# Regulation (EU) 2020/2011 of the European Central Bank of 1 December 2020 amending Regulation (EU) No 1409/2013 on payments statistics (ECB/2013/43) (ECB/2020/59), Division 13: The direction of the flow of funds depends on the payment service and the initiation channel used:

Extent: E+W+S+N.I.

(a) for credit transfers, money remittances, e-money payments and similar transactions where the payer initiates the transaction, the sending participant is also the sender of funds and the receiving participant the recipient of funds;
(b) for direct debits, cheques, e-money payments and similar transactions where the payee initiates the transaction, the sending participant is the recipient of funds and the receiving participant the sender of funds;
(c) for card-based payment transactions, although the payee initiates the transaction, the treatment followed within this Regulation corresponds to that where the payer initiates the transaction.

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Source: https://www.legislation.gov.uk/eur/2020/2011/annex/I/part/2.3.1/division/10/division/13 (the official version)
Page: https://openlegislation.uk/eu-regulation-2020-2011/annex-I/part-2.3.1/division-10/division-13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.