Definition

Payments Terminologies – Part 02

Terms and definition used in Payments Debtor (Originator, Ordering Party Buyer): The Party whose account is debited with the payment Creditor (Beneficiary, Seller): The Party whose account is credited with the payment Initiating Party: The Party on the initiative of which the payment data is established. This might be the payer itself, an agent, or the company service center …

Payments Terminologies – Part 02 Read More »