Payment

From Open Risk Manual

Definition

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

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.