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creditor vs payee

Both 'creditor' and 'payee' are correct terms, but they are used in different contexts. 'Creditor' refers to a person or entity to whom money is owed, while 'payee' refers to a person or entity who receives payment. They are not interchangeable as they represent different roles in a financial transaction.

Last updated: March 24, 2024 • 994 views

creditor

The term 'creditor' is correct and commonly used in financial contexts to refer to a person or entity to whom money is owed.

Use 'creditor' to refer to a person or entity that is owed money by another party. For example, 'The creditor demanded payment on the outstanding debt.'

Examples:

  • The creditor filed a lawsuit to recover the debt.
  • The creditor agreed to a payment plan with the debtor.
  • The creditor's rights are protected under the law.
  • The creditor approved the loan application.
  • The creditor received the payment in full.
  • EF thus became TB's biggest creditor.
  • Recourse to bailiffs is of course the prerogative of the creditor.
  • The latter institution shall transfer the amount deducted to the creditor institution.
  • Old Larco is therefore a creditor of Larco.
  • The open pre-financing and creditor balances are also reduced by the validated amount.
  • The open pre-financing and creditor balances are then reduced by the validated amount.
  • The Fidelity Bank and Trust is a tough creditor.
  • A creditor's motive is not relevant;
  • The European Parliament report has put forward alternative solutions to improve creditor protection.
  • It means companies would be able to choose between a solvency-based or capital-maintenance-based creditor protection regime.
  • The creditor shall provide evidence of its claims and proof that its international interest has been registered.
  • Other interests, e.g. creditor protection, are not affected.
  • Debt cancellation is not without cost for the creditor countries.
  • The creditor is also very familiar with that place.
  • This Directive should not oblige a creditor to claim interest for late payment.
  • This Directive should prohibit abuse of freedom of contract to the disadvantage of the creditor.
  • In the ongoing liquidation process CNB is the sole creditor of AGB.
  • Indications between square brackets provide explanations for the creditor and must be replaced with the corresponding information.
  • Repayment in insolvency proceedings, by creditor
  • The actual amounts per creditor are shown in the following table.

Alternatives:

  • lender
  • debt holder
  • money owed party
  • loan provider
  • financial institution

payee

The term 'payee' is correct and commonly used in financial contexts to refer to a person or entity who receives payment.

Use 'payee' to refer to the recipient of a payment. For example, 'The payee must endorse the check before depositing it.'

Examples:

  • The payee received the funds via electronic transfer.
  • The payee cashed the check at the bank.
  • The payee's name must be clearly written on the payment slip.
  • The payee confirmed receipt of the payment.
  • The payee's account was credited with the amount.
  • the name of any payee reference party,
  • 'payee' means a natural or legal person who
  • Such data fields as 'payee' are irrelevant for the purpose of processing the debit.
  • Ask for a new payee's default category
  • If a transaction payee matches more than one Match Key, the behaviour is undefined. & kappname; will arbitrarily pick one of the matching payees.
  • This dialog does not allow new payees to be created. Please pick a payee from the list.
  • The administration fee shall be calculated separately in relation to each payee;
  • In order to secure a smooth transition to SEPA, a valid payee authorisation to collect recurring direct debits in a legacy scheme should remain valid after the migration deadline established in this Regulation.
  • A payer shall be entitled to an unconditional right to an immediate refund from the payment service provider where an authorised payment transaction initiated by or through a payee has already been executed.
  • With regard to fees, experience has shown that the sharing of fees between payer and payee is the most efficient system since it facilitates the straight through processing of payments.
  • Necessary to remove the obligation to provide information on a transaction for the withdrawal of cash from a payment account where the payer and payee is the same person.
  • With respect to a compensation offer for a payee:
  • With regard to fees, experience has shown that the sharing of fees between payer and payee is the most efficient system since it facilitates the straight-through processing of payments.
  • Information for the payer and payee after the initiation of a payment order
  • With regard to charges, experience has shown that the sharing of charges between a payer and a payee is the most efficient system since it facilitates the straight-through processing of payments.
  • Absence of payee's payment account with the payment service provider
  • If you check the Select transactions without payees box, only transactions with no payee will be selected.
  • When entering a new transaction with this option enabled, & kappname; will fill in all the transaction details based on the previously most often used transaction with the selected payee.
  • These are optional for transactions. They are required for Scheduled transactions. A transaction history, with category, is shown against each payee.
  • 'payee' means a person that is the intended recipient of the transfer of funds;

Alternatives:

  • recipient
  • beneficiary
  • receiver of payment
  • party receiving funds
  • check recipient

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