1. Description

This bank service functionality enables original payees (or their TPPs) to refund payers (i.e. Users), where the original payees are merchants receiving payments for purchase of goods/services. The Refund capability relates to Open Finance TPP initiated payments, and is required as a result of the merchants' commercial relationships with customer (i.e. Users). The Open Finance Refunds functionality does not cover payment refunds for unauthorized, defective, late or non-executed payment transactions. Instead, it enables merchants (or their TPPs) to refund payers (i.e. Users) with the payment amounts (full or partial) when both payer and a payee (merchant) have agreed the refund and no dispute exists between them.

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In cases where Users provided their payment account (or payment proxy) to a TPP for initiating Open Finance payments to a merchant for the purchase of goods or services, the TPP has all the available information required to facilitate the merchants' refund payments, when requested by Users. The TPP can provide to the merchant the original payment details including the payment amount, payments account details, payment reference, date and transaction ID. The merchant can then use this information to initiate refund payments as new credit transfers using their existing BAU processes. For more details, please refer to section blah blah blah https://openfinanceuae.atlassian.net/wiki/spaces/standardsv1draft3/pages/70811733/Payment+Refunds#5.-Fulfilment-of-Refund-Payments.

2.3 Original Payment Account selected at LFI

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