| Receiver of Money | Sender of Money |
| Payee | Payer |
| Ultimate Payee - may be an Intermediate or Third Party Payment Service Provider or Payment Service Provider | Ultimate Payer - may be an Intermediate or Third Party Payment Service Provider or Payment Service Provider |
| Creditor | Debtor |
| Creditor Agent - may be an Intermediate or Third Party Payment Service Provider or Payment Service Provider | Debtor Agent - may be an Intermediate or Third Party Payment Service Provider or Payment Service Provider |
| Creditor - may be an Intermediate or Third Party Payment Service Provider or Payment Service Provider | Debtor - may be an Intermediate or Third Party Payment Service Provider or Payment Service Provider |
| Other Party (receiver) - may be an Intermediate or Third Party Payment Service Provider or Payment Service Provider | Ultimate Debitor Name |
| Ultimate Creditor Name | Ultimate Debitor Name |
| Seller | Buyer |
| Merchant | Consumer / Customer / Client |
| Biller | Customer / Biller Payer / Debtor / Payer |
| Seller | Consumer / Business or Individual |
| Vendor | Customer |
| Invoicer | Invoicee |
| Receiver | Payee Recipient |
| Client using RfP | |
| Other Party / Receiver / Company or Individual | |
| Sender of Request for Payment | Receiver of Request for Payment |
| Initiating Party - This can either be the creditor/payee himself or the party that initiates the request on behalf of the creditor. With both RTP Á FedNow the Payee's FI is initiating the Request to the Payment Hubs, "The Clearing House - RTP" and "FedNow - FedNow" respectively. | |
| Requester | Recipient |
| Requester | |
Participants
|
Description |
Definition |
|
Debtor |
Party that owes an amount of money to the (ultimate) creditor. In the
context of the payment model, the debtor is also the debit account
owner. |
|
Creditor |
Party to which an
amount
of money is due. In the context of the payment model, the 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. |
|
Forwarding Agent |
Financial institution that receives the
instruction from the initiating party and forwards it to the next agent
in the payment chain for execution. |
|
Initiating Party |
Party initiating the payment to an agent. In the
payment context, this can either be 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. |
|
Account
Servicer |
Party that manages the account on behalf of the
account owner, that is manages the registration and booking of
entries on the account, calculates balances on the account and provides
information about the account. |
|
Payment
Clearing Agent (Instructing Agent) |
Agent that instructs the next party in the payment chain to carry out
the payment/instruction. |
|
Payment
Settlement Agent Instructed Agent) |
Agent that executes the instruction upon the request of the previous
party in the chain (either an agreement party, or a clearing agent).
|
|
Intermediary Agent |
Agent
between the
debtor's agent
and the
creditor's agent. There can be several 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.
|
|
Participants |
BusinessRole
Financial Institution |
BusinessRole
Clearing System |
BusinessRole
Party |
|
Debtor |
|
|
X |
|
Creditor |
|
|
X |
|
Ultimate
Debtor |
|
|
X |
|
Ultimate
Creditor |
|
|
X |
|
Debtor
Agent |
X |
X |
|
|
Creditor
Agent |
X |
X |
|
|
Forwarding Agent |
X |
X |
|
|
Initiating Party |
|
|
X |
|
Account
Owner |
X |
|
X |
|
Account
Servicer |
X |
X |
|
|
Payment
Clearing Agent |
X |
X |
|
|
Payment
Settlement Agent |
X |
X |
|
|
Intermediary Agent |
X |
X |
|
| TCH - requestforpaymentnet/Documents/TCH-RTP-Request-For-Payment-Message-V-22-April-2018update1.pdf | US Bank - https://singlepoint.usbank.com/learn/rtp/pdf/rtp_import_file.pdf#page=2 |
| Creation Date Time (p13) | Requested Date (p7) |
| Requested Execution Date (p13) | Expiry Date (p7) |
|
Invoice / Digital Invoice / Remittance Advice
