money remittance

60173(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
2. (b) funds are received on behalf of, and made available to, the payee120.

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