What is the purpose of a "draft" in transaction processing?

A draft in transaction processing is indeed a document that serves as a record of a transaction. It is typically used to represent an order or an obligation for payment at a later date, functioning similarly to a promissory note. Drafts are crucial in ensuring that both parties (the buyer and the seller) have documented evidence of the transaction. This documentation helps in tracking and validating the transaction details, ensuring that the amounts and conditions agreed upon are clear and verifiable.

In many financial transactions, the draft may outline specifics such as the amount due, the parties involved, and any conditions for payment. This is distinct from the other choices, which do not accurately represent the role of a draft in the transaction processing ecosystem. By focusing on the record-keeping aspect, one can appreciate the importance of a draft in maintaining accuracy and security in financial dealings.