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    Roles

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    This document defines key participants and roles in a payment model. The debtor owes money to the creditor. Financial institutions can service accounts on behalf of the debtor or creditor. An initiating party starts the payment, which is forwarded through agents and clearing systems until the creditor's account is settled, with intermediary agents facilitating the transaction. Financial institutions and clearing systems take on roles to process, clear and settle the payment between the debtor and creditor.

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    Roles

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    44 views1 page
    This document defines key participants and roles in a payment model. The debtor owes money to the creditor. Financial institutions can service accounts on behalf of the debtor or creditor. An initiating party starts the payment, which is forwarded through agents and clearing systems until the creditor's account is settled, with intermediary agents facilitating the transaction. Financial institutions and clearing systems take on roles to process, clear and settle the payment between the debtor and creditor.

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    This document defines key participants and roles in a payment model. The debtor owes money to the creditor. Financial institutions can service accounts on behalf of the debtor or creditor. An initiating party starts the payment, which is forwarded through agents and clearing systems until the creditor's account is settled, with intermediary agents facilitating the transaction. Financial institutions and clearing systems take on roles to process, clear and settle the payment between the debtor and creditor.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    44 views1 page

    Roles

    Uploaded by

    a
    This document defines key participants and roles in a payment model. The debtor owes money to the creditor. Financial institutions can service accounts on behalf of the debtor or creditor. An initiating party starts the payment, which is forwarded through agents and clearing systems until the creditor's account is settled, with intermediary agents facilitating the transaction. Financial institutions and clearing systems take on roles to process, clear and settle the payment between the debtor and creditor.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    Participants

    Description Definition
    Party that owes an amount of money to the (ultimate) creditor. In the context of the
    Debtor
    payment model, the debtor is also the debit account owner.
    Party to which an amount of money is due. In the context of the payment model, the
    Creditor
    creditor is also the credit account owner.
    Ultimate Debtor Ultimate party that owes an amount of money to the (ultimate) creditor.
    Ultimate Creditor Ultimate party to which an amount of money is due.
    Debtor agent Financial institution servicing an account for the debtor.
    Creditor Agent Financial institution servicing an account for the creditor.
    Financial institution that receives the instruction from the initiating party and forwards
    Forwarding Agent
    it to the next agent in the payment chain for execution.
    Party initiating the payment to an agent. In the payment context, this can either be
    Initiating Party the debtor (in a credit transfer), the creditor (in a direct debit), or a party that initiates
    the payment on behalf of the debtor or creditor.
    Account Owner Party that legally owns the account.
    Party that manages the account on behalf of the account owner, that is manages the
    Account Servicer registration and booking of entries on the account, calculates balances on the
    account and provides information about the account.
    Payment Clearing Agent Agent that instructs the next party in the payment chain to carry out the
    (Instructing Agent) payment/instruction.
    Payment Settlement Agent Agent that executes the instruction upon the request of the previous party in the
    (Instructed Agent) chain (either an agreement party, or a clearing agent).
    Agent between the debtor's agent and the creditor's agent. There can be several
    Intermediary Agent
    intermediary agents specified for the execution of a payment.
    BusinessRoles
    Description Definition
    Financial Institution Organisation established primarily to provide financial services.
    Clearing System Specifies the system which plays a role in the clearing process.
    Party Entity involved in a payment.

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