Dutch Civil Code

Book 7 Particular agreements

Title 7.7B Payment transactions

Section 7.7B.1 General provisions

Article 7:514 Definitions
For the purposes of the present Title (Title 7.7B) and the provisions based on it, the following definitions shall apply:
(a) ‘authentication’ means a procedure which allows the payment service provider to verify the use of a specific payment instrument, including its personalised security features;
(b) ‘direct debit’ means a payment service for debiting a payer's payment account, where a payment transaction is initiated by the payee on the basis of the payer's consent given to the payee, to the payee's payment service provider or to the payer's own payment service provider;;
(c) ‘payee’ means a natural or legal person who is the intended recipient of funds which have been the subject of a payment transaction;
(d) ‘payment service’ means any business activity listed in the Annex to the Directive;
(e) ‘payment service user’ means a natural or legal person making use of a payment service in the capacity of either payer or payee, or both;
(f) ‘payment service provider’ means a service provider (body) as referred to in Article 1, paragraph 1, of the Directive and legal and natural persons to whom an exemption (dispensation) applies by virtue of Article 2:3d of the Financial Supervision Act;
(g) ‘payment instrument’ means any personalised device(s) and/or set of procedures agreed between the payment service user and the payment service provider and used by the payment service user in order to initiate a payment order;
(h) ‘payment order’ means any instruction by a payer or payee to his payment service provider requesting the execution of a payment transaction;
(i) ‘payment account’ means an account held in the name of one or more payment service users which is used for the execution of payment transactions;
(j) ‘payer’ means a natural or legal person who is bearer of a payment account and allows a payment order from that payment account, or, where there is no payment account, a natural or legal person who gives a payment order;
(k) ‘payment transaction’ means an act, initiated by the payer or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee;
(l) ‘consumer’ means a natural person, not acting in the course of his professional practice or business, to whom a payment service provider is providing a payment service or to whom a payment service provider intends to provide a payment service;
(m) ‘durable medium’ means any instrument which enables the payment service user to store information addressed personally to him in a way accessible for future reference for a period of time adequate to the purposes of the information and which allows the unchanged reproduction of the information stored;
(ma) 'electronic money institution' means an electronic money institution as meant in Article 1:1 of the Financial Supervision Act;
(n) ‘funds’ means banknotes and coins, scriptural money and electronic money as meant in Article 1:1 of the Financial Supervision Act;
(o) ‘framework contract’ means an agreement which governs the future execution (implementation) of individual and successive payment transactions and which may contain the obligation and conditions for setting up a payment account;
(p) ‘reference interest rate’ means the interest rate which is used as the basis for calculating any interest to be applied and which comes from a publicly available source which can be verified by both parties to a payment service contract
(q) ‘reference exchange rate’ means the exchange rate which is used as the basis to calculate any currency exchange and which is made available by the payment service provider or comes from a publicly available source;
(r) 'Directive' means Directive No. 2007/64/EC of the European Parliament and the Council of the European Union of November 13, 2007 on payment services in the internal market (OJ EU L 319);
(s) unique identifier’ means a combination of letters, numbers or symbols specified to the payment service user by the payment service provider and to be provided by the payment service user to identify unambiguously the other payment service user and/or his payment account for a payment transaction;
(t) ‘value date’ means a reference time used by a payment service provider for the calculation of interest on the funds debited from or credited to a payment account;
(u) ‘business day’ means a day on which the relevant payment service provider of the payer or the payment service provider of the payee involved in the execution of a payment transaction is open for business as required for the execution of a payment transaction;

Article 7:515 Scope of Title 7.7B
- 1. The present Title (Title 7.7B) is applicable to single payment transactions, framework contracts and payment transactions covered by them.
- 2. The present Title (Title 7.7B) is only applicable to payment services provided (performed) within the European Community or in States that are a party to the Agreement on the European Economic Area and only insofar the payment service is made in euro or the currency of a Member State outside the euro zone of in the currency of a State that is a party to the Agreement on the European Economic Area.
- 3. The present title (Title 7.7B) is only applicable if both, the payer's payment service provider and the payee's payment service provider are, or the sole payment service provider in the payment transaction is, located in the European Community, with the exception of Article 7:541
- 4. The present Title (Title 7.7B) is not applicable to payment services specified in Article 1:5a, second paragraph, of the Financial Supervision Act.
- 5. The present Title (Title 7.7B) is not applicable to payment services provided by Dutch institutions listed in Article 2 of Directive 2006/48/EC of the European Parliament and the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast).

