Remittance advice is electronic instructions from a remitter to the receiver of payment or payee. It is a standard format of detailed instructions from a payer for example a purchaser to the seller. It mentions details regarding the receiver and the mode of payment that can either be electronic or paper-based.
Other than businesses the payment remittance advice is very common among the money exchanges that are used for money transfers among different countries. The remittance advice notifies the money exchanges or financial institution involved, the recipient, the sender, about the details like expected date or funds receiving and a transaction reference number.
Table 2-1 lists some of the documents used in the
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The following is a list of 12 control plans from this chapter
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