Payments via credit cards are conducted as “pull-payment-transactions”, which are payments initiated by or via the recipient of the payment. The bank of the recipient of the payment is initially liable for “pull-payment-transactions” until the bank of the payer is informed of the payment order. From this point on the bank of the payer is liable for all errors which occur until the payment is received by the bank of the recipient. This liability applies regardless of fault for the amount of the omitted or incorrectly transacted payment as well as fees and interests.
1. August 2017