Article 7:516 Accessibility of information and contractual provisions of the framework contract
At any time during the contractual relationship the payment service user is entitled to request for the supply, on paper or on another durable medium, of the contractual provisions of the framework contract as well as of the information and conditions specified by or pursuant to Order in Council as meant in Article 4:22 of the Financial Supervision Act .

Article 7:517 Changes in the contractual provisions of the framework contract or other applicable information and conditions
- 1. Any changes in the framework contract as well as in the information and conditions specified by or pursuant to Order in Council as meant in Article 4:22 of the Financial Supervision Act, shall be proposed by the payment service provider on paper or on another durable medium; this shall be done no later than two months before the proposed date on which these changes shall enter into force and in easily understandable words as well as in a clear and comprehensible form, in an official language of the Member State where the payment service is offered or in any other language agreed between the parties.
- 2. To the extent that a right*) as referred to under point (a) of the present Article has been agreed upon in accordance with what has been provided for by or pursuant to the earlier mentioned Order in Council:
(a) the payment service provider shall inform the payment service user that he is deemed to have accepted the changes, meant in paragraph 1, if he does not notify the payment service provider that he does not accept them before the proposed date of their entry into force, and
(b) the payment service provider shall specify as well that the payment service user has the right to terminate the framework contract immediately and without charge before the date of the proposed application of the changes.
- 3. Changes in the interest or exchange rates may be applied immediately and without notice, provided that such a right is agreed upon in the framework contract and that the changes are based on the reference interest rate or the reference exchange rate agreed on in accordance with what has been provided by or pursuant to the earlier mentioned Order in Council
- 4. The payment service user shall be informed of any change in the interest rate that is less favourable to him; this must be done at the earliest opportunity in a way as provided for by or pursuant to the earlier mentioned Order in Council, unless parties have agreed on a specific frequency or manner in which the information is to be provided or made available. Changes in the interest rates or exchange rates which are more favourable to the payment service users, may be applied without notice.
- 5. Changes in the interest or exchange rate used in payment transactions shall be implemented and calculated in a neutral manner that does not discriminate against payment service users.

*) The right meant under point (a) of paragraph 2 is the right, stipulated by the payment service provider in the agreement (framework contract) with the payment service user, indicating that the payment service user is bound by possible changes in the contractual provisions of the framework contract or in the information and conditions specified by or pursuant to Order in Council if he does not reject them within a specific period of time.

Article 7:518 Termination
- 1. The payment service user may terminate the framework contract at any time, unless parties have agreed on a period of notice. Such a period of notice may not exceed one month.
- 2. Termination of a framework contract concluded for a fixed period exceeding 12 months or for an indefinite period shall be free of charge for the payment service user after the expiry of 12 months. In all other cases charges for the termination shall be appropriate and in line with costs.
- 3. If agreed in the framework contract, the payment service provider may terminate a framework contract concluded for an indefinite period in the way specified in Article 7:517, paragraph 1, for a proposal to make changes in the framework contract or in the information and conditions specified by or pursuant to the earlier mentioned Order in Council, with due observance of a term of notice of at least two month’s.
- 4. Upon termination of the framework agreement, regular levied costs (periodic costs) may be charged only to the payment service user proportionally up to the termination of the contract. If the payment service user has paid such costs in advance, they shall be reimbursed proportionally.

Article 7:519 Currency and currency conversion
- 1. The payment transactions shall be performed in the currency agreed between the parties
- 2. Where a currency conversion service is offered prior to the initiation of the payment transaction and where that currency conversion service is offered at the point of sale or by the payee, the party offering the currency conversion service to the payer shall disclose to the payer all charges as well as the exchange rate to be used for converting the payment transaction.

Article 7:520 Charges for information
- 1. The payment service provider shall not charge any costs to the payment service user resulting from his duty to provide information, nor for the application of corrective or preventive measures based on the present Title (Title 7.7B), unless:
a. something else has been provided for under Articles 7:533, paragraph 1, 7:534, paragraph 5, or 5:542, paragraph 2;
b. the chargeable costs have been agreed between the payment service user and the payment service provider, and
c. the costs are appropriate and in line with the payment service provider's actual costs.
- 2. Where a payment transaction does not involve any currency conversion, the payer and payee each shall pay the charges levied by his own payment service provider.
- 3. The payment service provider shall not prevent the payee from requesting from the payer a charge or from offering him a reduction for the use of a given payment instrument.

