OTR Full Form in Banking, What Does OTR Stand For?
What is OTR Full Form in Banking?
The full form of OTR in Banking is Order to Remittance. This is a stage where the customer orders the bank to make a payment to the supplier. Many business processes are happening in the background here as the customer places OTR. To make it simple to understand, the customer places a request to make the payment whenever it is needed. This payment request is called Order to Remittance. OTR is mostly applicable when money is sent from one country to another.
What Else Should We Know About OTR?
The meaning of remittance is to transfer the fund from one account to another. The core system behind the remittance process is wire transfer, SWIFT or any other electronic payment system. The OTR is the first payment step wherein the bank receives the order. Usually, manual intervention is not required in this stage, but there are times when the flow may break. In such a case, the backend OTR team contacts the customer, and they work with the customer to get the transaction in again. Another factor that impacts the OTR is the amount of money, volume of transactions and criticality.
Other Full Forms of OTR
- On The Record