(1) The payer’s payment service provider is obliged to ensure that the payment amount is received at the latest at the end of the business day following the time of receipt of the payment order by the payee’s payment service provider. A payer and their payment service provider may agree a maximum time-limit of four business days for payment transactions within the European Economic Area which are not effected in euros. The time-limits under sentence 1 may be extended by a further business day for payment transactions initiated in paper form.
(2) In the case of a payment transaction initiated by or through the payee, the payee’s payment service provider is obliged to transmit the payment order to the payer’s payment service provider within the time-limits agreed between the payee and their payment service provider. In the case of a direct debit, the payment order is to be transmitted in good time so that it can be debited on the due date notified by the payee.
(3) Where one of the cases governed by section 675d (6) sentence 1 no. 1 is given, section 675s (1) sentences 1 and 3 is not to be applied to the components of a payment transaction that are effected within the European Economic Area. Where a case governed by section 675d (6) sentence 1 no. 1 (a) is given,
1. section 675s (1) sentence 2 also is not to be applied to the components of a payment transaction that are effected within the European Economic Area, and
2. section 675s (2) may be deviated from as regards the components of a payment transaction that are effected within the European Economic Area.