A Multiple Payment order is sent by the Ordering Customer (or Payor or Agent on behalf of the Ordering Customer) to the Ordered Bank, to instruct the Ordered Bank to debit an accoun tit services for the Ordering Customer, and to arrange for the payment of specified amounts to several Beneficiaries (or Payees) in settlement of the referenced business transaction(s).
Throughout this document, the term ‘Ordering Customer’ refers to either an Ordering Customer, or a Payor or Agent acting (sending) on behalf of the Ordering Customer; likewise the term ‘Beneficiary’ refers to either a Beneficiary, or a Payee or Agent acting on behalf of the Beneficiary.