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The Payer’s Payment Service Provider must ensure that the amount of the Payment Transaction is credited to the Payee’s Payment Service Provider’s account in the event of executing a payment transaction in SAR or parts thereof by the end of the business day following the time of receipt of the Payment Services Order. The Payment Service User, however, may agree with the Payment Service Provider not to apply the provisions of this paragraph.
(2)
Where a payment transaction is not in SAR or parts thereof but is to be wholly executed within the Kingdom, the Payer’s Payment Service Provider must ensure that the amount of the Payment Transaction is credited to the Payee’s Payment Service Provider’s account by the end of the third business day following the time of receipt of the Payment Services Order (or such other day as agreed with the Payment Service User).
(3)
The Payee’s Payment Service Provider must transmit a Payment Services Order initiated by or through the Payee to the Payer’s Payment Service Provider within the time limits agreed between the Payee and its Payment Service Provider, enabling settlement in respect of a Direct Debit to occur on the agreed due date.
