Section 17A(5)

For the purposes of this regulation, a reference to “processing” a payment— includes the clearing and settlement of a payment; but does not include the act of crediting a payment, for the first time, to C where that payment is credited to an account which is— in the name of C; and not held on behalf of, or for the benefit of, a customer of C.

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Source: legislation.gov.uk · retrieved 2026-08-30