PayTo Glossary

Common Abbreviations	Descriptions
AP+	Australian Payment Plus
BECS	Bulk Electronic Clearing System
Bilateral actions	Where an Agreement action requires authorisation from the other party
BBAN	Basic Bank Account Number
BI	Basic Infrastructure
CI	Connected Institution
Creditor	The party to whom money is owing.
Debtor	The party that owes money.
FI	Financial Institution
Initiator	The merchant or third party processor (TTP), if applicable
Mandate	The informal name for a PayTo Agreement
NPP	New Payments Platform
NPPA	New Payments Platform Australia
Payee	The party that is receiving funds.
Payer	The party that is sending funds.
OFI	Other Financial Institution
Unilateral actions	Where an Agreement action does not require the authorisation from the other party