PAYORD/PAYMUL/PAYEXT

An external payment could be made by a customer using the EDIFACT message PAYORD (ordering his resident bank to make this payment); a payment can also be made by a PAYMUL message (multiple payments) or a PAYEXT message (extended payment order).

Due to the similarities of the messages, description on in this page will only be made on the PAYORD message.

A Payment Order is sent by the Ordering Customer (or Payer or Agent on behalf of the Ordering Customer) to the Ordered Bank, to instruct the Ordered Bank to debit an account it services for the Ordering Customer, and to arrange for the payment of a specified amount to the Beneficiary (or Payee or Agent in favour of Beneficiary) in settlement of the referenced business transaction(s). Throughout this document, the term ‘Ordering Customer’ refers to either an Ordering Customer, or a Payer or Agent acting on behalf of the Ordering Customer; likewise the term ‘Beneficiary’ refers to either a Beneficiary, or a Payee or Agent acting on behalf of the Beneficiary.

This message may be applied for both national and international settlements. It is based on universal practice and is not dependent on the type of business or industry.

A Payment Order may cover the financial settlement of one or more commercial trade transactions, such as invoices, credit notes, debit notes, etc. It is not intended for use in securities trading.

The Ordered Bank may need a confirmation/authorisation to be able to process the Payment Order Message, if the payment order(s) is (are) sent by a third party.