(1) The institution of the originator shall execute a transfer within the time limit agreed with the originator or in the absence of an agreement, within the standard time limit applicable to the system.

(2) Where the agreed time limit is not complied with, the institution of the originator shall compensate the originator by payment of interest on the amount of the transfer.

(3) The interest in subsection (2) shall be calculated by applying the ninety-one-day treasury bill discount rate to the amount of the transfer for the period from the end of the agreed time limit to the date on which the funds are credited to the account of the beneficiary institution.

(4) Where non-execution of a transfer by the institution of the originator within the agreed time limit is attributable to an intermediary institution, the intermediary institution shall reimburse the institution of the originator in respect of any compensation paid to the originator by the institution of the originator.