The Payment Services (Amendment) Regulations 2024

These Regulations amend provisions of the Payment Services Regulations 2017 which require payment service providers (PSPs) to execute payment transactions within maximum time limits (regulation 86). The amendments give a payer’s PSP the ability to delay the execution of certain payment orders where, within a specified time, the PSP establishes reasonable grounds to suspect the order has been made subsequent to fraud or dishonesty perpetrated by a third party (which may include the payee). The delay is to be used to enable the PSP to determine whether the order should be executed and must not exceed a specified time limit.