Recital 22

(22) Authorising a credit transfer where the payee has not been verified can result in the funds being transferred to an unintended payee. PSPs should not be held liable for the execution of a transaction to an unintended payee on the basis of an incorrect unique identifier, as laid down in Article 88 of Directive (EU) 2015/2366, insofar as PSPs correctly perform the service ensuring verification. However, where PSPs, including payment initiation service providers, fail to correctly perform such service and where such failure results in a defectively executed payment transaction, such PSPs should refund the payer the transferred amount without delay and, where applicable, restore the debited payment account to the state in which it would have been had the payment transaction not taken place. PSPs should inform PSUs of the implications for PSP liability and PSU refund rights of the choice of the PSUs to ignore a notification provided in accordance with this amending Regulation.

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Source: EUR-Lex CELLAR · retrieved 2026-08-27 · Text as adopted (Official Journal); later amendments are not incorporated in this text.