What is Transaction Descriptors? A Detailed Guide
A transaction descriptor is a code that indicates the type of transaction being carried out. It is used by banks and other financial institutions to help them identify and process transactions quickly and efficiently. Transaction descriptors can be used for a variety of purposes, such as identifying the payee on a cheque, or indicating the type of account from which funds are being transferred.
There are a variety of different transaction descriptors in use today, and new ones are constantly being developed to keep up with the changing needs of the financial sector. Here is a list of some of the most common transaction descriptors:
– Account number: This is the unique identifier for an account held at a financial institution. It can be used to identify the account holder when making a transaction.
– Sort code: This is a code used by banks in the United Kingdom and Ireland to identify the bank and branch where an account is held. It is also sometimes known as the routing number.
– IBAN: The International Bank Account Number is a unique identifier for a bank account that is used in countries around the world.
– BIC: A Bank Identifier Code is a code used to identify a particular bank or financial institution. It is also sometimes known as a SWIFT code.
– Credit card number: This is the unique identifier for a credit card. It can be used to make payments or withdraw cash from an ATM.
– Debit card number: This is the unique identifier for a debit card. It can be used to make payments or withdraw cash from an ATM.
– Transaction reference number: This is a code that is assigned to a transaction when it is processed by a bank or other financial institution. It can be used to track the progress of the transaction and to verify that it has been completed successfully.