Roles of parties involved in the issuance of a bank accepted bill:
- Drawer: issuer of the bill. Secondary liability for repayment of the bill (after acceptor)
- Acceptor: undertakes to repay the face value to the holder of the bill at maturity. acceptor is usually a bank or merchant bank
- Payee: the party to whom the bill is specified to be paid (who receives the funds). Usually the drawer, but the drawer can specify some other party as payee.
- Discounter: the party that discounts the face value and purchases the bill. The provider or lender of the funds. May also be the acceptor of the bill.
- Endorser: the party that was previously a holder of the bill. Signs the reverse side of the bill when welling or discounting the bill. Order of liability for payment of the bill runs from acceptor to drawer and ten to endorser.