11.1.1. Defined terms

In this Chapter:

1. (a)“beneficiary institution” means the Financial Institution that receives the wire transfer from the ordering institution, whether directly or through an intermediary institution, and makes the funds available to the payee;
2. (b)“cover payment” means a wire transfer that combines a payment message sent directly by the ordering institution to the beneficiary institution with the routing of the funding instruction from the ordering institution to the beneficiary institution through one or more intermediary institutions;
3. (c)“cross-border wire transfer” means a wire transfer where the ordering institution and the beneficiary institution are located in different jurisdictions and includes any chain of wire transfers in which at least one of the Financial Institutions involved is located in a different jurisdiction;
4. (d)“customer identification number” means a number that is different from the unique transaction reference number and:
5. (i)uniquely identifies the payer to the ordering institution; and
6. (ii)refers to a record held by the ordering institution that contains at least one of the following: the payer’s address, national identity number or date and place of birth;
7. (e)“domestic wire transfer” means a wire transfer where the ordering institution and beneficiary institution are located in the same jurisdiction and includes any chain of wire transfers that takes place entirely within a jurisdiction, even if the system used to transfer the payment message is located in another country;
8. (f)“intermediary institution” means the Financial Institution in a serial payment or cover payment chain that receives and transmits a wire transfer on behalf of the ordering institution and the beneficiary institution, or another intermediary institution;
9. (g)“ordering institution” means the Financial Institution that transfers the funds upon receiving the request for a wire transfer on behalf of the payer;
10. (h)“payee” means the natural or legal person or legal arrangement identified by the payer as the recipient of the requested wire transfer;
11. (i)“payer” means the account holder or originator who allows/instructs the wire transfer from that account or, if there is no account, the natural or legal person that places the wire transfer order with the ordering institution to perform the wire transfer;
12. (j)“serial payment” means a direct sequential chain of payment where the wire transfer and accompanying payment message travel together from the ordering institution to the beneficiary institution, directly or through one or more intermediary institutions;
13. (k)“straight-through processing” means payment transactions that are conducted electronically without the need for manual intervention;
14. (l)“unique transaction reference number” means a combination of letters, numbers or symbols, determined by the Financial Institution in accordance with the protocols of the payment and settlement system or messaging system used for the wire transfer, and which permits the traceability of the wire transfer; and
15. (m)“wire transfer” includes any value transfer process or arrangement.