--- instrument_id: psr chunk_id: psr_t03_ch05 chunk_title: Execution of payment transactions path: "Title III RIGHTS AND OBLIGATIONS IN RELATION TO THE PROVISION AND USE OF PAYMENT SERVICES > Chapter 5" source_class: operative_text document_type: proposal normative_weight: non_binding legal_status: council_compromise_text jurisdiction: EU effective_period: from: null to: null articles_contained: - 64 - 65 - 66 - 67 - 67a - 68 - 69 - 70 - 71 - 72 - 73 - 74 - 75 - 76 - 77 - 78 - 79 topics: - payments - payment_services - execution - payment_processing - fraud_prevention - authorisation - refunds - aml - liability - strong_customer_authentication recitals: - number: 36 text: "Credit institutions should therefore provide, on an objective, non-discriminatory and proportionate basis, access to a payment account to payment institutions, and to applicants for a license as a payment institution, as well as to their agents. It is necessary to include applicants for a authorisation as a payment institution in that provision, given that an account with a credit institution where clients’ funds can be safeguarded is a prerequisite to obtain a payment institution authorisation. Credit institutions should be able to refuse access to payment accounts only in exceptional cases where there are serious grounds to do so. Credit institutions should be able to refuse to open or be able to close a payment account for a payment institution, its agents or an applicant for an authorisation as a payment institution where this would result in an infringement of Regulation (EU) 2024/1624 of the European Parliament and of the Council. Credit institutions should also be able to refuse such access in cases where relevant information or documents have not been received from the applicant to open an account as this may impede, inter alia, their ability to perform customer due diligence obligations. A payment institution or its agents or an applicant for authorisation as a payment institution should have the right of appeal against a refusal by a credit institution to a competent authority designated by a Member State. In order to facilitate the exercise of that appeal right, credit institutions should give reasons in writing and in detail for any refusal to provide an account, or a subsequent closure of an account. Those reasons should refer to specific elements relating to the payment institution in question, not to general or generic considerations. Where the payment account is refused on grounds that opening or maintaining such an account would result in infringement of Regulation (EU) 2024/1624 of the European Parliament and of the Council, the justification provided to the client or the applicant should not lead to the disclosure of information protected under Article 73 of that Regulation. To facilitate treatment by competent authorities of appeals against account refusal or withdrawal and reasons thereof, the EBA should develop implementing technical standards harmonising the presentation of such reasons." - number: 86b text: "Given that fraud is a criminal activity in accordance with Article 2, point (1), of Directive (EU) 2018/1673, it is therefore considered a predicate offence for the purposes of Regulation (EU) 2024/1624. For that reason, the obligations laid down in that Regulation regarding the reporting of suspicious transactions in accordance with Article 69 of that Regulation, and regarding the obligation to refrain from executing those suspicious transactions in accordance with Article 71 of that Regulation, apply also in cases where a payment service provider knows or suspects that a payment transaction is fraudulent. Those obligations also apply where the payment service provider has reasonable grounds to suspect that a payment transaction is related to criminal activity, such as where the payer’s payment service provider has reasonable grounds to suspect that a payment transaction that the payer is initiating may be the result of fraud, or where, before making the funds available to the payee, the payee’s payment service provider has reasonable grounds to suspect that a payment transaction that has been or will be credited to its account may be the result of fraud." - number: 86c text: "To ensure consistency across the objectives of preventing payment service users’ from becoming victims of fraud, compliance with obligations following from Regulation (EU) 2024/1624 with regard to suspicious transactions, and mitigating the impact on payment service users deriving from delays in the execution of legitimate payment transactions or the refusal of such transactions. For that reason, where a payment service provider refuses to execute a payment transaction in accordance with this Regulation, such refusal should be without prejudice to other obligations arising for that payment service provider under Regulation (EU) 2024/1624 with respect to that payment transaction, such as the obligation to report that suspicion to the Financial Intelligence Unit in accordance with Article 69 of that Regulation. In the case of credit transfers, while the outcome of the service ensuring the verification of the payee applied in accordance with Regulation (EU) 2024/886 and Article 50 this Regulation might constitute a relevant element in the payment service provider's monitoring of payment transactions with a view to detecting fraud, that outcome should not in itself be the sole ground for the payment service provider's decision to refuse to execute the payment transaction, with a view to ensuring the right of the payer to proceed with authorising the payment transaction concerned in accordance with Article 5c of Regulation (EU) 260/2012 and Article 50 of this Regulation." - number: 86d text: "In order to enable the payment service provider to assess whether or not