this facility authorises these entities to submit their payment orders through the direct participant s pm account without that participant s involvement   « network service provider » means the undertaking appointed by the ecb s governing council to provide computerised network connections for the purpose of submitting payment messages in target2   « nonsettled payment order » means a payment order that is not settled on the same business day as that on which it is accepted   « participant » ( or « direct participant ) means an entity that holds at least one pm account with the ecb   « participant interface ( pi ) » means the technical device allowing direct participants to submit and settle payment orders via the services offered in the pm   « payee » means a target2 participant whose pm account will be credited as a result of a payment order being settled   « payer » means a target2 participant whose pm account will be debited as a result of a payment order being settled   « payment instruction » or « as payment instruction » means a credit instruction or a debit instruction   « payment order » means a credit transfer order  a liquidity transfer order or a direct debit instruction   « payments module ( pm ) » means an ssp module in which payments of target2 participants are settled on pm accounts   « pm account » means an account held by a target2 participant in the pm with a cb which is necessary for such target2 participant to 