(1) Where a payment order is executed in accordance with a unique identifier, the payment order shall be deemed to have been executed correctly where payment is made to the payee specified by the unique identifier.

(2) Where the unique identifier provided by a payment service user is not the unique identifier of the person to whom payment was intended to be made, the payment service provider concerned shall not be liable under Regulation 112 for non-execution or defective execution of the payment transaction concerned.

(3) Where the unique identifier provided by a payment service user is not the unique identifier of the person to whom payment was intended to be made -

(a) the payer’s payment service provider shall make reasonable efforts to recover the funds involved in the payment transaction, and

(b) the payee’s payment service provider shall cooperate in those efforts by communicating to the payer’s payment service provider all relevant information for the collection of funds.

(4) Where the recovery of funds in accordance with paragraph (3) is not possible, the payer’s payment service provider shall provide to the payer, upon written request, all information available to the payer’s payment service provider and relevant to the payer in order for the payer to issue proceedings for the recovery of the funds.