Remittance Capture

Remittance Capture refers to the money that is transferred from one party to another.

Overview

Remittance capture refers to the money that is transferred from one party to another. Digital remittance specifically refers to any such payments conducted online, like PayPal, other digital mediums, etc. For remittances, the payer could send the remittance capture to the financial institution by making the electronic payments to imbed the remittance (CTX). The payer could send the remittance by email, EDI, or even other means they find feasible.

Advantages

  • Building ROI in as little as six months
  • Faster and error-free transaction processing
  • Lower bank deposit fees
  •  Improvement in the availability of funds
  • Reduced manual keying of check and remittance data, hence faster processing
  • Instant access to archived payment information
  •  No more trips to bank for making manual deposits
  • Improved return check handling

Industries

FinTech

Remittances are made by a person in a particular country to somebody that lives in a different one. These remittances could be made by people in foreign countries to send payments to their homes in other countries. However, these payments aren’t specified for individuals only as these could also be used by businesses. Remittances could be captured electronically through a bank or a wire transfer, however, they could also be captured digitally for quicker transfer.

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