The payer is the individual, business, or entity that initiates a payment by instructing the transfer of funds from their account or payment instrument to another party. The payer authorizes the payment and provides the necessary details, such as the recipient’s information, the amount to be transferred, and any additional instructions or references related to the payment. The payer’s account or payment instrument is debited, reducing their available funds by the payment amount.
Payer
Related terms in the category Payments
- Autogiro
- BBAN
- BIC
- Business Day
- Clearing
- Clearing codes
- Correspondent banks
- Cross-border Payments
- Direct Debit
- ECB
- Future Value Date
- IBAN
- Instant Payment
- Payee
- Payer
- Payment Account
- Payment Order
- SCT
- SDD
- SEPA
- SEPA Direct Debit
- Settlement
- SIP Settlement Model
- Standard Settlement Model
- Swift
- Value Date