payee

[pey-ee]
noun
a person to whom a check, money, etc., is payable.

Origin:
1750–60; pay1 + -ee

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World English Dictionary
payee (peɪˈiː)
 
n
1.  the person to whom a cheque, money order, etc, is made out
2.  a person to whom money is paid or due

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
The payer and payee are on the same side of the table.
Citizens are thus reminded that society must always balance the payer against the payee, the future against the present.
Information for organizations interested in becoming a payee.
Truncating individual's identification number on paper payee statements.
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