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… that holds the account of the payee (person receiving a payment). … Payee's financial institution (FI) …
… that holds the account of the payor (person making a payment). … Payor's financial institution (FI) …
… A payment item drawn by a bank against its own account … Bank …
… "order to pay", which you sign and give to another party as payment. When you pay using a cheque, you are instructing … the person (or organization) that is depositing the cheque. Payments Canada and its participant financial institutions … or dark purple). We recommend including the amount of the payment in words (even though it's not legally required), …
… dated more than six (6) months prior to presentment for payment. … Stale-dated …
… end-user (person or organization) who receives funds when a payment item is credited to their account … Payee …
… – the process of transmitting and reconciling a payment in an automated fashion, such that no human …
… The financial institution to which a debit payment item is addressed and which is directed to pay the …
… institution to debit their account for the amount of a payment item … Payor …
… of transmitting, reconciling and, in some cases, confirming payment orders prior to settlement, possibly including the … For the purposes of ACSS, it means the reconciliation of payment items that were exchanged and the calculation of net …