order of payment

Found in Anh - Anh (Wordnet)

Definition Noun : A formal, written instruction from one party (the drawer) to another party (the drawee, typically a bank) to pay a specified sum of money to a third party (the payee) or to the bearer of the document. It is a financial instrument that facilitates the transfer of funds. Usage An order of payment is used to settle debts or make payments in business and personal finance. It autho...