Title: Erroneous execution of payment transactions according to the new payment services Directive

Authors: Reinhard Steennot

Addresses: Financial Law Institute, Ghent University, Belgium

Abstract: When a payment transaction is executed incorrectly, one has to determine who will be liable for the damages caused by the wrong execution. In Europe, the new Payment Services Directive contains important rules on late and erroneous execution. This paper will show that the new Directive has a scope of application, which is broader than both the former Directive on cross-border credit transfers and the former Recommendation on electronic payment instruments. It will also analyse the rules relating to erroneous execution incorporated in the new Directive and evaluate these rules.

Keywords: payments; erroneous execution; liability; European legislation; Payment Services Directive; scope of application; late execution; defective execution; payment transactions; European Union; EU legislation.

DOI: 10.1504/IJTTC.2007.017802

International Journal of Technology Transfer and Commercialisation, 2007 Vol.6 No.2/3/4, pp.145 - 159

Published online: 16 Apr 2008 *

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