Article 7:521 Derogation from information requirements for low-value payment instruments and electronic money
- 1. With regard to payment instruments with a spending limit of € 150 or a maximum store funds not exceeding € 150 at any time (at the same moment) and which instruments, according to the framework contract, are only used for individual payment transactions that do not exceed € 30, payment service providers may agree with payment service users:
a. that Articles 7:534, paragraph 1, point (b), 7:525, paragraph 1, point (c) and (d), and 7:529, paragraph 4 and 5, do not apply if the payment instrument cannot be blocked or its further use can not be blocked;
b. that Articles 7:527, 7:528 and 7:529, paragraph 1 and 2, do not apply if the payment instrument is used anonymously or the payment service provider is not in a position for other reasons which are intrinsic to the payment instrument to prove that a payment transaction was authorised;
c. that the payment service provider, contrary to Article 7:533, paragraph 1, is not required to notify the payment service user of the refusal of a payment order, if the non-execution is apparent from the context;
d. that the payer, contrary to Article 7:534, may not revoke the payment order after transmitting the payment order or giving his consent to execute the payment transaction to the payee;
e. that, by way of derogation from to Articles 7:537 and 7:538, other execution periods apply;
f. that, by way of derogation from Article 7:517, the payment service provider is not required to propose changes in the conditions of the framework contract in the same way as provided for in Article 7:517;
- 2. For national payment transactions the amounts referred to in paragraph 1 are doubled.
- 3. For prepaid payment instruments, intended for national payment transactions, the amounts referred to in paragraph 1 are increased up to € 500.
- 4. Articles 7:528 and 7:529 also apply to electronic money within the meaning of Article 7:514, under point (n), unless the payment service provider of the payer has no possibility to block the account or instrument.

Article 7:521a Right of repayment of electronic money
- 1. An electronic money institution shall repay the nominal amount when the bearer of electronic money requests so.
- 2. The contract between the electronic money institution and the bearer of electronic money shall clearly and obviously state the contractual conditions of repayment (redemption) and the bearer of electronic money shall be informed about these conditions before he is bound by a contract or relevant offer.
- 3. A compensation for a repayment may be charged only if this is stated in the contract in accordance with paragraph 2 and only in the following situations:
a. if repayment is requested before the day on which the contract shall end;
b. if the contract provides for a day on which the contract shall end and the bearer of electronic money ends the contract prior to that day;
c. if the request for repayment is made more than one year after the day of the ending of the contract;
A compensation as meant in the present paragraph must always be in reasonable proportions to the costs actually made by the electronic money institution.
- 4. Where the bearer of electronic money requests for repayment before the contract has ended, he may request either partial or full repayment.
- 5. Where the bearer of electronic money requests for repayment on the day on which the contract ends or within one year after that day:
a. the money credit institution shall pay him the full monetary value of the of the issued electronic money;
b. the money credit institution shall repay him all means which the bearer of electronic money has requested for ,if this institution conducts, with due observance of the relevant rules, one or more other business activities than the issuance of electronic money, and it was not clear prior to the conclusion of the contract which part of those means would be used as electronic money.
- 6. The rights of repayment of a person accepting electronic money, not being a consumer, is governed, without prejudice to paragraph 3, 4 and 5, by what is agreed between the electronic money institution and that person.

Section 7.7B.2 Consent given to payment orders

Article 7:522 Consent and withdrawal of consent
- 1. A payment service provider only performs (executes) a payment transaction if the payer has given his consent to execute the payment order.
- 2. Consent to execute a payment order is given in conformity with the form and procedure agreed between the payer and his payment service provider. In the absence of such consent, a payment transaction shall be considered to be unauthorised.
- 3. A given consent may be withdrawn by the payer at any time, but no later than the point in time of irrevocability under Article 7:534. The same applies to a consent given to the execution of a payment order with regard to a series of payment transactions, where a withdrawal has the effect that any future payment transaction is to be considered as unauthorised.

