What is a ready willing and able?
It is a document is issued by banks or financial institutions on behalf of clients, demonstrating intent and capability (both financially and legally) to enter into a financial transaction. RWA's are often also referred to as bank comfort letters.
What is a proof of funds?
It is a document or bank statement that demonstrates that a person/company has the ability and the money to finalize a transaction. Its purpose is to ensure that the financial ability required for the transaction are procurable and legitimate. It is often used for funding projects that requires large amounts of money to invest in, specifically real estate transactions.
It should be noted that proof of funds are being sometime used by con artists to carry out financial scams. Thus, when agreeing to be presented with a proof of funds, it is necessary to thoroughly investigate the other party to the transaction and running sufficient due diligence checks.