Glossary
Remittance
A cross-border transfer of funds, typically from an individual in one country to a recipient in another.
Operationally a remittance is several linked events: collection of funds from the sender, compliance screening, application of fees and an exchange rate, a liability created toward a payout partner, payout to the beneficiary, and later settlement of that liability.
Each of those events has to be recorded and reconciled, which is why remittance platforms are ledger systems with customer-facing channels attached, rather than the other way around.