PAYORD Payment order

TBG5 Finance

A Payment Order is sent by the Ordering Customer (or Payor 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 Payor 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.

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Position
Segment
Name
Max use

  1. A service segment starting and uniquely identifying a message. The message type code for the Payment order message is PAYORD. Note: Payment order messages conforming to this document must contain the following data in segment UNH, composite S009: Data element 0065 PAYORD 0052 D 0054 12A 0051 UN

    1. Data element S009/0057 is retained for upward compatibility. The use of
    S016 and/or S017 is encouraged in preference.
    2. The combination of the values carried in data elements 0062 and S009 shall
    be used to identify uniquely the message within its group (if used) or if
    not used, within its interchange, for the purpose of acknowledgement.

  2. A segment for unique identification of the Payment Order, the type of Payment Order and its function. The requirement for a response, e.g., related debit advice, may be indicated. Note: The identification will be passed back to the Ordering Customer for reconciliation purposes; it would be used in the case of a cancellation or confirmation of a Payment Order.

  3. A segment identifying certain characteristics of the Payment Order, such as its business function. In so doing, it provides information about the message that may be used, for instance, for routing within an institution, for tariffing, or for the provision of some statistical information.

  4. A segment specifying the conditions, guarantee, method and channel of payment for the Payment Order.

  5. A segment specifying the method for allocation of charges and allowances (e.g., charges borne by the Ordering Customer, the Beneficiary or both), and identifying the Ordering Customer's account to which such charges or allowances should be directed where it is different from the principal account.

  6. A segment identifying the date/time of creation of the message, the requested execution date and/or due date at the beneficiary's side as well as other dates and times relevant to the financial transaction.

  7. This segment contains the details of payment, which have to be passed from the ordered bank to the beneficiary through the banking chain together with the remittance details.

  8. Segment group 1
    Repeat 5

    1. A segment specifying the reference number of the previously-sent message.

    2. A segment identifying the creation date of the referenced message.

  9. Segment group 2
    Repeat 1

    1. A segment giving the amount of the payment.

    2. A segment identifying the source currency and the target currency of the transaction when they are different. The rate of exchange is solely used when previously agreed between the Ordering Customer and the Ordered Bank.

    3. A segment identifying the effective date and/or time the rate of exchange was fixed. The other occurrence identifies the reference date.

    4. A segment identifying other transactions to which funds associated with the Payment Order are related, such as a separate foreign exchange deal.

  10. Segment group 3
    Repeat 4

    1. A segment identifying the financial institution (e.g., bank) and relevant account number and currency for each party involved in the transaction. The Ordering Customer may indicate the previously agreed choice of financial institution for payment.

    2. A segment identifying a person or a department for the financial institution specified in the FII segment and to whom communication should be directed.

    3. A segment providing a communication number for the party identified in the FII segment and optionally for the contact identified in the associated CTA segment.

  11. Segment group 4
    Repeat 6

    1. A segment identifying the name and address of the non- financial parties associated with the Payment Order and their functions.

    2. A segment identifying a person or a department for the party specified in the NAD segment and to whom communication should be directed.

    3. A segment providing a communication number for the party identified in the NAD segment and optionally for the contact identified in the associated CTA segment.

  12. Segment group 5
    Repeat 4

    1. A segment identifying the party to enact the instruction and the parties to be contacted at or by the associated financial institution on matters concerning the execution of the payment. It specifies where appropriate the instruction in coded form.

    2. A segment providing free text instruction relating to the associated INP segment.

    3. A segment specifying the earliest and the latest dates and times by which the instruction specified in the INP and/or FTX segments needs to be carried out.

  13. Segment group 6
    Repeat 10

    1. A segment identifying what processing should be completed for regulatory authorities.

    2. A segment giving the amount and the currency of each transaction to be reported.

    3. A segment giving the different origins/destinations (places) of goods/investment/services.

    4. A segment identifying the recipient of the associated informative text.

    5. A segment giving the nature (e.g. goods, transport services) and direction of each transaction to be recorded in coded form.

    6. A segment giving information, in coded or clear form, to provide information relevant to regulatory authorities requirements.

  14. Segment group 7
    Repeat 10

    1. A segment identifying the document(s) relating to the payment order.

    2. A segment identifying the date of issue of the document(s) described in the preceding DOC segment.

  15. Segment group 8
    Repeat 5

    1. A segment specifying the details of any authentication (validation) procedure applied to the Payment Order message.

    2. A segment identifying the date and where necessary, the time of validation.

  16. A service segment ending a message, giving the total number of segments in the message (including the UNH & UNT) and the control reference number of the message.

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