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Decision (EU) 2015/929 of the European Central BankShow full title
Decision (EU) 2015/929 of the European Central Bank of 26 May 2015 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2015/22)
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Article 14Acceptance and rejection of payment orders
1.Payment orders submitted by DCA holders are deemed accepted by the ECB if:
(a)the payment message complies with the rules established by the T2S network service provider;
(b)the payment message complies with the formatting rules and conditions of TARGET2-ECB and passes the double-entry check described in Appendix I; and
(c)in cases where a payer or a payee has been suspended, the suspended participant's CB's explicit consent has been obtained.
2.The ECB shall immediately reject any payment order that does not fulfil the conditions laid down in paragraph 1. The ECB shall inform the DCA holder of any rejection of a payment order, as specified in Appendix I.
3.The T2S Platform determines the timestamp for the processing of payment orders on the basis of the time when it receives and accepts the payment order.
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