Under EU Council Directive 2020/284, Payment Service Providers (PSPs) in the EU are required to keep electronic records of payment data for cross-border payments and submit these records, via local tax authorities, to a newly established central EU-database, the Central Electronic System of Payment information (CESOP).
PSPs will need to:
- Assess the impact on their business i.e. which payment services are in scope, the nexus to their business and data readiness; and
- Prepare for the additional reporting obligations, whether you plan to buy, build or outsource the preparation and filing of your CESOP report.
The first impression is that the project will be primarily driven by IT, focusing on the extraction and collection of payment data in the systems.Tax will need to drive answering the question of whether, and to what extent, you have a record keeping and reporting obligation.
How we can help
We have a wealth of global experience in implementing similar reporting requirements, including QI, FATCA/CRS, and DAC7. We can help you understand the Directive's intricacies, ensure data accuracy, and establish compliance procedures with the aid of market-leading reporting solutions
We provide end-to-end reporting solutions that seamlessly submit reports to all EU 27 Member States. These solutions are flexible and can be tailored to your needs, with a fully managed service, or last-mile reporting if you wish to prepare the reports in-house.
Please contact us to find out more and ensure a seamless CESOP reporting experience.
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