An important purpose of a remittance advice is to improve control over the custody of assets.

Question

Quizplus · Accepted Answer

Remittance advices provide information about the transfer of funds or assets, which can help improve control over their custody. By providing details such as the amount, date, and purpose of the remittance, recipients can easily reconcile the transaction with their own records and ensure that the correct amount was received. This can help prevent errors and fraud, and improve overall accountability and transparency.

An Important Purpose of a Remittance Advice Is to Improve