Title IV: Rights and Obligations in Relation to the Provision and Use of Payment Services (Chapter 3, Arts 78-93): execution of payment transactions

Osgoode Legal Studies Research Paper No. 4160905

Gabriella Gimigliano & Marta BožinaBeroš, eds, THE PAYMENT SERVICE DIRECTIVE II: A COMMENTARY (Cheltenham, UK Northampton, MA, USA: Edward Elgar, 2021) 163-179.

27 Pages Posted: 13 Jul 2022

See all articles by Benjamin Geva

Benjamin Geva

York University - Osgoode Hall Law School

Date Written: 2021

Abstract

PSD2 Title IV Chapter 3, consisting of arts 78 – 93, addresses rights and obligations between the payment service user and the payment service provider in connection with the execution of payment transactions. It innovates in providing for the liability of a payment initiation service, a newly defined payment service provider.

Section 1 deals with receipt, refusal and irrevocability payment orders as well as with amounts transferred. By references to all currencies, Section 2 covers execution time and value date. Addressing liability, Section 3, contains rules allocating responsibility in cases of non-execution or defective execution.

Discussion in this book chapter addresses the provisions of Title IV Chapter 3 both on their own and by reference to prominent elements of the relevant law in the United States.

Keywords: Payment order, Amount transferred, Execution, Value date, Liability

Suggested Citation

Geva, Benjamin, Title IV: Rights and Obligations in Relation to the Provision and Use of Payment Services (Chapter 3, Arts 78-93): execution of payment transactions (2021). Osgoode Legal Studies Research Paper No. 4160905, Gabriella Gimigliano & Marta BožinaBeroš, eds, THE PAYMENT SERVICE DIRECTIVE II: A COMMENTARY (Cheltenham, UK Northampton, MA, USA: Edward Elgar, 2021) 163-179., Available at SSRN: https://ssrn.com/abstract=4160905

Benjamin Geva (Contact Author)

York University - Osgoode Hall Law School ( email )

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HOME PAGE: https://www.osgoode.yorku.ca/faculty-and-staff/geva-benjamin/

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