Article 7:523 Limits of the use of the payment instrument
- 1. In cases where a specific payment instrument is used for the purposes of giving consent, the payer and his payment service provider may agree on spending limits for payment transactions that will be executed through that payment instrument.
- 2. If agreed in the framework contract, the payment service provider may block the use of a payment instrument for objectively justified reasons related to:
a. the security of the payment instrument;
b. the suspicion of unauthorised or fraudulent use of the payment instrument or;
c. in the case of a payment instrument with a credit line, a significantly increased risk that the payer may be unable to fulfil his liability to pay.
- 3. In situations as referred to in paragraph 2, the payment service provider informs the payer of the blocking of the payment instrument and the reasons for it in an agreed manner, where possible, before the payment instrument is blocked, and at the latest immediately thereafter, unless giving such information would compromise objectively justified security reasons or is prohibited by other relevant legislation.
- 4. The payment service provider unblocks the payment instrument or replaces it with a new payment instrument once the reasons for blocking no longer exist.

Article 7:524 Obligations of the payment service user in relation to payment instruments
- 1. The payment service user who is entitled to use a payment instrument:
a. uses the payment instrument in accordance with the terms and conditions governing the issue and use of the payment instrument; and;
b. notifies the payment service provider, or the entity specified by the latter, without undue delay on becoming aware of loss, theft or misappropriation of the payment instrument or of its unauthorised use.
- 2. For the purposes of paragraph 1, under point (a), the payment service user shall, in particular, as soon as he receives a payment instrument, take all reasonable steps to keep its personalised security features safe.

Article 7:525 Obligations of the payment service provider in relation to payment instruments
- 1. The payment service provider issuing a payment instrument:
a. makes sure that the personalised security features of the payment instrument are not accessible to parties other than the payment service user entitled to use the payment instrument, without prejudice to the obligations on the payment service user set out in Article 7: 524;
b. refrains from sending an unsolicited payment instrument, except where a payment instrument already given to the payment service user is to be replaced
c. ensures that appropriate means are available at all times to enable the payment service user to make a notification pursuant to Article 7:524, paragraph 1, or to request the unblocking pursuant to Article 7:523, paragraph 4;
d. provides, upon the request of the payment service user, the means with which the payment service user is able to prove, for 18 months after a notification as referred to under point (c), that he made such notification; and;
e. prevents that the payment instrument still can be used once a notification pursuant to Article 7:524, paragraph 1, under point (b) has been made.
- 2. The payment service provider shall bear the risk of sending a payment instrument to the payer or of sending any personalised security features of it.

Article 7:526 Notification of unauthorised or incorrectly executed payment transactions
The payment service user who is aware of an unauthorized or erroneous payment transaction for which he can hold the payment service provider liable, including a liability based on Articles 7:543, 7:544 and 7:545, only obtains rectification from the payment service provider if he has notified him, without undue delay and no later than 13 months after the debit date, of the involved transaction, unless, where applicable, the payment service provider has failed to provide or make available the information on that payment transaction in accordance with what has been determined for this purpose by or pursuant to Order in Council as meant in Article 4:22 of the Financial Supervision Act.

Article 7:527 Evidence on authentication and execution of payment transactions
- 1. Where a payment service user denies having authorised an executed payment transaction or claims that the payment transaction was not correctly executed, it is for his payment service provider to prove that the payment transaction was authenticated, accurately recorded, entered in the accounts and not affected by a technical breakdown or some other deficiency
- 2. Where a payment service user denies having authorised an executed payment transaction, the use of a payment instrument recorded by the payment service provider shall in itself not necessarily be sufficient to prove either that the payment transaction was authorised by the payer or that the payer acted fraudulently or failed with intent or gross negligence to fulfil one or more of his obligations under Article 7:524.

Article 7:528 Payment service provider's liability for unauthorised payment transactions
- 1. Without prejudice to Article 7:526, the payer's payment service provider refunds to the payer, in the case of an unauthorised payment transaction, immediately the amount of the unauthorised payment transaction and, where applicable, restores the debited payment account to the state in which it would have been if the unauthorised payment transaction had not taken place.
- 2. The previous paragraph is applicable without prejudice to the right to claim further financial compensation on the basis of the law applicable to the contract between the payer and his payment service provider.

