Data Quality in the World Bank's Bilateral Remittance Report: Case Study of Bangladesh and India
Finextra
NOVEMBER 25, 2024
The primary source of remittance data on the international stage is the reports published by KNOMAD.
Remittance Data Related Topics 
Nearly Half of All Cross Border Payments Will Be Instant by 2028 Reveals Juniper Research
The Fintech Times
FEBRUARY 5, 2024
The extra remittance data that modern systems support can enable use cases such as automated accounting; drawing businesses to modern payment rails. Instant payment innovation cutting costs for businesses The research anticipates the adoption of ISO 20022 , a universal standard for instant payments’ financial messaging.
What New Payment Rails Miss About Solving B2B’s Remittance Challenge
PYMNTS
FEBRUARY 25, 2020
More often, businesses will find that the clunky paper check is actually the payment method best suited to support the movement of remittance data along with funds, although businesses are still struggling to find affordable and efficient ways of ingesting that information. There’s nothing more valuable than remittance data.
Billtrust Teams Up With Visa to Extend Business Payments Network (BPN) Collaboration
Fintech Finance
JULY 11, 2024
Launched in 2018 in collaboration with Visa, Business Payments Network seamlessly links suppliers to their buyers through connectivity to their preferred bank and payables providers, radically simplifying payment acceptance through straight-through processing of virtual card payments and capture of all available remittance data.
Why Faster Payments Isn’t The Answer To Accounts Receivable Delays
PYMNTS
FEBRUARY 19, 2019
is a lack of remittance data, he said. Payments data is often sent separately from the funds, so even if a company receives a payment same day or in real time, information about who sent that payment, and why, still comes on a delay. where he doesn’t see the same type of regulatory pressure on late payers that the U.K.
B2B Payments Drive Instant Payments, Crypto Innovation
PYMNTS
SEPTEMBER 29, 2020
“The research identifies that instant payments adoption can be particularly transformative in B2B payments, where value-added capabilities, including automation and additional remittance data enabled by ISO 20022 can be valuable in tackling complex accounts payable processes,” and announcement stated.
Instant Payments 
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Digital Payments Easing Pains For Hurting Medical And Dental Practices
PYMNTS
DECEMBER 29, 2020
There is a fundamental need to link complex remittance data — explanation of payment — with the payments being made.”. As Chris Clausen, executive director of product management at Deluxe, recently told PYMNTS , “Medical claims payments are one of the most intricate and challenging types of B2B payments in the marketplace.
Guide to Cash Application Automation Software
EBizCharge
MAY 31, 2024
What is remittance data? Remittance data is the detailed information accompanying a payment, indicating the purpose of the payment and instructing the recipient on how to apply it against outstanding invoices. Remittance data comes in many forms, such as checks, bank transfers, or electronic remittance formats.
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Billtrust CEO On Delivering The Perfect B2B Payment
PYMNTS
OCTOBER 22, 2020
With ACH , the biggest challenge often comes in the form of remittance data being emailed separately from the movement of funds. For businesses managing tens of thousands of transactions every month, manually sifting through email inboxes to match remittance data with bank account information is a massive point of friction.
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Global Data Reporting Pioneer Kani Payments Gets Ready for ISO 20022
Fintech Finance
SEPTEMBER 17, 2024
ISO 20022 incorporates rich structured data and increased field size to provide greater transparency and efficiencies, reducing delays caused by unstructured, incomplete, or inconsistent data.
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Mastercard and the Medical Tourism Association Join Forces to Revolutionize Cross-Border Healthcare Payments
Fintech Finance
JULY 10, 2024
These include increased security, robust controls, and real-time remittance data for more efficient reconciliation. As soon as the payment is initiated and validated, the MTA’s banking partner will issue a Mastercard virtual card to pay the healthcare provider directly.
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Accounts Receivable Innovations Ease AP Pain
PYMNTS
FEBRUARY 26, 2020
“Enabling seamless communications, integrations and interoperability” means facilitating the flow of transaction data between parties, he said. There’s nothing more valuable than remittance data. They need the remittance data, whether it’s incoming or outgoing, to be able to sync up with their general ledger system.”.
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How Inefficient B2B Payments Systems Hobble Business Growth
PYMNTS
JANUARY 21, 2019
That might mean discovering a segment of vendors that are ripe for virtual card payments or integrated remittance data. Accelerating payments by adopting electronic payment tools can streamline the integration of remittance data, and provide deeper insights into other areas of the procure-to-pay process that are ripe for improvement.
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B2B Check Use Rising Despite Approach Of Same Day ACH
PYMNTS
SEPTEMBER 21, 2016
The vast majority of companies (94 percent) said it is important that faster payments are also “smart,” with the ability to carry remittance data. It remains to be seen whether Same Day ACH will redirect the trend of paper check use back into decline.