there are objectively justified reasons to suspect that a payment transaction may be fraudulent and therefore to refuse to execute that payment transaction, and in order to limit the impact on payment service users with regard to legitimate payment transactions, the payment service provider of the payer should contact the payer to obtain information necessary for the purpose of such assessment, while remaining in full compliance with the rules on the prohibition of disclosure of suspicions in Regulation (EU) 2024/1624. The payment service provider of the payer should notify the payer of any information or action necessary from the payer for the purpose of its assessment, while providing sufficient information to enable the payer to understand the risks identified by the payment service provider. The payment service provider of the payer should ensure that the payer has at all times appropriate means to contact the payment service provider with a view to providing the information or performing the action requested in that notification, and should make all reasonable efforts to contact the payer before crediting the funds to the account of the payee's payment service provider. In accordance with Article 73 of Regulation (EU) 2024/1624, such communication between the payer's payment service provider and the payer should not at any moment disclose to the payer or, where applicable, the payment initiation service provider, the fact that payment transactions or activities are being or have been assessed in accordance with Article 69 of Regulation (EU) 2024/1624, that information is being, will be or has been transmitted in accordance with Article 69 or 70 of Regulation (EU) 2024/1624 or that an analysis to this effect is being, or may be, carried out." - number: 90a text: "In order to enable payers to rapidly recover their funds wherever there is high risk that one or a series of payment transactions might be fraudulent, it is appropriate to clarify in this Regulation that, where the payment service provider of the payee has objectively justified reasons to suspect that a payment transaction or series of payment transactions credited or to be credited to its account may be the result of fraud, and where that payment service provider refrains from making those funds available on the payment account of the payee in compliance with its obligation to refrain from executing a suspicious transaction under Article 71 of Regulation (EU) 2024/1624, that payment service provider is able to return the funds credited to its account to the payment service provider of the payer, or to reject the payment transaction or series of payment transactions to be credited to its account by the payment service provider of the payer, as applicable. In order to enhance the protection of payers, it is appropriate to require that, in certain cases where evidence suggesting fraud is stronger, the payment service provider of the payee return the funds to the payment service provider of the payer, or reject the payment transaction or series of payment transactions to be credited by the payment service provider of the payer to its account, as applicable. To avoid excessive de-risking practices, it is appropriate to establish a higher evidentiary threshold according to which that obligation and corresponding liability should apply, where the payment service provider of the payee has strong, consistent and undisputed evidence or indications to conclude, without plausible alternative explanation, that the payment transaction or series of payment transactions are the result of fraud." - number: 90b text: "To preserve the trust of payment service users in the reliability of payment services, it is important to ensure that measures aimed at fraud prevention which interfere with the execution of payment orders are sufficiently communicated to the payer, their payment service provider, and, where applicable, the payment initiation service provider, within the timelines applicable to the execution of those payment transactions set out in this Regulation and in Regulation (EU) 2024/886, while remaining in full compliance with rules on the prohibition of disclosure laid down in Regulation (EU) 2024/1624. To prevent the uneven application of those protection and transparency measures in the case of instant credit transfers denominated in Euro and in the case of instant credit transfers denominated in other EU currencies, it is appropriate to establish in this Regulation that, for any instant credit transfer, where, in accordance with this Regulation, the payment service provider of the payee refuses to make the funds available to the payee and, as applicable, returns those funds to the payment service provider of the payer or rejects the payment transaction or series of payment transactions to be credited to its account by the payment service provider of the payer, that payment service provider should notify the payment service provider of the payer of that refusal within ten seconds of the time of receipt of the payment order for that instant credit transfer or series of instant credit transfers by the payment service provider of the payer. Upon receiving such notification, the payment service provider of the payer should immediately restore the payment account of the payer to the state in which it would have been had the transaction not taken place, and, free of charge, inform the payer, and, where applicable, the payment initiation service provider, of the return of the funds, and that the funds have not been made available on the payee’s payment account due to fraud prevention measures. In accordance with Article 73 of Regulation (EU) 2024/1624, such communications should not at any moment disclose to the payer or, where applicable, the payment initiation service provider, the fact