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If the participant (requestor) does not receive a response from PayNet within the timeout interval, should they treat this transaction as U002 Accepted?

Participants should perform a Transaction Enquiry to confirm the final status of the transaction. Any follow-up actions should be treated according to the final status (e.g. ACSP as successful, RJCT as failed, ACTC as accepted). If the transaction is not found in PayNet, participants should treat the transaction as unsuccessful. 

For the best practices of using Transaction Enquiry please refer to https://docs.developer.paynet.my/docs/duitnow-transfer/integration/transaction-enquiry#recommendations .