92.—(1) This regulation applies where a payment order is initiated by the payee.
(2) The payee's payment service provider is liable to the payee for the correct transmission of the payment order to the payer's payment service provider in accordance with regulation 86(5) (payment transactions to a payment account).
(3) Where the payee's payment service provider is liable under paragraph (2), it must immediately re-transmit the payment order in question to the payer's payment service provider.
(4) The payee's payment service provider must also ensure that the transaction is handled in accordance with regulation 89 (value date and availability of funds), such that the amount of the transaction—
(a)is at the payee's disposal immediately after it is credited to the payee's payment service provider's account; and
(b)is value dated on the payee's payment account no later than the date the amount would have been value dated if the transaction had been executed correctly.
(5) The payee's payment service provider must, on request by the payee and free of charge, make immediate efforts to trace the payment transaction and notify the payee of the outcome.
(6) Subject to paragraph (8), if the payee's payment service provider proves to the payee and, where relevant, to the payer's payment service provider, that it is not liable under paragraph (2) in respect of a non-executed or defectively executed payment transaction, the payer's payment service provider is liable to the payer and must, as appropriate and immediately—
(a)refund to the payer the amount of the payment transaction; and
(b)restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place.
(7) The credit value date for a credit under paragraph (6)(b) must be no later than the date on which the amount was debited.
(8) If the payer's payment service provider proves that the payee's service provider has received the amount of the payment transaction, paragraph (6) does not apply and the payee's payment service provider must value date the amount on the payee's payment account no later than the date the amount would have been value dated if the transaction had been executed correctly.