The Collaborative International Dictionary of English v.0.48:

Paymaster \Pay"mas`ter\, n.
   One who pays; one who compensates, rewards, or requites;
   specifically, an officer or agent of a government, a
   corporation, or an employer, whose duty it is to pay
   salaries, wages, etc., and keep account of the same.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Purser \Purs"er\, n. [See Purse, and cf. Bursar.]
   [1913 Webster]
   1. (Naut.) A commissioned officer in the navy who had charge
      of the provisions, clothing, and public moneys on
      shipboard; -- now called paymaster.
      [1913 Webster]

   2. A clerk on steam passenger vessels whose duty it is to
      keep the accounts of the vessels, such as the receipt of
      freight, tickets, etc.
      [1913 Webster]

   3. Colloquially, any paymaster or cashier.
      [1913 Webster]

   Purser's name (Naut.), a false name. [Slang]
      [1913 Webster]

WordNet (r) 3.0 (2006):

paymaster
    n 1: a person in charge of paying wages

Moby Thesaurus II by Grady Ward, 1.0:

27 Moby Thesaurus words for "paymaster":
   accountant, auditor, bookkeeper, bursar, cashier, cashkeeper,
   chamberlain, compensator, comptroller, controller, curator,
   defrayer, depositary, depository, financial officer, liquidator,
   payer, purse bearer, purser, ratepayer, receiver, recompenser,
   remunerator, steward, taxpayer, treasurer, trustee