that payment transactions or activities are being or have been assessed in accordance with Article 69 of Regulation (EU) 2024/1624, that information is being, will be or has been transmitted in accordance with Article 69 or 70 of Regulation (EU) 2024/1624 or that an analysis to that effect is being, or may be, carried out." - number: 102a text: "Payment service providers should store data processed for the purpose of complying with their obligations with respect to transaction monitoring and fraud information sharing only for as long as necessary for those purposes, and in any event, only for a maximum of five years after the termination of the customer relationship. The revised FATF Recommendations demonstrate that, in order to be able to cooperate fully and comply swiftly with information requests from competent authorities for the purposes of the prevention, detection or investigation of money laundering and terrorist financing, obliged entities should maintain, for at least 5 years, the necessary information obtained through customer due diligence measures and the records on transactions. Accordingly, Regulation (EU) 2024/1624 establishes that the retention period applicable to personal data processed in accordance with that Regulation, including as regards information processed in the context of information sharing partnerships established under Article 75 of that Regulation, should be fixed at 5 years after the end of a business relationship or an occasional transaction. Given that fraud is considered to be a criminal activity, in accordance with Article 2, point (1), of Directive (EU) 2018/1673, and is therefore considered a predicate offence for the purposes of Regulation (EU) 2024/1624, it is appropriate to establish that a maximum retention period applicable to personal data processed in accordance with this Regulation should also be fixed at 5 years after the end of a business relationship or an occasional transaction, in order to ensure legal certainty and consistency across financial crime preventative and detection measures." - number: 103b text: "Payment service providers are able to exchange data related to payment transactions where there is a suspicion of fraud with other participants of information sharing partnerships established in accordance with Article 75 of Regulation (EU) 2024/1624, including competent authorities such as Financial Intelligence Units (FIUs), supervisory authorities and any public authority that has the function of investigating or prosecuting money laundering, its predicate offences or terrorist financing, or that has the function of tracing, seizing or freezing and confiscating criminal assets, in accordance with fundamental rights and judicial procedural safeguards. Payment service providers are also able to share with other payment service providers and other participants, including public authorities, data related to threats to the security of their ICT systems, including where ‘spoofing’, phishing and malware are used to commit fraud against payment service users, in the context of information sharing arrangements on cyber threat information and intelligence established under Article 45 of Regulation (EU) 2022/2554 on digital operational resilience for the financial sector. As such partnerships or arrangements already provide adequate frameworks for the involvement of public authorities, including law enforcement authorities, in the voluntary sharing of data related with fraud, subject to adequate safeguards, it is not considered necessary to create an additional regime for such exchange under this Regulation." - number: 103c text: "Where a payment service provider participates in information sharing partnerships or arrangements established in accordance with Article 75 of Regulation (EU) 2024/1624 and Article 45 of Regulation (EU) 2022/2554, and where those information sharing partnerships or arrangements enable the payment service provider to exchange the data necessary for the purposes of detecting and preventing fraud in accordance with this Regulation, the sharing of data within the framework of those information sharing partnerships should be considered sufficient to ensure compliance by the payment service provider with its obligations under this Regulation to share payment fraud data in the framework of information sharing arrangements. Where payment service providers participate in those information sharing partnerships or arrangements for the purpose of complying with obligations under this Regulation, they should be allowed to process personal data exchanged in the context of such partnerships or arrangements for the purpose of complying with the transaction monitoring obligations set out in this Regulation." --- # Chapter 5 - Execution of payment transactions ## Article 64 - Receipt of payment orders 1. The time of receipt of a payment order shall be when the payment order is received by the payer’s payment service provider. The payer’s account shall not be debited before receipt of the payment order. If the time of receipt is not on a business day for the payer’s payment service provider, the payment order shall be deemed to have been received on the following business day. The payment service provider may establish a cut-off time near the end of a business day beyond which any payment order received shall be deemed to have been received on the following business day. 2. If the payment service user placing a payment order and the payment service provider agree that the execution of the payment order shall start on a specific day or at the end of a certain period or on the day on which the payer has put the funds at the payment service provider’s disposal, the time of receipt for the purposes of Article 69 shall be deemed to be the agreed day. If the agreed day is not a