What is Remitting bank?

A remitting bank is a financial institution that initiates a payment or transfer of funds on behalf of a sender to a beneficiary's bank, typically in a different location or country. This bank processes the transaction, ensuring that the funds are sent securely and efficiently. It plays a crucial role in international transactions, often coordinating with correspondent banks to facilitate the transfer. Essentially, the remitting bank acts as the starting point in the payment process.