(1) Subject to paragraph (2), a payer's payment service provider shall ensure that, after the time of receipt of a payment order, the amount of the relevant payment is credited to the payee's payment service provider's account by the end of the next business day.
(2) A payer and a payment service provider may agree on a period of no longer than 3 business days instead of the period specified in paragraph (1).
(3) Paragraph (2) and any agreement made in reliance on it cease to have effect at the end of 31 December 2011.
(4) The periods specified in paragraphs (1) and (2) are extended by one business day in relation to paper-initiated payment transactions.
(5) The payment service provider of the payee concerned shall value-date the payment and make the amount of the payment available to the payee's payment account, in accordance with Regulation 88, after the payment service provider has received the funds.
(6) A payee's payment service provider shall transmit a payment order initiat