An annuity due is a type of annuity where payments are made at the beginning of each period, as opposed to an ordinary annuity where payments are made at the end of each period.
An annuity in arrears, also known as an ordinary annuity, is a series of equal payments made at the end of consecutive periods over a fixed length of time. It contrasts with an annuity due, where payments are made at the beginning of each period.
APACS, established by UK banks in 1985, managed payment clearing and money transmission in the UK through its Interest Groups focused on card payments, cash services, electronic commerce, and liquidity management. It was succeeded by the UK Payments Administration in 2009.
A 'bill' refers to both a bill of exchange and a sales invoice. In accounting, it represents a demand for payment for goods or services provided.
A cash book is a financial journal that contains all cash receipts and payments, including bank deposits and withdrawals. It records transactions chronologically and is frequently reconciled with the bank statement to ensure accuracy and integrity in financial reporting.
Cash disbursement refers to the amount of money paid out by a business or individual during a specific period for expenses, purchases, or other financial obligations.
The drawer refers to a person or entity who issues a financial instrument such as a bill of exchange or a cheque, instructing the drawee to pay a specified sum of money either immediately or at a later date.
Electronic Billing (E-Billing) refers to the modernized process of sending invoices and accepting payments for goods and services via the Internet. It consists of biller-direct payments and bank-aggregator payments, enhancing efficiency and reducing paper usage.
Electronic Data Interchange (EDI) refers to the use of electronic data-transmission networks to move information from one computer system to another, typically without human intervention. This technology is widely used for automating orders, invoices, and payments between suppliers, customers, and banks, among other applications.
A grace and notice provision gives borrowers extra time to make required payments or comply with loan terms before being classified as in default in a loan agreement.
A series of equal or nearly equal payments made at the end of each equally spaced period. An ordinary annuity is commonly used in financial products like mortgages, leases, bonds, and retirement accounts.
The term 'past due' refers to an obligation or invoice that has not been paid or performed by its specified due date but has not yet reached a state of default.
A payer is an individual or entity that is responsible for the payment of a bill, fees, or other financial obligations. The role of the payer is critical in transactional and service delivery contexts within various economic sectors.
A postdated check is a check written by the payer for a date in the future. It is not negotiable until the specified date becomes current.
Remit refers to the process of paying for purchased goods or services by cash, check, or electronic payment. It encompasses various methods of transferring funds to settle debts or obligations.
A service fee is a payment made by an advertiser to an advertising agency for the services rendered.