business day for the payment service provider, the payment order received shall be deemed to have been received on the following business day. 3. This Article shall not apply to instant credit transfers denominated in Euro as covered by Regulation XXX (IPR). ## Article 65 - Refusal to execute a payment order -1. Where all of the conditions set out in the payer’s framework contract are met, the payer’s payment service provider shall not refuse to execute an authorised payment transaction, irrespective of whether the payment order is placed by a payer, including through a payment initiation service provider, or by or through a payee, unless relevant Union or national law provides otherwise. -1a. By way of derogation from paragraph -1 and without prejudice to Regulation (EU) 2024/1624, the payer’s payment service provider shall refuse to execute a payment transaction if the conditions set out in this Article are fulfilled. Notwithstanding Article 5c(5) of Regulation (EU) No 260/2012 and Articles 50 and 69(1) of this Regulation, where, based on the transaction monitoring referred to in Article 83 of this Regulation or on any other relevant information available to the payment service provider, but not solely on the basis of the outcome of the service ensuring the verification of payee, the payer’s payment service provider has objectively justified reasons to suspect that the transaction is fraudulent, the payer’s payment service provider shall suspend the execution of a payment transaction. Where the payer’s payment service provider has objectively justified reasons to suspect that the transaction is fraudulent and does not suspend that transaction in accordance with the first subparagraph, the payer shall not bear any financial losses, except if the payer has acted fraudulently. The burden of proof that there was no breach of this Article shall be on the payment service provider. Without undue delay from the suspension of the transaction, unless prohibited by other relevant Union or national law, the payment service provider shall notify the payer, in an agreed manner, of any information or action needed from the payer to enable the payment service provider to assess, whether the reasons for such suspension are still justified. The notification shall give the payer sufficient information to enable the payer to understand the risks that the payment service provider has identified. Within the timelines specified in Article 69(1), the payment service provider shall make all reasonable efforts to contact the payer, and shall ensure that appropriate means are available at all times to enable the payer to contact the payment service provider where additional information is requested by the payment service provider to assess whether there are objectively justified reasons to suspect fraud. On the basis of that assessment, the payer's payment service provider shall decide whether or not to execute the payment order and, where applicable, restore the debited payment account to the state in which it would have been had the payment order not been submitted. The obligation to notify the payer under the fifth subparagraph shall not apply in the case of instant credit transfers. In such cases or where it has not been possible for the payer’s payment service provider to receive information from the payer within the timelines specified in Article 69(1), the payment service provider shall assess, based on the transaction monitoring referred to in paragraph -1, and on any other relevant information available to the payment service provider, but not solely on the basis of the outcome of the service ensuring the verification of payee, whether or not to execute the payment order. For the purpose of this Regulation, the fact that a payment order is unusual shall not by itself constitute objectively justified reasons to suspect fraud. 1. Where, on the basis of the assessment in paragraph -1a, the payment service provider refuses to execute a payment order or to initiate a payment transaction, the payer’s payment service provider shall notify to the payer and the payee's payment service provider and, where applicable, make available to the payment initiation service provider, the refusal, the specific reasons for that refusal and, where applicable, the procedure for correcting the decision to refuse to execute the transaction, unless such notification is prohibited under relevant Union or national law. The payer's payment service provider shall make the notification in an agreed manner, and where applicable shall make the information available to the payment initiation service provider, without undue delay, and in any case within the periods specified in Article 69. In the case of instant credit transfers, the payer’s payment service provider shall provide the notification, and where applicable shall make the information available to the payment initiation service provider, within 10 seconds of the time of receipt of the payment order by the payer's payment service provider. The framework contract may include a condition that the payment service provider may charge a reasonable fee for such a refusal if the refusal is objectively justified, but not in the case of a refusal due to a suspected fraudulent transaction. 3. For the purposes of Articles 69 and 75 a payment order whose execution has been refused shall be deemed not to have been received. ## Article 66 - Irrevocability of a payment order 1. The payment service user shall not revoke a payment order once it has been received by the payer’s payment service provider, unless otherwise specified in this Article. 2. Where the payment transaction is initiated by a payment initiation service provider or by or through the payee, the payer shall not revoke the payment order after giving permission to the payment initiation service provider to initiate the payment transaction or after giving permission to execute the payment transaction to the payee. 