What is the recipient of a payment order called?

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Multiple Choice

What is the recipient of a payment order called?

In payment instructions, the recipient of the funds is called the beneficiary. The originator’s bank deducts the money, and the beneficiary’s bank credits the beneficiary’s account, making the beneficiary the party ultimately intended to receive the funds. The Travel Rule, OFAC, and sanctions programs relate to compliance and screening, not to what the recipient is called.

In payment instructions, the recipient of the funds is called the beneficiary. The originator’s bank deducts the money, and the beneficiary’s bank credits the beneficiary’s account, making the beneficiary the party ultimately intended to receive the funds. The Travel Rule, OFAC, and sanctions programs relate to compliance and screening, not to what the recipient is called.

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