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Division 12 The direction of the flow of funds depends on the payment service and the initiation channel used:

United Kingdom

Original text. Later amendments are not shown.

  1. (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;

  2. (b)

    for direct debits, 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;

  3. (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.