Scheme Transaction ID

Scheme Transaction ID is a unique identifier assigned to a financial transaction within a payment card network, such as Visa or Mastercard. It serves as a reference key that uniquely identifies and tracks a specific transaction throughout the payment processing ecosystem.

Scheme Transaction ID is generated by the payment network and is included in transaction records exchanged between acquiring and issuing banks. This identifier plays a crucial role in facilitating communication and coordination among various entities involved in the transaction flow.

Merchants, payment processors, and financial institutions rely on the Scheme Transaction ID to trace and reconcile transactions, address disputes, and ensure the accurate processing of payments within the guidelines established by the respective card networks.