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Transcard Unveils New Account-To-Account Payments Solution
PYMNTS
NOVEMBER 16, 2020
As part of the payment process, the Transcard A2A solution allows businesses to “exchange the rich remittance data that a supplier needs for touch-free cash application, and reconcile settled transactions,” the payments automation company said. 16) press release issued by the Chattanooga, Tenn.-based based company.
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The Not-So-Beaten Path To B2B Payments Real-Time Ubiquity
PYMNTS
NOVEMBER 27, 2019
It’s about understanding clients’ needs and problems, and helping to solve for that,” noted Halpin.
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Moving Data With Money The Key To Faster KYC: identitii
PYMNTS
OCTOBER 26, 2018
In an earlier interview with PYMNTS, Ben Peters, chief operating officer at insurance payments solutions company VPay, said a lack of remittance data may be partially to blame for ACH’s lack of ubiquity. In corporate banking and payments, the challenges that arise can be vast. But even as regulators like the Fed in the U.S.,
Wells Fargo launches Integrated Receivables
The Paypers
SEPTEMBER 13, 2021
Wells Fargo has announced the availability of Integrated Receivables, a new Accounts Receivable (AR) service that helps simplify payment and remittance data capture, re-association, and invoice matching.
Mastercard Embraces Existing Rails To Drive B2B Payments Value
PYMNTS
NOVEMBER 17, 2020
Mastercard's account-to-account (A2A) capabilities within Track BPS have tackled that point of friction by standardizing remittance data formats, allowing buyers to know exactly what information to include in a transaction, and enabling suppliers to know what data they're going to be able to get out of it.
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Why Blockchain Holds Promise For Cross-Border Payments
PYMNTS
JULY 1, 2019
Blockchain has potential to securely transmit remittance data along with payments in cross-border B2B transactions, enable companies to use smart contracts to enforce business agreements in B2B trade and mitigate the risk of fraud in supply chain transactions.
Giving B2B Dental Payments A Digital Treatment
PYMNTS
DECEMBER 24, 2020
Dental practices must also ensure that their AR systems are modern enough to quickly process the accompanying digital remittances data or they could be unable to fully realize the advantages of these electronic transfers. Updating these transactions requires effort from more than just insurance firms.
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SWIFT: The Road To ISO 20022 Adoption
PYMNTS
FEBRUARY 26, 2020
As the world’s payment market infrastructures and their currencies complete their adoption of ISO 20022, they are reaping the benefits that interoperable and data-rich standard can offer.
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Australia Readies For Real-Time Payments
PYMNTS
JANUARY 24, 2018
Third, the government is focusing on data enrichment and the ability to provide remittance data connected to the transaction; and finally, Australia is deploying a PayID system that enables recipients to use their phone number, Australian Business Number or email address to facilitate transfers.
Discover To Power Payments On JAGGAER Procurement Platform
PYMNTS
OCTOBER 1, 2019
The vendors, meanwhile, can have access to more detailed remittance data. JAGGAER ONE offers businesses a unified platform on which they can generate purchase orders, receive and process invoices, and initiate payments to suppliers.
Orlando Magic Devises B2B Payments Game Plan
PYMNTS
DECEMBER 21, 2016
The Orlando Magic is also receiving invoices from its own suppliers and using Viewpost’s invoice management solution to send payments with included remittance data, the companies said.
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How Small Businesses Ride Their Payment Rails
PYMNTS
NOVEMBER 5, 2018
The Clearing House and the Federal Reserve surveyed 381 corporate decision-makers about their use of wire payments, finding that corporates are demanding a more streamlined way to send and receive remittance data along with their wire transfers.
The Commercial Card Embraces A Season Of (Major) Change
PYMNTS
SEPTEMBER 7, 2020
Mastercard in May launched its Track Business Payment Service , again with a focus on working capital optimization for both buyers and suppliers and added value through enhanced remittance data collection and automation. Summer Trips: Canceled.
How AR Can Usher The Legacy Lockbox Into The Digital Age
PYMNTS
OCTOBER 31, 2019
And while the lockbox continues to play an important role in AR and reconciliation, it no longer addresses the entire challenge as more electronic payments come in without remittance data. He did note, however, that he is “very optimistic” about the emergence of new payment services able to move remittance data along with funds.
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For Insurance, Faster Payments Means Nothing Without Data
PYMNTS
JUNE 29, 2018
” Remittance data, linked to payments between providers and insurance players, is critical on both ends of the transaction. ” In verticals like healthcare, claim data can be dozens of pages long and, at present, the market struggles with transmitting that information efficiently whenever payments are made. .”
