The first quarterly reporting deadline for the amended ECB Regulation on Payment Statistics has just taken place at the end of April. For this submission and from now on, payment service providers that report to the Central Bank of Ireland will be required to submit more information than previously, and in XML format not Excel, as part of the amended payment statistics reporting regulation.
The first reporting deadline for institutions submitting payment statistics data to the Central Bank of Ireland (CBI) under the European Central Bank’s amended Regulation on Payment Statistics, has just passed on 29th April.
This was the first submission of payment statistics in XML format, as part of the amended regulations. Payment statistics data submitted to the Central Bank of Ireland must be provided in XML going forward.
The original payment statistics regulation released in November 2013 was amended by the ECB in December 2020 to include new reporting requirements for information on innovative payment services and channels, payment schemes and fraudulent transactions.
As well as moving the data collection method from Excel to XML, additional information required and updates in the amending regulation include:
• New initiation channels (changes in the payments systems)
• Fraud and related data
• Quarterly data for Balance of Payments purposes
• Enhanced frequency
• Individual country breakdown
• Enhanced timeliness
Data is still submitted to the CBI through their Online Reporting System (ONR).
For reporting purposes, the CBI has granted small institutions (Payment Service Providers that do not exceed 5% of the total national value of payment services referenced in Regulation (EU) 2020/2011) reporting derogations since 2019. The ‘reduced reporters’ are required to report less frequently than ‘full reporters’. The Q1 reporting deadline applied only to ‘full’ reporters.
By collecting additional information, the European System of Central Banks (including the CBI) and the European Central Bank (ECB) will be better able to perform their “catalyst and oversight roles” in the areas of retail payments and payment systems, through having more comprehensive insights.
The changes were also introduced to help the ESCB and ECB better understand cross-border trade and transactions and make better economic predictions, as they have more detailed statistical information on card transactions and payments. Reporting Instructions Version 3 have been published to reflect the changes and include the XSD for quarterly reporting, XML sample example, and technical guidance.
The next quarterly reporting deadline (for Q2) for full reporters will be at the end of July 2022. The first reporting deadline for semi-annual reports (reduced reporters) is in August.
See all the reporting deadlines and download reporting instructions here.
As the amended regulations require significantly more data to be submitted, it’s recommended that affected institutions use an automated solution to produce reports in XML, help reduce errors and allow data to be extracted directly from an entity’s database. Contact Invoke to find out how we can help.