If you do not dedicate yourself to the world of finance, or treasury, you probably still do not know what a bank remittance is. However, if you are a regular in the daily management of the finances of a company, or you are an entrepreneur, or in charge of treasury, you are probably very familiar with the term remittance and it will be less likely that you are typing in the search engines “remittance meaning ”. However, in both cases, in this article we will proceed to explain the concept, the utility, and the information it contains so that the next time you generate a remittance you have guarantees that you are doing it correctly. In addition, in this article, we will proceed to explain a new way to pay bills in one click from the Snab platform, which replaces bank remittances and will prevent finance professionals from continuing to Google remittance meaning in the future. There is a much more efficient, automatic and digital way of making company payments than generating a file, and it will replace from now on the way of making payments between companies.

“Remittance meaning”. If you are looking for these terms in search engines, this article is made for you. A bank remittance is the traditional method of making mass payments used by businesses on a day-to-day basis. The remittance concept tries to avoid individual transfers made at bank interfaces. The purpose of a bank remittance is to partially simplify the process, so that you can make several payments at the same time, from the same file, without having to write the data of each transfer one by one.

Usually, there are two types of business payments that are made by bank remittance. If you are one of those financiers who have not yet used a bank remittance, search for “meaningful remittance”, and you will find several articles like this one with content so that you can learn about them and how to generate them. In any case, as we initially warned, today there are much more efficient ways than generating a bank remittance.

Referring to this section, what two types are the most common to do by bank transfer? Today, there are two types of business payments that are made via remittance.

– Payroll

– Payment transfers to suppliers

Payroll is one of the primary use cases for remittance. In this case, the company will generate a remittance file that contains the data of all the employees so that at the end of the month, they collect their payroll on time and in a single payment. In this way, you do not have to enter the data one by one, but you can pay with a single file.

The second typical case of bank remittances is that of payment to suppliers. Normally, at the end of the month, you don’t have one or two payments. Both SMEs and medium and large companies pay multiple providers at the end of the month. The typical way is through a remittance file, which already includes all the payments to be made in a single file.

Now that we have explained the typical cases, if you are one of those who is looking for a meaning remittance in search engines, keep reading to learn more about them.

Bank remittances are required to comply with the SEPA regulation or regulation, which was approved in February 2014. This regulation establishes a number of mandatory fields and data that must be included in the file for the transfer to be successful.

As a general rule, the information that a remittance usually contains is the following:

• Name of the remittance to generate
• Name of the payer or the company making the payment
• Date of remittance or payment
• IBAN of the bank accounts where the transfers will be paid
• Order reference
• Creditor or recipient ID

To generate payment remittances, you will first need a billing or treasury software such as Snab for example, or an accounting or accounting ERP system. These tools generally have a remittance file generation module to facilitate payments.

The typical payment process by means of a bank remittance therefore consists of exporting a remittance file from the accounting ERP or the billing software, generally in XML format, which is later used in the banking interface. Almost all banks, on their company pages, have a section for payments or remittances. In that section, you can upload or attach the file generated in remittance format and it will be uploaded to the bank. Once the file has been uploaded, it will proceed to sign so that on the day of the instruction date, the bank makes the payments automatically.

If you have searched for meaning remittances in the search engines, and you are wanting to know in detail all the information about them, it is important to inform you that remittances today have several drawbacks, and that they are not adapted to our times.

The main problems we detected in remittances are the following:

– Disconnection between systems

– Bad user experience

– Manual and tedious process

– It is not a real-time process

– Old Fashioned Method

As we mentioned in this list above, we consider that bank remittances are a thing of the past. The bank remittance highlights the main shortcoming, which is its disconnection. The bank remittance tries to build a bridge between the ERP and billing systems and the bank, since they are currently totally disconnected. To do this, and through Excel, XML, or text files, they try to create this connection. However, this method, as we say, belongs to previous decades. In addition, it ends up being a manual and tedious process because you have to go to the billing software, select the payments, generate a remittance, go to the bank, load or upload the file, and finally make the payment and sign. We repeat, a totally outdated process. In addition, it ends up being a process that is not in real time. You don’t pay when you want. But there are so many steps that you end up setting payment dates asynchronous with the payment process. Today we want everything to happen in real time, and we want it now.

As we said, today there is an alternative to making manual transfers at the bank or creating completely outdated remittance files. That solution is called Snab. Snab allows you to have all your banking and invoices in a centralized place. Giving visibility to the payment process. In addition, through pioneering technology, Snab makes it easy to make bill payments in one click, without the need to insert any manual data, or the need to generate or download remittance files and upload them to any bank. With Snab you will never generate a remittance file ever again. Rather, you will make bill payments in one click, without leaving the platform. The objective of Snab, among others, is that you stop looking for the term remittance in search engines.

Snab is a cloud platform for treasury management, and management of accounts payable and accounts receivable, which through the PSD2 regulatory standard, and a pioneering banking infrastructure in Europe, offers very innovative services for the automation and digitization of financial services and treasury for small and medium-sized companies.

The platform allows, among other things, to automate the treasury management of companies with a mentality of seeing and doing everything you need in a few clicks. Snab therefore tries to solve all those problems that traditional banking presents, and for which 9 out of 10 companies are looking for alternatives.

Snab from a single centralized platform and in the cloud, automates the receipt of invoices, the extraction of their data with OCR scanner technology, digitizes the approval management of said invoices through the creation of “workflows” or approval flows, and Finally, it allows you to pay them in one click, without having to leave the platform, and without having to generate remittance files, or go to the bank. Granting at all times, full visibility and control over the treasury of the company. In addition to reducing manual processes and eliminating all errors derived from manual tasks. Snab therefore allows financial professionals to obtain full and real-time control of their treasury, their payments, and their collections, allowing these people to focus on tasks with greater added value.