Payment order

Payment order

(1) An order to a bank from a customer instructing it to make a payment in favour of a third party.

(2) Authorization to transfer money, securities or other fungibles for the account of the authorising party to another person entitled to receive the same in his own name (Article 466, Swiss Federal Code of Obligations). Article 1147 stipulates that payment orders not designated as bills of exchange but made out expressly to the order of a beneficiary and otherwise meeting the requirements of a drawn bill are bill-like payment orders.

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Part of Speech: noun
Synonym(s):
Blossary:
Industry/Domain: Banking
Category: Investment banking
Company: UBS
Product:
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