"Payment date" of a payment order means the day on which the amount of
  the  order  is payable to the beneficiary by the beneficiary's bank. The
  payment date may be determined by instruction of the sender  but  cannot
  be  earlier than the day the order is received by the beneficiary's bank
  and, unless otherwise determined, is the day the order  is  received  by
  the beneficiary's bank.
Structure New York Laws
4-A-402 - Obligation of Sender to Pay Receiving Bank.
4-A-403 - Payment by Sender to Receiving Bank.
4-A-404 - Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary.
4-A-405 - Payment by Beneficiary's Bank to Beneficiary.
4-A-406 - Payment by Originator to Beneficiary; Discharge of Underlying Obligation.