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A paymaster is someone appointed by a group of investors to allocate commissions, fees or wages in the private or public sector.
The main goal of a PayMaster is to receive a trust fee from buyers in a large transaction, and to pay sellers and brokers the transaction.

A paymaster is usually a lawyer (also called “Paymaster Lawyer”). With respect to commission payments on contracts involving large amounts of money (such as oil, gas, steel, iron, gold, NTDs, VGs, T-Strips and other instruments), most banks are wary of handling large amounts of money. In addition, most buyers and sellers of these transactions want to place money with a neutral third party for disbursement. In most cases, the buyer and seller involved in the transaction require that a lender be appointed to manage all incoming and outgoing funds.

A PayMaster is a neutral third party and has no knowledge of the transaction. He manages the incoming commissions and then disburses the funds accordingly. In return for its services, PayMaster pays a small fee that is paid directly from the commission’s proceeds before disbursement.

In Europe and therefore in Switzerland, it is compulsory to be authorized to practice the activity of PayMaster. A PayMaster is an authorized lawyer, because of the security problem with assets held that do not belong to him directly and that must be housed in a “trust account managed by the Attorney” (also known as IOLTA account) .