An arrangement where a bank receives customer payments through the postal system,scans the remittance advices,and transmits payment data to the business electronically is known as

Question

Quizplus · Accepted Answer

This arrangement is known as an electronic lockbox, where the bank receives physical remittance advices through the postal system and converts them into electronic data for the business. This is a common method for businesses to automate their payment processing and reduce manual handling of payments. E-commerce, EFT, and EDI are not accurate descriptions of this specific arrangement.

An Arrangement Where a Bank Receives Customer Payments Through the Postal