Payment / Transfer Order definition
Payment / Transfer Order means the Payer’s instruction given to the Bank for making a Transfer on forms approved by the Bank or via electronic distribution channels (this applies to the domestic payment system and the foreign payment and foreign currency payment system).
Payment / Transfer Order means an instruction, given by x-clear to a Payment Bank by way of a Payment Instruction, to debit an account held by an x-clear Member (or Co-CCP) with that Payment Bank or debit x-clear's account at that Payment Bank, thereby placing at the disposal of x-clear or the x-clear Member (or Co-CCP), respectively, the amount stipulated in the Payment Instruction by means of a book entry on the account of x-clear held at SIS or the x-clear Member (or Co-CCP), respectively, or alternatively amounting to an instruction resulting in the assumption or discharge of a payment obligation as defined by the rules of the System;