(1) Where a payment order is initiated by the payer concerned, the payer's payment service provider is liable to the payer for correct execution of the relevant payment transaction, unless the payment service provider can prove to the payer and, where relevant, to the payee's payment service provider that the payee's payment service provider received the amount of the payment. If so, the payee's payment service provider is liable to the payee for the correct execution of the transaction.
(2) Where a payment service provider is liable to a payer under paragraph (1), it shall without undue delay refund to the payer the amount of the non-executed or defective payment transaction and, where applicable, restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place.
(3) Where a payment service provider is liable to a payee under paragraph (1), it shall immediately place the amount of the payment transaction at the paye