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money remittance

    60170(in accordance with regulation 2(1) of the Payment Service Regulations) a service for the transmission of money (or any representation of monetary value), without any payment accounts120 being created in the name of the payer or the payee120, where:

      1. (a) funds are received from a payer120 for the sole purpose of transferring a corresponding amount to a payee120 or to another payment service provider acting on behalf of the payee120; or
      1. (b) funds are received on behalf of, and made available to, the payee120.

    [Note: article 4(22)120 of the Payment Services Directive]