ISO 20022: Survival Guide

ISO 20022: Survival Guide | 8 Initiating Party Party initiating the payment to an agent. In the payment context, this can either be the debtor (in a credit transfer), the creditor (in a direct debit), or a party that initiates the payment on behalf of the debtor or creditor. A Account Owner Party that legally owns the account. B Account Servicer Party that manages the account on behalf of the account owner, that is manages the registration and booking of entries on the account, calculates balances on the account and provides information about the account. A Instructing Agent Agent that instructs the next party in the payment chain to carry out the payment/instruction. B Instructed Agent Agent that executes the instruction upon the request of the previous party in the chain (either an agreement party, or a clearing agent). Intermediary Agent Agent between the debtor’s agent and the creditor’s agent. There can be several intermediary agents specified for the execution of a payment.