Is Session ID the same as Reference Number? (Here are the Differences)
- on May 30, 2023
Is Session ID the same as Reference Number?
Session ID and reference number are not the same phenomenon in Nigeria banking system. Session ID is a unique 30 digit number that’s used by financial institutions to trace every entry of successful and unsuccessful transactions. Once a transaction is initiated, it’ll surely have a session ID. Reference number on the other hand is a unique referral of the person who invited you to your bank.
The person can be your relative or your account manager. However, it’s not actually necessary to have a reference number to open a bank account. If you’re filing an account opening form, if you don’t have a reference number, you can simply omit it.
The session ID in bank transaction receipt is also known as Transaction ID. This ID can be find in every transaction receipt of an account.
Finding a session ID of a transactions differs depending on bank you’re saving your money. For instance, if you want to find UBA session ID, you’ll need to do that via UBA mobile banking app, or via iBank, it internet banking service.
However, for First Bank session ID, it can be get in receipt sent to email. You can also get it via mobile banking app and internet banking. Now back to session ID and reference number.
According to research by Investopedia, reference numbers (session IDs) are identifiers (a group of random numbers and/or letters) assigned to a particular subject in a financial institution. The session ID are used to track transactions and make it easier and quicker for customer service reps to use in correspondence about a credit or debit transaction.
While the reference number is a referral number used by bank marketing department to sign-in customer to the banking system.
Session ID or transaction ID is used to make compiling and queries of millions of transactions easier to manage. They are generated once a transaction is initiated. They are generally assigned to transactions such as certain deposits and withdrawals, bank transfers, wire transfers, and bill payments.
In summary, session ID and reference number are different. Although, they’re unique Identification number in any financial institutions, but perform different functions.
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