(1) Subject to paragraph (2), a payer’s payment service provider shall ensure that after the time of receipt referred to in Regulation 102 the amount of the payment transaction will be credited to the payee’s payment service provider’s account by the end of the following business day.
(2) The time limit referred to in paragraph (1) is extended by a further business day for paper-initiated payment transactions.
(3) The payment service provider of a payee shall value date and make available the amount of the payment transaction to the payee’s payment account after the payment service provider has received the funds in accordance with Regulation 110.
(4) A payee’s payment service provider shall transmit a payment order initiated by or through the payee to the payer’s payment service provider within the time limits agreed between the payee and the payment service provider, so as to enable settlement, as far as direct debit is concerned, on the agreed due date.