3. In the case of a direct debit, and without prejudice to refund rights, the payer may revoke the payment order at the latest by the end of the business day preceding the day agreed for debiting the funds. 4. In the case referred to in Article 64(2), the payment service user may revoke a payment order at the latest by the end of the business day preceding the agreed day. 5. After the time limits laid down in paragraphs 1 to 4, the payment order may be revoked only if agreed between the payment service user and the relevant payment service providers. In the case referred to in paragraphs 2 and 3, the payee’s agreement shall also be required. If agreed in the framework contract, the relevant payment service provider may charge for revocation. ## Article 67 - Amounts transferred and amounts received 1. The payment service provider of the payer, the payment service provider(s) of the payee and any intermediaries of the payment service providers shall transfer the full amount of the payment transaction and shall refrain from deducting charges from the amount transferred. 2. The payee and the payment service provider may agree that the relevant payment service provider deduct its charges from the amount transferred before crediting it to the payee. In such a case, the full amount of the payment transaction and charges shall be separated in the information given to the payee. 3. If any charges other than those referred to in paragraph 2 are deducted from the amount transferred, the payment service provider of the payer shall ensure that the payee receives the full amount of the payment transaction initiated by the payer. Where the payment transaction is initiated by or through the payee, the payment service provider of the payee shall ensure that the full amount of the payment transaction is received by the payee. ## Article 67a - Payment transactions with electronic money tokens 1. By way of derogation from Article 13, points (b) and (d), Article 20, points (b)(v) and (c)(i) and Article 24 of this Regulation, where payment service providers are not able, due to circumstances that are not attributable to them, to comply with the obligations set out therein as regards payment transactions with electronic money tokens settled on the distributed ledger, the payment service providers shall provide the information required therein by way of a reasoned estimation, as soon as possible, and in any case prior to the payer authorising the transaction. 2. The requirements in Articles 40 and 41 of this Regulation for account servicing payment service providers regarding payment initiation services and account information services, shall not apply as regards payment transactions with electronic money tokens. 3. Articles 50 and 57 of this Regulation shall not apply to payment service providers as regards payment transactions with electronic money tokens. 4. The Commission may adopt delegated acts in accordance with Article 106 to amend this Regulation by adjusting the derogations and requirements set out in paragraphs 1, 2 and 3 of this Article as regards payment transactions with electronic money tokens to take into account developments after the adoption of this Regulation and the specificities of the use of distributed ledger technology or similar technology for such transactions. ## Article 68 - Scope 1. This Section applies to: (a) payment transactions in euro; (b) national payment transactions in the currency of the Member State outside the euro area; (c) payment transactions involving only one currency conversion between the euro and the currency of a Member State outside the euro area, provided that the required currency conversion is carried out in the Member State outside the euro area concerned and, in the case of cross-border payment transactions, the cross-border transfer takes place in euro. 2. This Section applies to payment transactions not referred to in paragraph 1, unless otherwise agreed between the payment service user and the payment service provider, with the exception of Article 73, which is not at the disposal of the parties. However, if the payment service user and the payment service provider agree on a longer period than that set in Article 69, for intra-Union payment transactions, that longer period shall not exceed 5 business days following the time of receipt as referred to in Article 64. ## Article 69 - Payment transactions to a payment account 1. Without prejudice to relevant Union or national legislation in the field of anti-money laundering and anti-terrorism financing, the payer’s payment service provider shall ensure that after the time of receipt as referred to in Article 64, the amount of the payment transaction will be credited to the payee’s payment service provider’s account by the end of the following business day. That time limit may be extended by a further business day for paper-initiated payment transactions. 2. Without prejudice to relevant Union or national legislation in the field of anti-money laundering and anti-terrorism financing, the payment service provider of the payee shall value date and make available the amount of the payment transaction to the payee’s payment account after the payment service provider has received the funds in accordance with Article 73. 