Payments Co. Fights €1.3M Claim Over Delayed Forex Order
By Richard Crump (August 31, 2021, 3:20 PM BST) -- A payments institution has denied that it is liable for a client's €1.3 million ($1.5 million) claim over its alleged failure to execute a currency transaction, arguing that the High Court lawsuit seeks to ignore Britain's payments services rules.
Probitas Fidelis Ltd. said in defense documents filed on July 17 that PaySii, an online money transfer firm, had sought to "drive a coach and horses" through the Payments Services Regulation 2017 with its claim.
PaySii alleged that Probitas had breached an implied duty to protect its funds, a requirement under the regulation, when it failed to complete two euro payments orders...
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