Payment Domain Key Terms


 

Debit Account :

Account from which the payment is to be made

Credit Account :

Account to which the payment is to be made

Reference Id :

Identification details of the payment

Settlement Day :

The day on which the transfer of funds occur

Settlement Amount :

The amount of the transfer

Settlement Currency :

The currency of the transfer

Credit Transfer :

A Credit Transfer is a payment debiting a bank account and crediting another bank account

Direct Debit :

Direct Debit allows a creditor (e.g. biller) to collect funds from a debtor’s (payer’s) account, provided that a signed mandate has been granted by the payer to the biller. A mandate is signed by the debtor to authorize the creditor to collect a payment and to instruct the debtor’s bank to pay those collections

Standing Order :

A standing order (or a standing instruction) is an instruction a bank account holder (payer) gives to his or her bank to pay a set amount at regular intervals to another (payee’s) account

Debit Party / Originating Party :

Party that owes an amount of money to the credit party

Credit Party :

Party to which an amount of money is due

Initiating Party :

Party that initiates the payment

Debit Party Agent / Originating Party Agent :

Financial institution servicing an account for the debit party

Credit Party Agent :

Financial institution servicing an account for the credit party

Intermediary Agent :

Financial institution between the debit party agent and credit party agent

Instructing Agent (Instr) / Sending party :

Agent that instructs the next party in the chain to carry out the payment

Instructed Agent (Instr) / Receiving party :

Agent that is instructed by the previous party in the chain to carry out the payment (receiver)


 





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