PART 5 INFORMATION REQUIREMENTS FOR PAYMENT SERVICES

Framework contracts

45 Information for the payer on individual payment transactions
1 The payer’s payment service provider under a framework contract must provide to the payer the information specified in paragraph (2) as soon as reasonably practicable either—
(a) after the amount of an individual payment transaction is debited from the payer’s payment account; or
(b) where the payer does not use a payment account, after receipt of the payment order.
2 The information referred to in paragraph (1) is—
(a) a reference enabling the payer to identify each payment transaction and, where appropriate, information relating to the payee;
(b) the amount of the payment transaction in the currency in which the payer’s payment account is debited or in the currency used for the payment order;
(c) the amount of any charges for the payment transaction and, where applicable, a breakdown of the amounts of such charges, or the interest payable by the payer;
(d) where applicable, the exchange rate used in the payment transaction by the payer’s payment service provider and the amount of the payment transaction after that currency conversion; and
(e) the debit value date or the date of receipt of the payment order.
3 A framework contract may include a condition that the information specified in paragraph (2) be provided or made available periodically at least once a month and in an agreed manner which enables the payer to store and reproduce the information unchanged.