What is Payment Remittance?

Payment remittance refers to the process of sending a payment, often accompanied by relevant documentation, to settle an invoice or financial obligation. It typically includes details such as the invoice number, payment amount, date, and any other pertinent information necessary for proper allocation and record-keeping. Payment remittance facilitates transparent communication between the payer and payee, ensuring that transactions are accurately recorded and accounted for in both parties’ financial systems.