Section 54

The payee's payment service provider under a framework contract must provide to the payee the information specified in paragraph (2) in respect of each payment transaction on paper or on another durable medium at least once per month free of charge. The information is— a reference enabling the payee to identify the payment transaction and the payer, and any information transferred with the payment transaction; the amount of the payment transaction in the currency in which the payee's payment account is credited; the amount of any charges for the payment transaction and, where applicable, a breakdown of the amounts of such charges, or the interest payable by the payee; where applicable, the exchange rate used in the payment transaction by the payee's payment service provider, and the amount of the payment transaction before that currency conversion; and the credit value date. A framework contract may include a condition that the information specified in paragraph (2) is to be provided or made available periodically at least once a month and in an agreed manner which enables the payee to store and reproduce the information unchanged. Paragraph (1) does not require a payment service provider to provide information where— the information has been, or is to be, provided or made available in accordance with a condition of the type referred to in paragraph (3); or more than one month has passed since information was last provided, but there are no payment transactions in respect of which the payment service provider has not previously provided or made available information in accordance with paragraph (1) or in accordance with a condition of the type referred to in paragraph (3).

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Source: legislation.gov.uk · retrieved 2026-09-04