What is daily remittance report?
Daily Remittance Report means a report of the Master Servicer, in a form approved by the Majority Holders, that, with respect to each Collection Receipt Account and each ACH Sweep Account, shall be delivered on each Business Day and that shall (i) specify the amount of Collections received in each Collection Receipt …
What is a loan remittance?
A remittance is a payment of money that is transferred to another party. Broadly speaking, any payment of an invoice or a bill can be called a remittance.
What do remittances mean?
Definition of remittance 1a : a sum of money remitted. b : an instrument by which money is remitted. 2 : transmittal of money (as to a distant place)
What is meant by remittance in business?
Remittance refers to money that is sent or transferred to another party, usually overseas. Remittances can be sent via a wire transfer, electronic payment system, mail, draft, or cheque.
What is mean by purpose of remittance?
Remittance refers to the process of transferring or sending money from one party to the other. The term remittance is typically used to denote the transfer of funds overseas. Essentially, remittance helps you ensure the financial security of your family in one country while you are based in another.
What is a meaning of remittance?
What is a remittance statement?
A remittance advice is a statement that accompanies a payment to a supplier, detailing what was paid. The supplier uses the information on a remittance advice to flag outstanding receivables in its accounting system as having been paid. A remittance advice is frequently printed as an attachment to a check payment.
Why are remittances important?
Pros. Remittances can increase the well-being of receiving households by smoothing consumption and improving living conditions. Remittances can facilitate the accumulation of human capital by making possible improved sanitary conditions, healthier life styles, proper healthcare, and greater educational attainment.
What is a remittance document?
What Is a Remittance Letter? A remittance letter is a document sent by a customer, which is often a financial institution or another type of firm, to a creditor or supplier along with payment to briefly explain what the payment is for so that the customer’s account will be credited properly.