The strict liability of the payment service provider should be limited to the correct execution of the payment transaction in accordance with the payment order of the payment service user .

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

Under the proposed directive , payment institutions may receive funds from the public for the provision of payment services .

Their movements are guided by each plant's pay period.

However , the information requirements for a single payment transaction should be different from those for a framework agreement which provides for a series of payment transactions .

In cases where all the conditions set out in the payment service contract in accordance with Article 31 are met , the payer 's payment service provider shall not refuse to execute a payment order which has been initiated through a payment service provider other than the holder of the payer 's payment account and which is covered by the authorisation given by the payer . EN

Article 6 ( 2 ) of the draft decision provides that the Agreement may grant financial institutions located in Andorra access to payment and settlement systems within the euro area subject to the ECB 's consent .

Where the transaction is initiated by the payer and includes a currency conversion , the payer and his payment service provider may provide otherwise by explicit agreement .

( iii ) an indication of the right of the payment service user to terminate an initial payment service agreement and any agreements relating to that right in accordance with Article 34

Where , for the use of a given payment verification instrument , a payment service provider or a third party requests a surcharge , agreement shall be reached between the payment service user and the payment service provider on those matters prior to the initiation of the payment transaction .

3 . The payment service provider of the payer shall cease to make funds available to the payer as soon as those funds are debited from the payer 's payment account .

appropriations

Payment orders submitted by participants are deemed accepted by the insert name of CB if ( a ) the payment message complies with the rules established by the network service provider

In addition to the settlement of payment orders in the Payments Module , a PM account may be used to settle payment orders to and from Home Accounts , according to the rules laid down by the insert name of CB .

Some progress was made on the governance arrangements to facilitate innovative and better payments services for customers , in particular the cooperation agreement with GSMA in the field of mobile payment channels ( see Section 1.3 ) .

There should be a sale of eligible assets against euro cash , together with a simultaneous agreement to sell back against euro cash equivalent assets at a specified time .

means of payment

Payment appropriation

The Agreement contains substantive rules which apply to paper based postal money orders as well as to non paper based postal payment orders , such as orders forwarded by electronic means or by any other technical means .

the amount of the payment transaction and of any commission fees and charges applied to the payment transaction that the payer had to pay to his payment service provider EN

Member States shall require that the payment service provider is to communicate to the payment service user on paper or on another durable medium available and accessible to him the conditions in accordance with Article 26 . The payment service provider shall do so in good time before the payment service user is bound by any payment service contract covering a single payment transaction or the offer .

Article 60 Payment transactions initiated by the payer 1 .

Customer payment Customer payment ( Straight Through Processing ) Bank to bank payment Cover payments Direct debit payment Delivery notification Sender notification Abort notification

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 .

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 .

Issuing of payment cards which allow the payment service user to transfer funds .

The non euro area NCBs participating in ERM II shall apply the payment after payment procedure when acting as correspondents of the euro area NCBs and the ECB in accordance with this Annex

Strong payment capacity

TC2 Automated Cross Border Payments

Other payment instruments .

Other payment instruments .

The system provides a multicurrency service for the synchronous , i.e. payment versus payment ( PvP ) , settlement of payment instructions relating to foreign exchange transactions .

The procedure for transmitting consent shall be agreed between both the payment service provider and the payer in the manner laid down in Article 31 ( 1 )( a ) . Article 43 Use of the payment verification instrument 1 .

execution of payment transactions through a payment card or a similar device

execution of payment transactions through a payment card or a similar device

institution

( 5 ) Issuing of payment cards which allow the payment service user to transfer funds .

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

This Directive lays down the rules in accordance with which Member States shall distinguish four categories of payment service provider , as defined in Article 4 Definitions article .

the amount of any fees or charges for the payment transaction that the payer had to pay to his payment service provider .

TITLE II Payment service providers Chapter 1 Payment institutions SECTION 1 GENERAL RULES

Funds received from payment service users and specifically accepted in connection with a payment service shall not be used by payment institutions to support other business activities other than payment services .

Chapter 2 Framework Contracts Article 29 Scope This Chapter applies to payment transactions covered by a payment service agreement characterised by the fact that it commits a payment service provider to execute in the future successive payment transactions or individual payment transactions on the order of the payer if the agreed conditions are met .

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

The non euro area NCBs participating in ERM II shall apply the payment after payment procedure when acting as correspondents of the euro area NCBs and the ECB in accordance with this Annex