Payment Order Law & Legal Definition
Payment Order is an order or an instruction of a sender to a receiving bank directing transfer of funds to a designated account or beneficiary. Payment Orders direct payment of a specific amount to a third party. However, Payment Orders should not state any condition for payment other than time of payment. The receiving bank should be reimbursed by debiting an account of the sender. A common example of Payment Order is a draft written against a Negotiable Order of Withdrawal. Payment Orders can be transmitted orally, in writing or electronically. Generally, Payment Orders are sent via mail, telex, or through Society for Worldwide Inter-bank Financial Telecommunication (SWIFT).
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