From Open Risk Manual


Payment. Delivery of Money in fulfillment of an obligation, such as to satisfy a claim or Debt.

Payment is a means of settlement for a commercial or other obligation, such as an electronic credit transfer, direct debit, credit or debit card payment, wire transfer, automated clearing house payment (ACH), check or cash. The payment is completed when good funds are received by the creditor

See Also

  • Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012