(1) Where a payment order is initiated by a payer through a payment initiation service provider, the account servicing payment service provider concerned shall, without prejudice to Regulations 95 and 111(2), (3) and (4), refund to the payer the amount of a non-executed or defective payment transaction and, where applicable, restore the debited payment account concerned to the state in which it would have been had the defective payment transaction not taken place.

(2) Where a payment order is initiated by a payer through a payment initiation service provider, the burden shall be on the payment initiation service provider to prove -

(a) that the payment order was received by the payer’s account servicing payment service provider in accordance with Regulation 102, and

(b) to the extent that it is within the sphere of competence of the payer’s payment initiation service provider, that the payment transaction was authenticated, accurately recorded and not affected by a technical breakdown or other deficiency linked to the non-execution, defective or late execution of the transaction.

(3) Where a payment initiation service provider is liable for the non-execution, defective or late execution of a payment transaction, it shall immediately compensate the account servicing payment service provider at its request for the losses incurred or sums paid as a result of the refund to the payer concerned.