• COBS 19.4 COBS 19.4 Single Payment Service Contracts

    • Guidance

      A Single Payment Service Contract is a contract between a Payment Service Provider and a user of the Payment Service Provider’s platform formed at the time of usage of the platform, which governs a single transaction and are thus not governed by a Framework Contract and no Payment Account has been established.

    • Information required prior to the conclusion of a Single Payment Service Contract

      • COBS 19.4.1

        A Payment Service Provider must provide or make available to a Payment Service User the following information in relation to the Payment Service, whether by supplying a copy of the draft Single Payment Service Contract or a copy of the draft Payment Order or otherwise, before the Payment Service User is bound by the Single Payment Service Contract:

        (a) the information or unique identifier that has to be provided by the Payment Service User in order for a Payment Order to be properly initiated or executed;
        (b) the maximum time in which the Payment Service will be executed;
        (c) the charges payable by the Payment Service User to the its Payment Service Provider and, where applicable, a breakdown of such charges;
        (d) where applicable, the actual or Reference Exchange Rate to be applied to the Payment Transaction; and
        (e) such of the information specified in Rule 19.2.1 as is relevant to the Single Payment Service Contract in question.