relevant funds

in accordance with regulation 20(1) of the Electronic Money Regulations and regulation 23(1) of the Payment Services Regulations:

(a) funds received in exchange for electronic money that has been issued;

(b) sums received from, or for the benefit of, a payment service user for the execution of a payment transaction; and

(c) sums received from a payment service provider for the execution of a payment transaction on behalf of a payment service user.