The Enterprise Headache Of A Decentralized Blockchain
PYMNTS
JUNE 13, 2019
Popular use cases that have emerged in recent years include blockchain’s potential to securely transmit remittance data along with payments in cross-border B2B transactions, enable companies to use smart contracts to enforce business agreements in B2B trade and mitigate the risk of fraud in supply chain transactions.
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Wells Targets ACH Data Friction In Accounts Receivable
PYMNTS
MAY 22, 2017
The tools aim to reduce paper in corporate finance operations, Wells explained, and nix manual remittance and data entry. Remittance advice matching automatically matches data from ACH and wire payments with remittance data sent by various channels, including paper mail, email and fax.
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FinTech Boost Teams With J.P. Morgan For Automated Payments
PYMNTS
NOVEMBER 13, 2019
The strategic collaboration aims to improve cash flow and automate the exchange of remittance data while improving operational efficiency for both buyers and suppliers. Morgan commercial card clients and their suppliers can now benefit from automated payment processing and remittance posting,” said J.P.
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43 J.P. Morgan Links With FinTech Boost For Automated Payments
PYMNTS
NOVEMBER 13, 2019
The strategic collaboration aims to improve cash flow and automate the exchange of remittance data while improving operational efficiency for both buyers and suppliers. Morgan commercial card clients and their suppliers can now benefit from automated payment processing and remittance posting,” said J.P.
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The Architecture Of Accounts Receivable
PYMNTS
MARCH 3, 2020
The Outsourcing Decision. From onboarding to reconciliation, there is no shortage of opportunities for the buyer-supplier relationship to break down, and for vendors to actually lose money when they make a sale.
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Where APIs Fall Short On Corporate Finance Integration
PYMNTS
JANUARY 25, 2019
Companies must not only integrate solutions that can connect to their customers’ operations (for instance, a B2B supplier could gain a competitive edge if they were able to automatically provide a customer with remittance data following payment), but work to ensure financial technologies are interconnected.
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Virtual-Card Adoption – Not An ‘All-Or-Nothing’ Strategy
PYMNTS
JULY 16, 2020
That’s particularly true once they become aware of the potential for early payments, often a favorable trade-off when accepting interchange fees, as well as the value of seamless remittance data capture into their own systems. Strengthening Cash Flow.
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Chase, AFP Applaud B2B’s Shrinking Check Use
PYMNTS
SEPTEMBER 12, 2019
There are barriers to progress, though, with most businesses saying that a lack of standard remittance information is the biggest challenge to adoption of electronic payments information.
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Commercial Cards: It’s All About The Data
PYMNTS
FEBRUARY 4, 2020
“There is an expectation that when there is some form of transaction between trading partners, usable data will also flow between them,” said Leavitt. Even the least sophisticated accounting systems have an ability to organize remittance data into usable information.
Preserving Check Workflows Can Ease B2B Payments Digitization
PYMNTS
MAY 7, 2020
Remittance data is one of the strongest factors driving suppliers’ continued preference for checks, Reed explained, so any technology that aims to digitize payment cannot afford to ignore its importance. But addressing payee needs is just as critical to easing the digital migration.
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Corcentric On Myth-Busting Electronic B2B Payments Adoption
PYMNTS
DECEMBER 20, 2018
Yet in reality, he said, remittance data – or lack thereof – can be just as big of a factor in suppliers’ decisions not to accept cards. It’s an industry that has evolved on yet another misconception, he said: that suppliers refuse to accept cards because of the added cost of interchange fees.
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AP Innovations Begin Targeting Supplier Acceptance
PYMNTS
OCTOBER 2, 2019
While the announcement almost exclusively focuses on the integration’s benefits for corporate payers, the companies noted that their collaboration enables vendors to receive “more detailed remittance data.”. Vroozi Pay Eyes Vendor Relations.
Billtrust And Visa Launch B2B Payments Platform For Buyers And Suppliers
PYMNTS
NOVEMBER 5, 2018
Buyers also need to know much more about how to make that payment, including an email address, remittance data or a bank account number — the list goes on, depending on buyer/supplier pairing, he said. Regardless, the underlying issues are the same.
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78 Viewpost, Visa Partner For V-Card Push Payments
PYMNTS
MARCH 28, 2017
Eliscu pointed to the rich remittance data that travels with a v-card transaction, along with the tokenization of a card number, that makes virtual cards as useful to a supplier as it is to a buyer. Virtual cards are something of great value to all constituencies,” the executive said.
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Deep Dive: Slowing Down, Saving Up: Capital Management Conundrums
PYMNTS
DECEMBER 3, 2020
ERP integrations, on the other hand, can give businesses real-time windows into cross-border payments remittance data. This lack of transparency is particularly cumbersome for firms facing cash flow shortages, for whom a single day or two can mean the difference between having too much and too little in their accounts. .
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