What is a remittance system?
Commonly used for international money transfers, remittance transactions are a popular mode of payment. The global economy’s rise in cross-border business triggers a significant demand for remittance payments worldwide.
Payment remittance is a money exchange using a transfer. One party will send funds to another individual or entity, typically using electronic transfer or wire submission.
Transactions of this kind are often done internationally and can be completed almost immediately. Many people use remittance to send money back to their home country to provide financial support.