Specialists In XBRL And Regulatory Reporting Solutions
For Investment Firms, Fund Managers, Fund Administrators, Financial Institutions, Insurance Companies and Listed Companies
12 Regulations. 19 years. 26 countries. 28,000+ clients. 400,000 reports.
Specialists In XBRL And Regulatory Reporting Solutions
For Investment Firms, Fund Managers, Fund Administrators, Financial Institutions, Insurance Companies and Listed Companies

12 Regulations. 19 years. 26 countries. 28,000+ clients. 400,000 reports.
19
Years
26
Countries
28,000+
Clients
400,000
Reports

DATATRACKS


for Payment Service Providers

The European Union has introduced a new regulation that will take effect from 1st April 2024. This regulation introduces the CESOP Guidelines (Central Electronic System Of Payment), marking a significant step forward in the EU’s efforts to streamline and secure payment information across its member states.

Understanding CESOP

CESOP is an innovative system or database designed to consolidate all payment-related information from EU member countries. By aggregating and cross-checking this data, under the CESOP guidelines, European Union aims to enhance the efficiency and security of cross-border transactions, ensuring a higher level of transparency and oversight across its financial ecosystem.

CESOP Reporting for Payment Service Providers

This new regulation specifically targets payment service providers (PSPs) operating within the EU. It mandates that each PSP must submit detailed CESOP reports to the regulatory authority of their jurisdiction. The CESOP reports should be in the required CESOP XML format and should be submitted to the local regulator on a quarterly basis.

CESOP Reporting Details

Each CESOP report is to include a comprehensive list of all cross-border payments processed by the PSP during the relevant quarter. It should detail the transactions and include information about the recipients of these payments. This requirement is part of the EU’s broader strategy to enhance financial monitoring, combat fraud, and ensure the integrity of cross-border payment activities within its borders.

By aligning with these CESOP guidelines, PSPs stand to fortify a more secure and transparent financial framework throughout the European Union, thereby echoing the broader regulatory and compliance ambitions of the EU.

CESOP Reporting Requirements should be applicable to

  • credit institutions, i.e. banks,
  • e-money institutions,
  • payment institutions,
  • post-office giro institutions which are entitled under national law to provide payment services.

How DataTracks can Help?

CESOP compliance is, without a doubt, complex and time-consuming. It requires collaboration among several business lines and geographies. Deploying a comprehensive CESOP solution can help to significantly reduce validation errors and costs.

Easy Accessibility

Our platform can be accessed from anywhere, ensuring PSPs in Ireland and across the EU can seamlessly manage their reporting obligations.

Excel Template Uploads

We enable user’s PSP to upload their data through intuitive Excel templates, simplifying data entry.

Built-in Validation

Our system includes in-built validation to guarantee accuracy before the generation of the CESOP XML report.

XML Report Generation

Using our DataTracks Solutions, users can generate XML outputs precisely conforming to the regulator’s requirements, alleviating the complexity of CESOP reporting.

By solving complex CESOP reporting challenges, DataTracks aims to improve the reporting process for Payment Service Providers.

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