Section 18, The Payment Systems Act, 2009

(1) The originator’s institution shall execute a transferwithin the time limit agreed with the originator, or in the absence of express agreement, within the standard time limit applicable to the (2) Where the agreed time limit is not complied with, the originator’s institution shall compensate the originator by a payment of interest calculated by applying the 91-day treasury bill discount rate to the amount of the transfer for the period from the end of the agreed time limit to the date on which the funds are credited to the account of the beneficiary’s institution. (3) Where non-execution of a transfer within the agreed time limit is attributable to an intermediary institution, that institution shall be required to reimburse the originator’s institution in respect of any compensation paid to the originator. 18 19 System to be operated transparently. Information to actual and prospective customers. Subsequent information. Assumption of greater obligations. Time limits for execution of transfers.