2a. By way of derogation from paragraph 2, if, based on the transaction monitoring conducted in accordance with Article 83, or on any relevant information available to the payee’s payment service provider, but not solely on the outcome of the service ensuring the verification of payee, the payee’s payment service provider has objectively justified reasons to suspect that a payment transaction credited or to be credited to its account is fraudulent, that payment service provider may, in compliance with its obligations to refrain from carrying out suspicious transactions under Article 71 of Regulation (EU) 2024/1624, decide to not make the funds available on the payee’s payment account and to return the funds to the payment service provider of the payer, provided that that decision takes place within the timeline set out in Article 73 of this Regulation. Where the reasons to suspect that a payment transaction credited or to be credited to the payee's account is fraudulent are clear and incontrovertible, the payee's payment service provider shall not make the funds available on the payee’s payment account and shall return the funds to the payment service provider of the payer. Where a payment service provider does not comply with the obligation set out in subparagraph 2, the payer shall not bear any financial losses, except if the payer has acted fraudulently. The first and second subparagraphs shall be without prejudice to the obligation of the payee’s payment service provider to report suspicious transactions set out in Article 69 of Regulation (EU) 2024/1624. For the purpose of this Regulation, the fact that a payment order is unusual shall not by itself constitute objectively justified reasons to suspect fraud. The burden of proof that there was no breach of subparagraph 2 shall be on the payment service provider of the payee. 2b. Where the payment service provider of the payee returns the funds to the payer's payment service provider pursuant to the first or second subparagraphs of paragraph 2a, the payment service provider of the payee shall: (i) immediately notify the payment service provider of the payer of the return of the funds, and of the reasons for the refusal to make the funds available on the payee’s payment account, in accordance with the rules on prohibition of disclosure set out in Article 73(5) of Regulation (EU) 2024/1624; and (ii) ensure that the amount of the payment transaction is credited to the payer’s payment service provider within the timeline set out in paragraph 1. 2c. Upon receiving the notification pursuant to paragraph 2b, point (i), the payment service provider of the payer shall, immediately and free of charge, inform the payer, and, where applicable, make the information available to the payment initiation service provider, that the funds have not been made available on the payee’s payment account due to measures aimed at fraud prevention, without prejudice to Article 73 of Regulation (EU) 2024/1624. The payment service provider of the payer shall also inform the payer of the return of the funds and the timeline for making the amount of the payment transaction available on the payer’s payment account. The payment service provider of the payer shall value date and make available the amount of the payment transaction credited to its account pursuant to paragraph 2b, point (ii), to the payer’s payment account in accordance with Article 73 of this Regulation. 2d. In the case of instant credit transfers, where the payment service provider of the payee returns the funds to the payer's payment service provider pursuant to the first or second subparagraphs of paragraph 2a, the payment service provider of the payee shall: (i) within 10 seconds of the time of receipt of the payment order for an instant credit transfer by the payer’s payment service provider, notify the payer’s payment service provider of the return of the funds, and of the reasons for the refusal to make the funds available on the payee’s payment account, in accordance with the rules on prohibition of disclosure set out in Article 73(5) of Regulation (EU) 2024/1624; and (ii) where the amount of the transaction has been credited to its account, ensure that those funds are credited immediately to the payer’s payment service provider. (iii) 2e. Immediately upon receiving the notification referred to in paragraph 2d, point (i), the payment service provider of the payer shall: (i) restore the payment account of the payer to the state in which it would have been had the transaction not taken place; and (ii) free of charge, inform the payer, and, where applicable, make the information available to the payment initiation service provider, of the return of the funds, and, without prejudice to Article 73 of Regulation (EU) 2024/1624, that the funds have not been made available on the payee’s payment account due to measures aimed at fraud prevention. 3. The payee’s payment service provider shall transmit a payment order placed by or through the payee to the payer’s payment service provider within the time limits agreed between the payee and the payment service provider, enabling settlement on the agreed due date. Paragraph 2a shall apply accordingly. ## Article 70 - Absence of payee’s payment account with the payment service provider Where the payee does not have a payment account with the payment service provider, the payment service provider who receives the funds for the payee shall make the funds available to the payee within the time limit laid down in Article 69(1). In the case of payment transactions with electronic money tokens from a custodial wallet to a self-hosted address, the payment service provider of the payer shall transfer the funds to the self- hosted address of the payee within the time limit laid down in Article 69(1). ## Article 71 - Cash placed on a payment account Where a consumer places cash on a payment account with that payment service provider in the currency of that payment account, the payment service provider shall ensure that the amount is made available and value dated immediately after receipt of the funds. Where the payment service user is not a consumer, the amount shall be made available and value dated at the latest on the following business day after receipt of the funds. ## Article 72 - National payment transactions For national payment transactions, Member States may provide for shorter maximum execution times than those provided for in this Section. Member States shall notify to the Commission the provisions of their law adopted pursuant to this Article. They shall, without delay, notify any subsequent amendments to such provisions. ## Article 73 - Value date and availability of funds 1. The credit value date for the payee’s payment account shall be no later than the business day on which the amount of the payment transaction is credited to the payee’s payment service provider’s account. 