Scheme transaction ID

Scheme transaction ID is a unique identifier assigned to a financial transaction within a payment , 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 and banks. This identifier plays a crucial role in facilitating communication and coordination among various entities involved in the transaction flow.

Merchants, , 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.