A txn id, or transaction ID, is a unique alphanumeric code assigned to each financial transaction. It acts as a digital fingerprint, making it easy to identify and track specific transactions.
Understanding Transaction IDs (TXIDs)
Transaction IDs are fundamental for tracking financial activities. Here's a breakdown:
- Uniqueness: Each transaction receives a unique ID.
- Alphanumeric Codes: TXIDs consist of both letters and numbers.
- Automatic Generation: They are automatically generated by the system processing the transaction.
- Tracking: TXIDs simplify the process of identifying and tracking transactions (Reference: Transaction IDs (TXIDs) are unique alphanumeric codes that are generated and assigned automatically to each financial transaction. They are a transaction's digital fingerprint, and they simplify the process of identifying and tracking transactions.14-Aug-2024).