2. The payment service provider of the payee shall ensure that the amount of the payment transaction is at the payee’s disposal immediately after that amount is credited to the payee’s payment service provider’s account where, on the part of the payee’s payment service provider, there is either of the following: (a) no currency conversion; (b) a currency conversion between the euro and a Member State currency or between two Member State currencies. The obligation laid down in this paragraph shall also apply to payments within one payment service provider. 3. The debit value date for the payer’s payment account shall be no earlier than the time at which the amount of the payment transaction is debited to that payment account. ## Article 74 - Incorrect unique identifiers 1. If a payment transaction is executed in accordance with the unique identifier, the payment transaction shall be deemed to have been executed correctly with regard to the payee specified by the unique identifier. 2. If the unique identifier provided by the payment service user is incorrect, the payment service provider shall not be liable under Article 75 for non-execution or defective execution of the payment transaction. 3. The payer’s payment service provider shall make reasonable efforts to recover the funds involved in the payment transaction. The payee’s payment service provider shall cooperate in those efforts also by communicating to the payer’s payment service provider all relevant information for the collection of funds. Where the collection of funds under the first subparagraph is not possible, the payer’s payment service provider shall provide to the payer, upon written request, all information available to the payer’s payment service provider and relevant to the payer in order for the payer to file a legal claim to recover the funds. 4. Where agreed in the framework contract, the payment service provider may charge the payment service user for recovery. The charge shall be reasonable and proportionate to the costs incurred. 5. If the payment service user provides information in addition to the information referred to in Article 13(1), point (a), or Article 20 point (b) (ii), the payment service provider shall be liable only for the execution of payment transactions in accordance with the unique identifier provided by the payment service user. 6. Where the unique identifier provided by the payment initiation service provider is incorrect, payment service providers shall be liable in accordance with Article 76. ## Article 75 - Payment service providers’ liability for non-execution, defective or late execution of payment transactions 1. Where a payment order is placed directly by the payer, the payer’s payment service provider shall, without prejudice to Article 54, Article 74(2) and (3), and Article 79, be liable to the payer for correct execution of the payment transaction, unless it 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 transaction in accordance with Article 69(1). In that case, the payee’s payment service provider shall be liable to the payee for the correct execution of the payment transaction. Where the payer’s payment service provider is liable under the first subparagraph, it shall immediately 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. The credit value date for the payer’s payment account shall be no later than the date on which the amount was debited. Where the payee’s payment service provider is liable under the first subparagraph, it shall immediately place the amount of the payment transaction at the payee’s disposal and, where applicable, credit the corresponding amount to the payee’s payment account. The credit value date for the payee’s payment account shall be no later than the date on which the amount would have been value dated, had the transaction been correctly executed in accordance with Article 73. Where a payment transaction is executed late, the payee’s payment service provider shall ensure, upon the request of the payer’s payment service provider acting on behalf of the payer, that the credit value date for the payee’s payment account is no later than the date the amount would have been value dated had the transaction been correctly executed. In the case of a non-executed or defectively executed payment transaction where the payment order is placed by the payer, the payer’s payment service provider shall, regardless of liability under this paragraph, on request and without charging the payer, make immediate efforts to trace the payment transaction and notify the payer of the outcome. 