instant credit transfermeans a credit transfer which is executed immediately, 24 hours a day and on any calendar day;
institutionshall mean: If a system is supervised in accordance with national legislation and only executes transfer orders as defined in point (i), second indent, as well as payments resulting from such orders, a Member State may decide that undertakings which participate in such a system and which have responsibility for discharging the financial obligations arising from transfer orders within this system, can be considered institutions, provided that at least three participants of this system are covered by the categories referred to in the first subparagraph of this point and that such a decision is warranted on grounds of systemic risk;
LEImeans a unique alphanumeric reference code based on the ISO 17442 standard assigned to a legal entity;
name of the payeemeans, in respect of a natural person, the name and surname and, in respect of a legal person, the commercial or legal name;
participantshall mean an institution, a CCP, a settlement agent, a clearing house, a system operator or a clearing member of a CCP authorised pursuant to Article 17 of Regulation (EU) No 648/2012.
payment accountmeans a payment account as defined in Article 4, point (12), of Directive (EU) 2015/2366;’;
payment initiation channelmeans any method, device or procedure through which payers can place payment orders with their PSP for a credit transfer, including online banking, a mobile banking application, an automated teller machine, or in any other way on the premises of the PSP;
payment initiation service providermeans a payment initiation service provider as defined in Article 4, point (18), of Directive (EU) 2015/2366 of the European Parliament and of the Council;
retail payment systemmeans a payment system the main purpose of which is to process, clear or settle credit transfers or direct debits which are primarily of small amount, and that is not a large-value payment system;’;
targeted financial restrictive measuremeans an asset freeze imposed on a person, body or entity or a prohibition on making funds or economic resources available to a person, body or entity, or for its benefit, either directly or indirectly, pursuant to restrictive measures adopted in accordance with Article 215 TFEU;