Remittances and AI - Streamlining the Payment Process
Intro to Remittances
Remittances play a crucial role in the global economy regarding the flow of capital between businesses and individuals. Remittance advice is a proof of payment letter a customer sends to a supplier that verifies they have paid their invoice. Remittance advice notifies the recipient of a payment, including the details. Paper remittances include a detailed check stub, perforated invoice, or billing account statement section that is detached and mailed with the payment indicating the amount paid.