2. Where a payment order is placed by or through the payee, the payee’s payment service provider shall, without prejudice to Article 54, Article 74(2) and (3), and Article 79, be liable to the payee for correct transmission of the payment order to the payment service provider of the payer in accordance with Article 69(3). Where the payee’s payment service provider is liable under this subparagraph, it shall immediately re-transmit the payment order in question to the payment service provider of the payer. In the case of a late transmission of the payment order, the amount shall be value dated on the payee’s payment account no later than the date the amount would have been value dated had the transaction been correctly executed. Without prejudice to Article 54, Article 74(2) and (3), and Article 79, the payment service provider of the payee shall be liable to the payee for handling the payment transaction in accordance with its obligations under Article 73. Where the payee’s payment service provider is liable under this subparagraph, it shall ensure that the amount of the payment transaction is at the payee’s disposal immediately after that amount is credited to the payee’s payment service provider’s account. The amount shall be value dated on the payee’s payment account no later than the date the amount would have been value dated had the transaction been correctly executed. In the case of a non-executed or defectively executed payment transaction for which the payee's payment service provider is not liable under the first and third subparagraphs, the payer's payment service provider shall be liable to the payer. Where the payer’s payment service provider is so liable it shall, as appropriate and without undue delay, refund to the payer the amount of the non-executed or defective payment transaction and restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place. The credit value date for the payer’s payment account shall be no later than the date the amount was debited. The obligation under the fourth subparagraph shall not apply to the payer’s payment service provider where the payer’s payment service provider proves that the payee’s payment service provider has received the amount of the payment transaction, even if execution of payment transaction is merely delayed. If so, the payee’s payment service provider shall value date the amount on the payee’s payment account no later than the date the amount would have been value dated had it been executed correctly. In the case of a non-executed or defectively executed payment transaction where the payment order is placed by or through the payee, the payee’s payment service provider shall, regardless of liability under this paragraph, on request and without charging the payer, make immediate efforts to trace the payment transaction and notify the payee of the outcome. 3. Payment service providers shall be liable to their respective payment service users for any charges for which they are responsible, and for any interest to which the payment service user is subject as a consequence of non-execution or defective, including late, execution of the payment transaction. ## Article 76 - Liability in the case of payment initiation services for non-execution, defective or late execution of payment transactions 1. Where a payment order is placed by the payer or by the payee through a payment initiation service provider, the account servicing payment service provider shall, without prejudice to Article 54 and Article 74(2) and (3), 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. The burden shall be on the payment initiation service provider to prove that the payment order was received by the payer’s account servicing payment service provider in accordance with Article 64 and that within its sphere of competence the payment transaction was authenticated, accurately recorded and not affected by a technical breakdown or other deficiency linked to the non-execution, defective or late execution of the transaction. 2. If the payment initiation service provider is liable for the non-execution, defective or late execution of the payment transaction, it shall immediately compensate the account servicing payment service provider at its request for the losses incurred or sums paid as a result of the refund to the payer. ## Article 77 - Additional financial compensation Any financial compensation additional to that provided for under this Section may be determined in accordance with the law applicable to the contract concluded between the payment service user and the payment service provider. ## Article 78 - Right of recourse 1. Where the liability of a payment service provider under Articles 56, 57, 59, 75, 76 and 83 is attributable to another payment service provider or to an intermediary, that payment service provider or intermediary shall compensate the first payment service provider for any losses incurred or sums paid under Articles 56, 57, 59, 75, 76 and 83. That shall include compensation where any of the payment service providers fail to apply strong customer authentication. 1a. Where a provider of hosting services within the meaning of Article 3(g)(iii) of Regulation (EU) 2022/2065 does not meet the conditions set out in Article 6(1), points (a) and (b), of that Regulation, in respect of the storage of illegal content within the meaning of Article 3(h) of that Regulation and where such content gives rise to one or a series of unauthorised payment transactions as referred to in Article 56, or to one or a series of fraudulent authorised payment transactions as referred to in Article 59, that provider shall compensate the payment service provider for any losses incurred or sums paid under Articles 56 and 59. 2. Further financial compensation may be determined in accordance with agreements between payment service providers or intermediaries and the law applicable to the agreement concluded between them. ## Article 79 - Abnormal and unforeseeable circumstances No liability shall arise under Chapter 4 or 5 in cases of abnormal and unforeseeable circumstances beyond the control of the party pleading for the application of those circumstances, the consequences of which would have been unavoidable despite all efforts to the contrary, or where a payment service provider is bound by other legal obligations covered by Union or national law.