Article 7:529 Payer's liability for unauthorised payment transactions
- 1. By way of derogation from Article 7:528, the payer shall bear the losses relating to any unauthorised payment transactions, up to a maximum of € 150, resulting from the use of a lost or stolen payment instrument or, if the payer has failed to keep the personalised security features safe, from the misappropriation (the tortious or unlawful use) of a payment instrument.
- 2. The payer shall bear all the losses relating to any unauthorised payment transactions if he incurred them by acting fraudulently or by failing to fulfil one or more of his obligations under Article 7:524 with intent or gross negligence. In such cases, the maximum amount referred to in paragraph 1 of the present Article shall not apply.
- 3. In cases where the payer has neither acted fraudulently nor with intent failed to fulfil his obligations under Article 7:524, the court may reduce the liability referred to in paragraphs 1 and 2 of the present Article, taking into account, in particular, the nature of the personalised security features of the payment instrument and the circumstances under which it was lost, stolen or misappropriated (used tortiously or unlawfully).
- 4. The payer shall not bear any financial consequences resulting from use of the lost, stolen or misappropriated payment instrument after the notification in accordance with Article 7:524, paragraph 1,except where he has acted fraudulently.
- 5. If the payment service provider has failed to provide, in accordance with Article 7:525, paragraph 1, point (c), appropriate means for the notification at all times as required under Article 7:524, paragraph 1, point (b) [notification of a lost, stolen or misappropriated payment instrument], the payer shall not be liable for the financial consequences resulting from use of that payment instrument, except where he has acted fraudulently.

Article 7:530 Refunds for payment transactions initiated by or through a payee
- 1. A payer is entitled to a refund from his payment service provider of an authorised payment transaction initiated by or through a payee which has already been executed, if the following conditions are met:
a. the exact amount of the payment transaction was not specified when consent was given to the payment order, and;
b. the amount of the payment transaction exceeded the amount the payer could reasonably have expected taking into account his previous spending pattern, the conditions in his framework contract and relevant circumstances of the case.
- 2. , the payer shall provide, upon the request of the payment service provider, factual elements relating to the refund conditions.
- 3. The refund consists of the full amount of the executed payment transaction.
- 4. The payer and his payment service provider may agree in the framework contract, in derogation from paragraph 1, that the payer with regard to direct debits is entitled to a refund from his payment service provider even though the conditions for refund in paragraph 1 are not met.
- 5. However, for the purposes of paragraph 1, point (b), the payer may not rely on (appeal to) currency exchange reasons if the reference exchange rate has been applied that he has agreed with his payment service provider in accordance with what is provided by or pursuant to order in Council as meant in Article 4:22 of the Financial Supervision Act.
- 6. The payer and the payment service may agree in the framework contract, in derogation from paragraph 1, that the payer has no right to a refund where he has given his consent to the payment order that is related to the payment transaction directly to his payment service provider and, where applicable, information on the future payment transaction was provided or made available in an agreed manner to the payer for at least four weeks before the due date by the payment service provider or by the payee

Article 7:531 Requests for refunds for payment transactions initiated by or through a payee
- 1. The payer may, for a period of eight weeks after the day on which the funds have been debited, request for a refund as referred to in Article 7:530.
- 2. Within ten business days of receiving a request for a refund, the payment service provider shall either refund the full amount of the executed payment transaction or report that he refuses to make the requested refund.
- 3. When the payment service provider refuses to make the requested refund, he shall substantiate the reasons for his decision, mentioning as well the bodies for settling disputes to which the payer, if he does not accept the refusal, may refer the matter in accordance with Article 4:17, paragraph 1, point (b), of the Financial Supervision Act.
- 4. The payment service provider's right to refuse the requested refund, as provided under paragraph 2, shall not apply in the case set out in Article 7:530, paragraph 4.

Section 7.7B.3 Executions of payment transactions

Subsection 7.7B.3.1 payment orders, expenses and amounts transferred

Article 7:532 Receipt of payment orders
- 1. The point in time of receipt is the time when the payment order transmitted directly by the payer or indirectly by or through a payee is received by the payer's payment service provider. If the point in 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 initiating a payment order and his payment service provider agree that 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 set funds at his payment service provider's disposal, the point in time of receipt for the purposes of Article 7:537 is 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.

Article 7:533 Refusal of payment orders
- 1. Where the payment service provider refuses to execute a payment order, the refusal and, if possible, the reasons for it and the procedure for correcting any factual mistakes that led to the refusal shall be notified to the payment service user, unless prohibited by other relevant Community or national legislation.
- 2. The payment service provider shall provide or make available the notification in an agreed manner at the earliest opportunity, and in any case, within the periods specified in Article 7:537.
- 3. The framework contract may include a contractual provision that the payment service provider may charge for such a notification if the refusal is objectively justified.
- 4. In cases where all 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 order, irrespective of whether the payment order is initiated by a payer or by or through a payee.
- 5. For the purposes of Articles 7:537, 7:5437:, 544 and 7:545, a payment order of which execution has been refused shall be deemed not to have been received.

