Article 12 Acceptance and rejection of payment orders
United Kingdom
Payment orders submitted by participants are deemed accepted by the ECB if:
the payment message complies with the rules established by the F1TARGET2 network service provider;
the payment message complies with the formatting rules and conditions of TARGET2-ECB and passes the double-entry check described in Appendix I; and
in cases where a payer or a payee has been suspended, the suspended participant's CB's explicit consent has been obtained.
The ECB shall immediately reject any payment order that does not fulfil the conditions laid down in paragraph 1. The ECB shall inform the participant of any rejection of a payment order, as specified in Appendix I.
The SSP attaches its timestamp for the processing of payment orders in the sequence of their receipt.