The Records Center is intended to serve as a central repository in which an organization can store and manage all of its records such as legal or financial documents. The Records Center supports the entire records management process, from records collection through records management to records disposition.
The Records Center site template is similar to other SharePoint sites in that it serves as a general repository for documents and enables collaboration among site users. The Records Center site template, however, is a pre-configured site designed specifically to help organizations implement their records management and retention programs. Versioning, auditing, metadata management, eDiscovery, and customizable record routing are built-in features that can help you manage records more effectively.
Note: SharePoint provides the ability to manage records "in place." With in-place records management, you can use any feature available in the Records Center, such as information management policy enforcement, routing, and hold, to manage records on any site.