Glossary / Also known as

Payee

Another name for Beneficiary.

Other names

What does payee mean?

Payee is another name for Beneficiary. The person or entity on the receiving end of a payment, insurance claim, trust distribution, or trade finance instrument.

The two names mean the same thing. You will see "payee" in some ledgers, reports and contracts and "Beneficiary" in others. The full entry covers how it works, with examples.

Read the full definition of Beneficiary

Topics

Payments and banking

From the glossary

Related terms.

Payments and banking Beneficiary The person or entity on the receiving end of a payment, insurance claim, trust distribution, or trade finance instrument. Also called payee, beneficiary account holder Trade and foreign exchange Letter of Credit (LC) A bank-backed guarantee that a seller will get paid - the backbone of international trade when buyer and seller don't know each other. Also called documentary credit, L/C Payments and banking Remittance Money sent across borders - whether it's an NRI supporting family, a business paying an overseas supplier, or a student's tuition transfer. Also called outward remittance, inward remittance, foreign remittance TDS TDS (Tax Deducted at Source) A system where the payer deducts income tax at prescribed rates before paying the payee, and deposits it with the government on the payee's behalf. Also called withholding tax, tax deduction at source, tax withheld at source Collections and DSO Virtual Account A unique account number per customer that auto-matches incoming payments - no more chasing "who paid what." Also called virtual account number, VAN, virtual bank account Payments and banking ACH Transfer Batch-processed electronic bank transfers powering payroll, EMIs, and recurring payments across India. Also called Automated Clearing House transfer, ACH payment, ACH

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