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Article 14 Acceptance and rejection of payment ordersF1

United Kingdom

Original text. Later amendments are not shown.

1.

Payment orders submitted by F2T2S DCA holders are deemed accepted by the ECB if:

(a)

the payment message complies with the rules established by the T2S network service provider;

(b)

the payment message complies with the formatting rules and conditions of TARGET2-ECB and passes the double-entry check described in Appendix I; and

(c)

in cases where a payer or a payee has been suspended, the suspended participant's CB's explicit consent has been obtained.

2.

The ECB shall immediately reject any payment order that does not fulfil the conditions laid down in paragraph 1. The ECB shall inform the T2S DCA holder of any rejection of a payment order, as specified in Appendix I.

3 .

The T2S Platform attaches its timestamp for the processing of payment orders in the sequence of their receipt.

Annotations

Textual amendments

F1

Inserted by Decision (EU) 2015/929 of the European Central Bank of 26 May 2015 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2015/22).

F2

Substituted by Decision (EU) 2018/1625 of the European Central Bank of 8 October 2018 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2018/24).