1. Order directing transfer of funds to a designated account or beneficiary. Payment orders may be sent by mail (or private courier), telex message, or through theSociety for Worldwide Interbank Financial Telecommunication (Swift) a communication network widely used in international banking.
2. Check-like instrument directing payment of a specified amount to a third party. Drafts written against a Negotiable Order of Withdrawal (NOW) account are a common type of payment order.
