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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 13 January 2018 - onwards
Version 2 of 2

Regulation 102 Receipt of payment orders

(1) The time of receipt of a payment order by the payment service provider of the payer concerned is when the payment order is received by the payment service provider.

(2) A payment service provider shall not debit the account of the payer concerned prior to receipt of a payment order.

(3) Where the time of receipt of a payment order is not on a business day for the payment service provider of the payer concerned, the payment order shall be deemed to have been received on the following business day.

(4) A payment service provider may establish a cut-off time near the end of a business day beyond which any payment order received shall be deemed to have been received on the following business day.

(5) Where a payment service user initiating a payment order agrees with the payment service provider concerned that execution of the payment order shall start -

(a) on a specific day,

(b) at the end of a certain period, or

(c) on the day on which the payer has put funds at the payment service provider’s disposal,

the time of receipt for the purposes of Regulation 107 is deemed to be the day agreed upon.