PART 5INFORMATION REQUIREMENTS FOR PAYMENT SERVICES

Framework contracts

Information for the payer on individual payment transactions45

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.