The e-remittance is an electronic remittance advice, whose goal is to inform its recipient (usually the supplier) about the payment amount, invoice references, deductions, or adjustments. It complements e-invoicing and is widely used in the banking and payment industry.
Supporting e-remittances is a logical step, as the Digital Business Networks Alliance (DBNAlliance) network is an open exchange network, much like Peppol, and is designed to support U.S. businesses, banks & credit-card companies. Additionally, ISO 20022 serves as a global standard for electronic data interchange between financial institutions.
Benefits for businesses
- A standardized remittance advice format for all payment methods
- Easier reconciliation through structured data and unique identifiers
- Integration with ERP systems for faster cash application
- Support for ACH, wire, card, and check payments
- With e-remittance, companies can move away from manual processes, reduce costs, and accelerate payment matching
Interested in the details? Read the DBNAlliance Profile for Remittance Advice.
The upcoming E-Invoicing Exchange Summit in Miami will also offer a great opportunity to learn more about the DBNAlliance, with a free session dedicated to the network on March 24, followed by further discussions during the event on March 25 and 26.
