Article 61 Payment transactions initiated by or through the payee 1 .

where the payment service provider of either the payer or the payee is not located in the Community .

appropriate information transferred by the payer with the payment and enabling the payee to identify the payment

Member States shall ensure that the payment service 1 .

Member States shall ensure that the payment service provider of the payee makes funds available to the payee as soon as those funds are credited to the payee 's payment account .

For the purposes of this Directive , a payment transaction shall consist in the act , initiated by the payer or by the payee , of depositing , withdrawing or transferring funds from a payer to a payee , irrespective of any underlying obligations between the payment service users .

In the case of other payment transactions , the payer and the payee may , by mutual agreement , vary those requirements .

Where appropriate with regard to the nature of the payment transaction concerned , for transactions initiated by the payer , the payer shall , upon request , communicate to his payment service provider the IBAN of the payee and the BIC of the payment service provider of the payee .

Where the payment service providers both of the payer and of the payee are located in the Community and where the payment transaction is carried out solely in the currency of a Member State , Member States shall require the payer 's payment service provider to ensure that the full amount of the payment transaction is received by the payee .

( b ) credit the amount of the payment order to the RTGS account of the receiving participant

the amount of any commission , fees and charges applied to the payment transaction payable by the payee to his payment service provider for receiving the payment

Ordinary revision is the revision of data referring to the period preceding the current one .

where relevant , the exchange rate used in the payment transaction if it was applied by the payee 's payment service provider .

Article 68 Transfers to third countries In cases where the payment service provider of the payee is not located in a Member State , the payment service provider of the payer shall be liable for the execution of the payment transactions only until the funds reach the payee 's payment service provider .

In the latter case , the payment service provider of the payee may either hold the funds pending enquiry or make the funds available to the payee .

Provision should therefore be made for fees to be levied directly on the payer and the payee by their respective payment service providers .

where applicable , the exact exchange rate used in the payment transaction if it was applied by the payee 's payment service provider .

Variable rate issues include all coupon paying issues where the coupon or principal is periodically re fixed by reference to an independent interest rate or index .

Without prejudice to Article 46 , Member States shall ensure that the payment service user may not revoke a payment order after the time of its acceptance by the payer 's payment service provider for payments initiated by the payer or by the payee 's payment service provider for payments initiated by or through the payee .

the amount of any commission fees and charges applied to the payment transaction payable by the payee to his payment service provider or to any intermediary for receiving the payment

The consent may be communicated directly to his payment service provider or indirectly via the payee .

Credit transfers are counted on the payee 's ( i.e. instruction recipient 's ) side .

Where , for the use of a given payment verification instrument , the payee requests a surcharge or offers a reduction , agreement shall be reached between the payee and the payer on those matters prior to the initiation of the payment transaction .

Article 57 Fees Where a payment transaction is carried out solely in the currency of a Member State and does not involve any currency exchanges and where the payment service providers of both the payer and the payee are located in the Community , Member States shall require that any fees be levied directly on the payer and the payee by their respective payment service providers , and that they each bear their own fees .

Therefore it would seem appropriate to make it clear that funds are to be made available to the payee immediately once the payment service provider has received them .

Member States shall ensure that the payment service provider of the payee makes funds available to the payee provider of the payee makes funds available to the payee as soon as those funds are credited to the payee 's payment immediately once it has received them . account .

of taxes , fines or other levies , and where the payer and payee are payment service providers acting on their own behalf .

However , if in the queue of the payee there are higher priority payment orders addressed to other TARGET2 participants , the FIFO principle may only be breached if settling such an offsetting payment order would result in a liquidity increase for the payee .

Local government comprises public administration whose competence extend only to a local part of the economic territory of the reporting country , excluding local agencies of social security funds ( ESA 95 , paragraphs 2.72 and 2.73 ) . Sub funds specify a separate class or designation of unit within a fund which invests in a separate pool or portfolio of investments .

Subsequent to the execution of a payment transaction , the payment service provider shall provide the payer with at least the following information ( a ) ( b ) ( c ) a reference enabling the payment service user to identify each payment transaction and , where appropriate , the information relating to the payee

Article 59 Scope This Section shall apply only if the payment service providers of both the payer and the payee are located in the Community .

However , if in the queue of the payee there are higher priority payment orders addressed to other TARGET2 participants , the FIFO principle may only be breached if settling such an offsetting payment order would result in a liquidity increase for the payee .

For a payment transaction initiated by or through the payee , Member States shall require the payment service provider to ensure that , after the point of time of acceptance , the amount ordered is credited to the payee 's payment account at the latest at the end of the first working day following the day on which the point in time of acceptance falls , unless otherwise explicitly agreed between the payee and his payment service provider .

The credit value date for the payee 's payment account shall be the point in time at which that account is credited .

Zero coupon bonds include all issues without coupon payment . Usually such bonds are issued at a discount and redeemed at par .

Where appropriate with regard to the nature of the payment transaction concerned , for transactions initiated by the payee , the payee shall , upon request , communicate to his payment service provider the IBAN of the payer and the BIC of the payment service provider of the payer .

M payment is a payment whereby a mobile phone is used to issue the payment order and possibly transfer the means of payment . Means of payments , also referred to as settlement media are assets or claims on assets that are accepted by the payee as discharging a payment obligation of the payer vis à vis the payee .

However , that should apply only when both the payer 's and the payee 's payment service provider are located in the Community and where the transaction does not require currency exchange .

However , explicit agreements may be arranged between the payee and his payment service provider under which the latter may deduct his own fees from the amount transferred before crediting it to the payee .

Insurance corporations and pension funds comprise non monetary financial corporations and quasi corporations principally engaged in financial interme diation as a consequence of the pooling of risks ( ESA 95 , paragraphs 2.60 2.67 ) .

Loans are funds lent by reporting agents to borrowers that are not evidenced by documents or are represented by a single document ( even if it has become negotiable ) .

cash refunds provided by the payee to the payer after a payment transaction following an explicit request by the payment service user made just before the execution of a payment transaction through a payment card and completely independent of the cost of the good or services purchased

A transfer initiated by the payee ( the receiver ) via the payee 's bank after agreement between the payee and payer ( the sender ) .

The payment service provider of the payee shall report that fact to the authorities responsible for combating money laundering or terrorist financing .

Article 11 Record keeping The payment service provider of the payee shall keep records for five years , of any information received on the payer .