Remittance Address is the address given by a customer to its banker or financial institution, where it would like all its payments and proceeds of transactions to be sent. It can also refer to an address provided to an external party who sends payments to the company. The remittance address should include detailed information such as name, contact details, account number, bank name, branch details and other relevant payment instructions. By providing this information accurately and consistently, businesses are able to ensure efficient communication between them and their customers, regardless of the format in which it is used.