Payment definitions

Payer - a private or legal person involved to a payment transaction that issues the payment order or agrees to transfer the money to the payee.

Beneficiary or Payee - the person receiving the money from a payment transaction.

Payment - a transfer of funds that discharges an obligation on the part of a payer vis-à-vis a payee. However, in Tuum, this term is also used as a synonym for “payment order”.

• Incoming payments - payments initiated by external financial institutions and directed to a beneficiary within Tuum.

• Outgoing payments - payments initiated within Tuum and directed to a beneficiary in other financial institutions.

Payment parties - the two parties involved in a payment transaction: the payer and the beneficiary.

• Our party - the payment party (payer or beneficiary) that holds an account with Tuum.

• Counterparty - the other payment party than our party.