for settlement
   • DBy eliminating the need for banks to verify the creditworthiness of the buyer
   Reveal Solution Discussion Select an answer first
2. 7expert · hard

   A bank's BaaS platform interoperates with a partner bank's platform in a different jurisdiction. The bank must comply with local data residency regulations that require customer data to remain within the country. The interoperability solution currently sends transaction data to the partner bank's node abroad. Which action best ensures compliance?

   • AUse a sidechain that is hosted in the partner's jurisdiction.
   • BObtain customer consent for the transfer.
   • CDeploy a local node for the partner bank within the country and route data through it.
   • DEncrypt the data before sending it abroad.
   Reveal Solution Discussion Select an answer first
4. 8foundation · easy

   What is a common approach for integrating a BaaS platform with a bank's existing core banking system?

   • AReplacing the core banking system with a blockchain-based ledger
   • BUsing message queues and event-driven architecture to synchronize data between the systems
   • CUsing a shared physical server to host both systems
   • DManually exporting and importing data files on a daily basis
   Reveal Solution Discussion Select an answer first
5. 9application · medium

   A trade finance consortium wants to use a BaaS platform to digitize letters of credit across multiple banks and importers/exporters. Each participant currently uses a different document management system. The consortium needs to ensure that a single digital letter of credit can be presented and verified across all participants without duplication or fraud. Which interoperability approach best supports this use case?

   • AUse atomic swaps to exchange letter-of-credit documents between participants.
   • BUse Interledger Protocol to route letter-of-credit payments between banks.
   • CUse a shared permissioned blockchain with a common data standard for letters of credit, and integrate each participant's system via APIs.
   • DUse a cross-chain bridge to transfer letter-of-credit documents between each participant's private blockchain.
   Reveal Solution Discussion Select an answer first
6. 10application · medium

   A bank's BaaS platform needs to integrate with its existing core banking system for real-time account balance updates. The core system uses a proprietary API that is only available on the bank's internal network. The BaaS platform runs in a public cloud. What is the most secure way to enable the BaaS platform to call the core system's API?

   • AMigrate the core banking system to the public cloud.
   • BUse a public API gateway without any network-level security.
   • CExpose the core system's API directly to the internet and use basic authentication.
   • DSet up a secure VPN connection between the cloud environment and the bank's internal network, and use API keys for authentication.
   Reveal Solution Discussion Select an answer first