What is SOL Full Form in Banking?
The SOL full form in Banking is a service outlet locator. This is also referred to as the SOL ID. This is a unique identifying number provided to each branch or service outlet in a bank’s network. The SOL identifies a certain branch of the bank. It helps to distinguish between different branches of the same bank.
Features of SOL in Banking:
Internal banking procedures employ SOL IDs to route transactions, store branch-specific data, and monitor the performance of particular branches. In banks with centralized Core Banking Systems, the SOL ID is used to enable inter-branch transactions by guaranteeing that the proper branch is credited or debited. Customers may need to know a branch’s SOL ID for executing specialized operations, such as RTGS/NEFT transfers, or dealing with branch-specific issues.
Advantages of SOL in Banking:
Each branch has a unique SOL, making it simple to identify and distinguish among branches in the bank’s network. The SOL enables banks to easily route transactions, manage branch-specific operations, and track performance. SOL makes inter-branch transactions go more smoothly. During transactions, the SOL is used to automatically credit or debit the right branch, which reduces errors.
