Assuming you have a payee and payor, the payee will initiate the payment process by sending a Payment Instruction (PI) to their bank. The bank will then send a Credit Transfer Instruction (CTI) to the payor’s bank. The payor’s bank will debit the account of the payor and credit the account of the payee.
The entire process is automated and happens in real-time. There is no need for paper checks, invoices, or reconciliations.
Mobile payment apps are becoming increasingly popular as a way to send and receive money. They offer a convenient and fast way to transfer funds, and can be used to pay for goods and services or to send money to friends and family.
There are a number of different mobile payment apps available, each with its own set of features and benefits. When choosing a mobile payment app, it’s important to consider your needs and what you want the app to do.
Read More: Payment transfer script
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