Remittances and AI - Streamlining the Payment Process
Introduction: Why Remittances Matter in the Global Economy
Remittances play a critical role in the global economy, enabling smooth capital flow between businesses and individuals across borders. At their core, remittance advice serves as a proof of payment document, a customer sends it to a supplier to verify that an invoice has been paid.
Traditionally, this advice comes in paper form (check stubs, perforated invoices, or billing account statements), mailed along with the payment. While still widely used, this process is often manual and time-consuming, creating inefficiencies in both accounts payable (AP) and accounts receivable (AR) workflows.