Payment execution is the process by which a bank or other payment service provider carries out a payment instruction it has received from a customer. It begins when the provider accepts and checks the payment order and ends when the amount has been transferred to the payee's provider through a clearing system or correspondent. In the European Union and the United Kingdom, payment services law sets maximum execution times: for most electronic transfers in euro or sterling within the region, the amount must reach the payee's provider by the end of the business day after the order is received, while SEPA Instant payments must be executed within seconds. Execution is distinct from payment initiation, which starts the process, and from payment completion, when the payee is credited. Providers are generally liable to the payer for non-execution or defective execution, as set out under the Second Payment Services Directive.