The payer is the party responsible for making a payment. In wire-transfer terminology, the originator is the account holder or person or business that instructs the ordering financial institution to perform the transfer. The payer, funding account, and commercial obligation should be traceable to one another.
Quick reference for Payer or originator
| Check | What it means for the transaction |
|---|---|
| Category | Global B2B payment operations |
| Record to keep | Keep the instruction, party and account identifiers, validation result, timestamps, institution references and reconciliation outcome. |
| Do not infer | Initiation, processing, clearing and settlement are different events. One status should not be used as proof of another. |
Payer or originator and nearby terms
- Payment initiation: Payment initiation is the creation and submission of an instruction asking a payment service provider or financial institution to transfer funds.
- Funding account: A funding account is the account or approved source from which money is provided for a payment.
