Compensation to be paid for erroneous payments

11:41 - 22.06.2023

June 22, Fineko/abc.az. The payment service provider must execute the payment order no later than the next business day from the date of its acceptance for execution.

ABC.AZ reports that this was reflected in the Draft Law on Payment Services & Payment Systems, discussed at today’s meeting of the Milli Majlis Committee on Economic Policy, Industry & Entrepreneurship.

According to the draft, in a payment order issued to other payment service providers, with the exception of a payment organization, different deadlines for the execution of this order may be agreed.

The agreed deadline is considered the deadline for the execution of the payment order and is executed on the same day. If this period falls on a non-working day, the next working day is considered the deadline for the execution of the payment order.