Chapter 10 TITLE IV ‘RIGHTS AND OBLIGATIONS IN RELATION TO THE PROVISION AND USE OF PAYMENT SERVICES’, CHAPTER 3 ‘EXECUTION OF PAYMENT TRANSACTIONS’ (ARTS 78-93)
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PSD2 Title IV Chapter 3, consisting of arts 78 - 93, addresses rights and obligations between the payment service user and the payment service provider in connection with the execution of payment transactions. It innovates in providing for the liability of a payment initiation service, a newly defined payment service provider. Section 1 deals with receipt, refusal and irrevocability payment orders as well as with amounts transferred. By references to all currencies, Section 2 covers execution time and value date. Addressing liability, Section 3, contains rules allocating responsibility in cases of non-execution or defective execution. Discussion in this book chapter addresses the provisions of Title IV Chapter 3 both on their own and by reference to prominent elements of the relevant law in the United States.

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