Article 7:534 Irrevocability of a payment order
- 1. The payment service user may no longer revoke a payment order once it has been received as referred to in Article 7:532, paragraph 1 by the payer's payment service provider, unless otherwise specified in the present Article.
- 2. Where the payment transaction is initiated by or through the payee, the payer may not revoke the payment order after transmitting the payment order or giving his consent to execute the payment transaction to the payee.
- 3. However, 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 7:532, paragraph 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 specified in paragraphs 1 up to and including 4, the payment order may be revoked only if agreed between the payment service user and his payment service provider. In the case referred to in paragraph 2 and 3, the payee's consent shall also be required.
- 6. If agreed in the framework contract, the payment service provider may charge for a revocation.

Article 7:535 Amounts transferred and amounts received
- 1. The payment service provider of the payer, the payment service provider of the payee and any intermediaries of the payment service providers transfer the full amount of the payment transaction and refrain from deducting charges from the amount transferred.
- 2. However, the payee and his payment service provider may agree that the 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. In cases where the payment transaction is initiated by or through the payee, his payment service provider shall ensure that the full amount of the payment transaction is received by the payee.

Subsection 7.7B.3.2 Execution time of a payment transaction and value date

Article 7:536 Scope of this Subsection
- 1. This Subsection (Subsection 7.7B.3.2) shall apply to:
a. payment transactions in euro;
b. 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 Subsection (Subsection 7.7B.3.2) shall apply to other payment transactions, unless otherwise agreed between the payment service user and his payment service provider, with the exception of Article 7:541, from which parties cannot derogate. However, when the payment service user and his payment service provider agree on a longer period than those laid down in Article 7:537, for intra-Community payment transactions such period shall not exceed 4 business days following the point in time of receipt in accordance with Article 7:532.

Article 7:537 Payment transactions to a payment account
- 1. The payer's payment service provider ensures that, after the point in time of receipt in accordance with Article 7:532, the amount of the payment transaction is credited to the payee's payment service provider's account at the latest by the end of the next business day. This period may be extended by a further business day for paper-initiated payment transactions.
- 2. The payment service provider of the payee value dates the amount of the payment transaction and makes it available for the payee at his payment account after the payment service provider has received the funds in accordance with Article 7:541.
- 3. The payee's payment service provider transmits a payment order initiated by or through the payee to the payer's payment service provider within the time limits agreed between the payee and his payment service provider, enabling settlement, as far as direct debit is concerned, on the agreed due date.

Article 7:538 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 funds shall be made available to the payee by the payment service provider who receives the funds for the payee within the period specified in Article 7:537.

Article 7:539 Cash placed on a payment account
- 1. 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 the point of time of the receipt of the funds.
- 2. Where the payment service user is not a consumer, the amount shall be made available and value dated at the latest on the next business day after the receipt of the funds.

Article 7:540 Shorter execution periods for national payment transactions by Order in Council
For national payment transactions shorter maximum execution periods than those provided for in the present Subsection (Subsection 7.7B.3.2) may be set by Order in Council.

Article 7:541 Value date and availability of funds
- 1. The credit value date for the payee's payment account is 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. 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.
- 2. The debit value date for the payer's payment account is no earlier than the point in time at which the amount of the payment transaction is debited to that payment account.

Subsection 7.7B.3.3 Liability

Article 7:542 Incorrect unique identifiers
- 1. If a payment order is executed in accordance with the unique identifier, the payment order 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 on the basis of Articles 7:543, 7:544 or 7:545 for non-execution or defective execution of the payment transaction. However the payer's payment service provider shall make reasonable efforts to recover the funds involved in the payment transaction. If agreed in the framework contract, the payment service provider may charge the payment service user for recovery.
- 3. If the payment service user provides information additional to what is required by or pursuant to Order in Council as meant in Article 4:22 of the Financial Supervision Act, 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.

