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

This dimension is linked to the type of terminal or system through which the underlying payments transaction was done .

( iv ) the liability for the execution of a payment transaction

List of payment systems in tables 7 , 8 and 9 TARGET CC Country Name System reference Name PSS Codification Name System reference LVPS ( non TARGET ) Retail payment system

EN Chapter 2 Execution of a payment transaction SECTION 1 PAYMENT ORDERS , FEES AND AMOUNTS TRANSFERRED

LVPS ( non TARGET ) System 1 LVPS ( non TARGET ) System 1

LVPS ( non TARGET ) System 1 LVPS ( non TARGET ) System 1

Payments processed by selected interbank funds transfer systems number of transactions ( ) Items Non TARGET payment system ( Refer to list of payment systems ) TARGET component LVPS ( 1 ) ( reported separately for each LVPS 1 , 2 ) Retail system ( Reported separately for each retail payment system 1 , 2 , 3 , 4 )

TABLE 9 Payments processed by selected interbank funds transfer systems value of transactions ( ) Items Non TARGET payment system ( Refer to list of payment systems ) TARGET component LVPS ( Reported separately for each LVPS 1 , 2 ) Retail system ( Reported separately for each retail payment system 1 , 2 , 3 , 4 )

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

( iii ) the payment service provider has explicitly or implicitly accepted the obligation to execute the payment transaction ordered .

TARGET component LVPS Reported separately for each LVPS 1 , 2

A payment transaction may be authorised by the payer prior or subsequent to the execution of the payment transaction .

Article 36 Information to be provided to the payer subsequent to the execution of an individual payment transaction 1 .

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

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

In the interest of transparency this Directive lays down requirements needed to ensure that necessary and sufficient information is provided to payment service users with regard to both the payment service contract and the payment transaction .

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

Consent shall consist in an explicit authorisation for the Consent shall consist in giving an explicit authorisation for payment service provider to effect a payment transaction the payment service provider to effect a specified or a series of transactions . payment transaction or a specified series of transactions .

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 .

Settlement date the date on which a transaction is settled . The settlement might take place on the same day as the trade ( same day settlement ) or one or several days after the trade ( the settlement date is specified as the trade date ( T ) the settlement lag ) .

( d ) 2 . where relevant , the exchange rate used in the payment transaction if it is applied by the payer 's payment service provider .

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 .

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

LVPS ( non TARGET ) System 1

The smooth and efficient functioning of the payment system depends on the user being able to rely on the payment service provider executing the payment transaction correctly and within the agreed time .

In order to systems or to participate in such systems .

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

or ( ii ) located outside the economic territory of the reporting country . Notional resident units are ( i ) non resident units which have a centre of economic interest on the economic territory of the country or ( ii ) non resident units in their capacity as owners of land or buildings on the economic territory of the country , but only in respect of transactions affecting such land or buildings ( ESA 95 paragraph 2.15 ) .

However , the payment service provider shall make a bona fide effort to recover the funds involved in the payment transaction .

Clear rules should be laid down as to how the payment service user is to authorise transactions .

Securities settlement system ( SSS ) a system which permits the holding and transfer of securities , either free of payment or against payment ( delivery versus payment ) or against another asset ( delivery versus delivery ) .

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

The point in time of acceptance shall not be later than the point in time when the payment service provider starts to execute the payment transaction .

( 12 ) It is essential to the function of a payment service provider that it be able to operate within payment systems or to participate in such systems .

S E PA PAY M E N T I N S T R U M E N T S The EPC has defined two new payment schemes the SEPA credit transfer and SEPA direct debit schemes as well as a SEPA card framework .

Quick tenders are executed within a time frame of one hour and are restricted to a limited set of counterparties .

Retail system Reported separately for each retail payment system 1 , 2 , 3 , 4

Member States shall ensure that a payment transaction is considered to be authorised only if the payer has consented to the respective payment order addressed to the payment service provider .

Consent shall consist in an explicit authorisation for the payment service provider to effect a payment transaction or a series of transactions .

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

Article 35 Information before execution of an individual payment transaction In the case of a payment transaction under a framework contract , a payment service provider shall , at the request of the payment service user for this specific transaction , provide explicit information on the execution time and the commissions , fees and charges payable to the payment service provider .

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

Member States shall require that , where a payment service user denies having authorised a completed payment transaction , the payment service provider is to provide at least evidence that the payment transaction was authenticated , accurately recorded , entered in the accounts and not affected by a technical breakdown or some other deficiency .

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