(1) Subject to paragraphs (2) to (5), for the purposes of these Regulations the time of receipt of a payment order is the time at which the payment order, given directly by the payer or indirectly by or through a payee, is received by the payer's payment service provider.
(2) If the time of receipt of a payment order does not fall on a business day for the payer's payment service provider, the payment order is deemed to have been received on the first business day thereafter.
(3) The payment service provider may set a time towards the end of a business day after which any payment order received will be deemed to have been received on the following business day.
(4) Where the payment service user initiating a payment order agrees with its payment service provider that execution of the payment order is to take place -
(a) on a specific day;
(b) on the last day of a certain period; or
(c) on the day on which the payer has put funds at the disposal of its payment service provider,
the