(1) The time of receipt of a payment order by the payment service provider of the payer concerned is the time when it is received by that provider (whether transmitted directly by the payer or indirectly by or through a payee). If the time of receipt is not on a business day for that payment service provider, the order is to be taken to have been received on the next business day.
(2) A payment service provider may establish a cut-off time near the end of a business day beyond which any payment order received is to be taken to have been received on the next business day.
(3) If the payment service user that initiates a payment order agrees with a payment service provider that the payment order is to be executed on a specific day or at the end of a specified period or on the day on which the payer concerned has set funds at the payment service provider's disposal, the time of receipt is to be taken to be the agreed day. If the agreed day is not a business day for the payment servic