Interactive Single Rulebook

The Interactive Single Rulebook is an on-line tool that provides a comprehensive compendium of  the level 1 text for the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD IV); Bank Recovery and Resolution Directive (BRRD); the Deposit Guarantee Schemes Directive (DGSD); and the Payments Services Directive (PSD2)  the corresponding technical standards developed by the European Banking Authority (EBA) and adopted by the European Commission (RTS and ITS), as well as the EBA Guidelines and related Q&As.
The purpose of the Single Rulebook is to ensure the consistent application of the regulatory banking framework across the EU.
This Interactive Single Rulebook is meant purely as a documentation tool and the EBA does not assume any liability for its contents. For the authentic version of EU legislation users should refer to the Official Journal of the European Union.
Please click on the relevant legislative text to see technical standards, guidelines and Q&As relating to each Article.

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Interactive Single Rulebook

Path Payment Services Directive > TITLE IV > CHAPTER 3 > Section 3 > Article 88 (Copy link to article)
Title Article 88
Description Incorrect unique identifiers
Main content

1. If a payment order is executed in accordance with the unique identifier, the payment order shall be deemed to have been executed correctly with regard to the payee specified by the unique identifier.

2. If the unique identifier provided by the payment service user is incorrect, the payment service provider shall not be liable under Article 89 for non-execution or defective execution of the payment transaction.

3. However, the payer’s payment service provider shall make reasonable efforts to recover the funds involved in the payment transaction. The payee’s payment service provider shall cooperate in those efforts also by communicating to the payer’s payment service provider all relevant information for the collection of funds.

In the event that the collection of funds under the first subparagraph is not possible, the payer’s payment service provider shall provide to the payer, upon written request, all information available to the payer’s payment service provider and relevant to the payer in order for the payer to file a legal claim to recover the funds.

4. If agreed in the framework contract, the payment service provider may charge the payment service user for recovery.

5. If the payment service user provides information in addition to that specified in point (a) of Article 45(1) or point (2)(b) of Article 52, the payment service provider shall be liable only for the execution of payment transactions in accordance with the unique identifier provided by the payment service user.