UTR, or Unique Transaction Reference, is a code that is used to identify a bank transfer or payment in the United Kingdom. In this article, we’ll explore what UTR is, its full form, and how it is used in banking.
UTR is a 10-digit code that is assigned to a bank transfer or payment in the UK. The code is unique to each transaction and is used to identify the payment within the banking system. It is typically used for high-value transactions, such as those between businesses or for large personal transfers.
The full form of UTR is Unique Transaction Reference.
When you make a bank transfer or payment in the UK, you will typically be asked to provide a reference or message to accompany the transaction. This reference can be used to provide additional information about the payment, such as an invoice number or order ID.
In addition to the reference, the bank will also assign a UTR code to the transaction. This code is used to uniquely identify the payment within the banking system and is included in the bank’s records of the transaction. The UTR code can be used to track the progress of the payment and to resolve any issues that may arise.
If you are receiving a payment that requires a UTR code, you should provide the code to the payer along with your account details. This will help to ensure that the payment is correctly identified and processed by the bank.
UTR, or Unique Transaction Reference, is a 10-digit code that is used to identify a bank transfer or payment in the UK. The code is unique to each transaction and is used to track the progress of the payment within the banking system. By providing a UTR code with your payment, you can help to ensure that the transaction is correctly identified and processed by the bank.