“CESOP” – this buzzword stands for a new central database (Central Electronic System of Payment Information), which is to counter VAT fraud in e-commerce by collecting payment information. The directive on fighting VAT fraud will come into force on 1 January 2024 (Regulation [EU] 2020/283 and EU Directive 2020/284). Detailed information on cross-border payment transactions must then be reported to the tax authorities.

For various European payment service providers, the following elements of the regulation are of central importance:

• Reporting of all individual transactions for more than 25 cross-border payments per beneficiary per quarter
• Quarterly reporting at individual transaction level in XML format, with the threat of fines in the event of incorrect, late or incomplete reporting
• Different criteria per payment type to identify the recipient country
• Requirement of payment aggregation by the beneficiary bank
• Preservation of data for three years
• Use of predefined XML workflows for enquiries by the tax authority and their response

The CESOP directive has an impact on various processes of a bank and its technical infrastructure.

How will you position yourself on the topic?

With Foconis as your partner in payment transactions, you can conveniently integrate the solution to this issue into your existing payment transaction application. Interface, role and authorisation management – everything can be used as usual. We offer you the possibility of CESOP data collection, data aggregation and message submission including XML workflow for queries of the CESOP platform. Long-term archiving of the data also takes place in our solution.

What could your path to the goal look like with Foconis at your side?

Use our solution for CESOP messages and let our experienced consultants help you to examine the interfaces of your peripheral systems with regard to an appropriate data supply!

In this way, you secure the basis now for meeting the requirements of the CESOP Directive on 1 January 2024!