Article 7:543 Liability of the payer’s payment service provider for non-execution or defective execution
- 1. Where a payment order is initiated by the payer, his payment service provider shall, without prejudice to Articles 7:526, 7:542, paragraph 2 and 3, and 7:548, be liable to the payer for correct execution of the payment transaction, unless he 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 7:537, paragraph 1, in which case the payee's payment service provider shall be liable to the payee for the correct execution of the payment transaction.
- 2. Where the payer's payment service provider is liable on the basis of paragraph 1, he shall without undue delay refund to the payer the amount of the non-executed or defective payment transaction and, where applicable, without undue delay restore the debited payment account to the state in which it would have been if the defective payment transaction had not taken place.
- 3. Where the payee's payment service provider is liable on the basis of paragraph 1, he 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.
- 4. In the event of a non-executed or defectively executed payment transaction where the payment order is initiated by the payer, his payment service provider shall, regardless of liability on the basis of the present Article, upon request, make immediate efforts to trace the payment transaction and notify the payer of the outcome.

Article 7:544 Liability of the payee’s payment service provider for non-execution or defective execution
- 1. Where a payment order is initiated by or through the payee, his payment service provider shall, without prejudice to Articles 7:526, 7:542, paragraph 2 and 3, and 7:548, be liable to the payee for correct transmission of the payment order to the payment service provider of the payer in accordance with Article 7:537, paragraph 3.
- 2. Where the payee's payment service provider is liable on the basis of paragraph 1, he shall immediately re-transmit the payment order in question to the payment service provider of the payer.
- 3. In addition, the payment service provider of the payee shall, without prejudice to Articles 7:526, 7:542, paragraph 2 and 3, and 7:548, be liable to the payee for handling the payment transaction in accordance with its obligations under Article 7:541. Where the payee's payment service provider is liable on the basis of paragraph 1, he 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.
- 4. In the event of a non-executed or defectively executed payment transaction for which the payee's payment service provider is not liable on the basis of paragraph 1 or 2, the payer's payment service provider shall be liable to the payer. Where the payer's payment service provider is liable on the basis of the first sentence of the present paragraph, he 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.
- 5. In the event of a non-executed or defectively executed payment transaction where the payment order is initiated by or through the payee, his payment service provider shall, regardless of liability on the basis of the present Article, upon request, make immediate efforts to trace the payment transaction and notify the payee of the outcome.

Article 7:545 Additional liability of the payment service providers for costs and interest
In the situations, meant in Articles 7:543 and 7:544, the payment service providers shall, in addition, 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 execution of the payment transaction.

Article 7:546 Additional financial compensation
The present Subsection (Subsection 7.7B.3.3) is applicable without prejudice to the right to claim further financial compensation on the basis of the law applicable to the contract between the payment service user and his payment service provider.

Article 7: 547 Right of recourse
- 1. Where the liability of a payment service provider, based on Articles 7:543, 7:544 or 7:545, 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 on the basis of Articles 7:543, 7:544 or 7:545.
- 2. The previous provision is applicable without prejudice to the right to claim further financial compensation on the basis of the law applicable to the contracts between the payment service providers and/or intermediaries.

Article 7:548 No liability (legal excuse)
Liability on the basis of Sections 2 and 3 of the present Title (Sections 7.7B.2 and 7.7B.3) shall not apply 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 national or Community legislation.

Section 7.7B.4 Final provisions

Article 7:549 Additional provisions to be set by or pursuant to Order in Council
By or pursuant to Order in Council as meant in Article 4:22 of the Financial Supervision Act , in which rules are set with regard to the content and supply of information required under Title III of the Directive, may be provided for rules as well for the implementation of the provisions of Articles 7:516, 7:517, 7:518, 7:526, 7:530, paragraph 5, and 7:542.

Article 7:550 Mandatory law (for consumer transactions)
- 1. It is not possible to derogate to the disadvantage of the payment service user from the provisions of the present Title (Title 7.7B), unless specified otherwise.
- 2. If the payment service user is not a consumer, the parties may agree that Articles 7:516 up to and including 7:519, 7:520, paragraph 1, 7:522, paragraph 3, second sentence, 7:527, 7:529 up to and including 7:531, 7:534, 7:543, 7:544 and 7:545 remain inapplicable entirely or partially. The parties may agree a different period than the one set by Article 7:526.

Article 7:551 Provisions set by Order in Council are mandatory (for consumer transactions)
- 1. It is not possible to derogate to the disadvantage of the payment service user from the provisions with regard to the content and supply of information required under Title III of the Directive as set by Order in Council as meant in Article 4:22 of the Financial Supervision Act, unless the law provides otherwise.
- 2. If the payment service user is not a consumer, the parties may agree to derogate from the provisions referred to in paragraph 1, except to the extent that they are set for the implementation of Articles 7:526 or 7:542.