French Monetary and Financial Code
In forceI. - Where the payment order is given by the payer, his payment service provider shall, subject to Article L. 133-5, the second and third paragraphs of Article L. 133-21 and Article L. 133-24, be liable to the payer for the proper execution of the payment transaction until the payee's payment service provider has received the amount of the payment transaction in accordance with I of Article L. 133-13. Thereafter, the payee's payment service provider is responsible to the payee for the proper execution of the payment transaction.
Where the payer's payment service provider is liable under the first paragraph for the incorrectly executed payment transaction, it shall return the amount to the payer without delay. If necessary, it shall restore the debited account to the situation that would have prevailed if the incorrectly executed payment transaction had not taken place. The value date on which the payer's payment account is credited shall not be later than the date on which it was debited.
Where the payee's payment service provider is liable under the first subparagraph, it shall immediately make the amount of the payment transaction available to the payee and, if necessary, credit the payee's account with the corresponding amount. The value date on which the payee's payment account has been credited shall not be later than the value date that would have been attributed to it if the transaction had been properly executed.
Where a payment transaction is executed late, the payee's payment service provider shall, at the request of the payer's payment service provider acting on behalf of the payer, ensure that the value date on which the payee's payment account has been credited is no later than the value date that would have been attributed to it if the transaction had been properly executed.
II. - Where a payment transaction is initiated by the payee or by the payer who gives a payment order through the payee, the payee's payment service provider is, subject to Article L. 133-5, the second and third paragraphs of Article L. 133-21 and Article L. 133-24, liable to the payee for the correct transmission of the payment order to the payer's payment service provider in accordance with the agreed terms and conditions, so that the transaction can be executed within the timeframe provided for in II of Article L. 133-13.
In the event of failure to transmit, the payee's payment service provider shall immediately retransmit the payment order to the payer's payment service provider, which then becomes responsible for the proper execution of the transaction.
As soon as the amount has been made available by the payer's payment service provider, the payee's payment service provider once again becomes responsible to the payee, subject to Article L. 133-5, the second and third paragraphs of Article L. 133-21 and Article L. 133-24, for the immediate processing of the payment transaction in accordance with its obligations under I of Article L. 133-14. The value date assigned to the amount of this transaction on the payee's payment account shall not be later than the value date that would have been assigned to it if the transaction had been correctly executed.
In the event of an incorrectly executed payment transaction, where the payee's payment service provider is not liable, the payer's payment service provider, whose liability is therefore engaged, shall, if necessary and without delay, refund to the payer the amount of the incorrectly executed payment transaction and restore the debited account to the situation that would have prevailed if the incorrectly executed payment transaction had not taken place. The value date assigned to the amount of the transaction on the payer's payment account shall not be later than the value date that would have been assigned to it if the transaction had been correctly executed.
However, where the payer's payment service provider proves that the payee's payment service provider has received the amount of the payment transaction, the obligation set out in the previous paragraph shall not apply, even if the execution of the payment transaction was delayed. In this case, the payee's payment service provider shall assign a value date to the amount of this transaction on the payee's payment account that is no later than the value date that would have been assigned to it if the transaction had been properly executed.
In the event of late transmission of the payment order, the value date assigned to the amount of the transaction on the payee's payment account shall not be later than the value date that would have been assigned to it if the transaction had been properly executed.
III. - In the event of an incorrectly executed payment transaction, without prejudice to its liability, the payment service provider of the payee shall immediately endeavour, at the payee's request, to trace the payment transaction and shall notify the payee of the result of its search at no cost to the payee.
IV. - Payment service providers shall be liable to their respective payment service users for the costs and interest incurred by the payment service user as a result of the non-execution, defective execution or late execution of the payment transaction for which they are responsible.
