Remittance

A remittance is the payment a buyer sends to a supplier. It is typically accompanied by information explaining which invoices the payment covers. When remittance data arrives separately from the payment itself (a decoupled remittance), it can create reconciliation challenges that automation helps solve. Advanced data capture technology can now extract and standardize remittance data from emails, portals, and diverse file formats to automate reconciliation. Moreover, machine learning can adapt as document formats shift and the location of key information moves.