CESOP: What data should payment service providers report?

Since the beginning of 2024, PSPs complying with certain statutory requirements, which we described in this article, are required to report cross-border transaction data on a quarterly basis.

Overview of the data that the records and reports should include

The set of data that PSPs are required to report should be divided into two types. The first relates to data on the payee, and the second relates to data on each payment received by the payee. 

The records should include the following information:

1. The BIC or any other institution identification code that uniquely identifies the payment service provider;
2. the name of the payee as recorded in the payment service provider’s records;
3. any VAT or other national tax identification number of the payee, if available;
4. the IBAN or, if the IBAN is not available, any other identifier that uniquely identifies the payee and its location;
5. the BIC or any other identifier of the institution that uniquely identifies the payment service provider acting on behalf of the payee and its location where the payee receives funds without having a payment account;
6. the address of the payee, if available, as recorded in the records of the payment service provider;
7. details of any cross-border payments;
8. details of any refunds of payments identified as relating to cross-border payments.

What details of cross-border payments (and refunds) are to be recorded and reported?

1. the date and time the payment or refund was made;
2. amount and currency of the payment or refund;
3. the Member State of origin of the payment received by or on behalf of the payee;
4. any information that uniquely identifies the payment;
5. information that the payment is initiated at the physical premises of the merchant (when applicable).

Quality of date to be recorded and reported

It is no doubt that the data reported by PSPs will vary due to the types of payment services provided and whether the entity required to report is the PSP of the payer or of the payee.

It is worth noting that the payment service provider of the payer will usually be in possession of some lower quality data, as it has no direct contact with the payee. Furthermore, payment service providers are not obliged to contact counterparties to obtain more detailed payment data.

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