What is the Full Form of FTR in Banking?
The full form of FTR in Banking is Financial Transaction Request. This form will be used in all the book receipts, journal entries, and book reimbursements in the banking sector. The FTR refers to a request that is initiated by the customer or an internal department within the bank in order to perform a financial transaction.
Activities involved in the financial transaction request:
The activities that are involved in the financial transaction request are the requests to transfer the money between accounts, either within the same bank or to another bank. It also involves the request to process payments such as bill payments, credit card payments, loan repayments, etc. In the case of cheque transactions, it also includes the requests to process a cheque deposit or withdrawal.
Who handles financial transaction requests?
The financial transaction requests are generally handled by the customer service personnel of the bank or their operations team, after ensuring that all the necessary verifications and checks are completed before they process the banking transaction. Apart from fund transfers, payment processing, and processing cheque transactions, they also handle loan applications, currency exchanges, and other investment transactions.
