In the evolving landscape of financial regulations, Payment Service Providers (PSPs) face the challenge of adapting to the Central Electronic System of Payment information (CESOP) reporting requirements. As of January 2024, the European Union mandates PSPs to report cross-border payment data to combat e-commerce VAT fraud. This data must be reported in XML format, adhering to the schema published by the European Commission.

The Challenge of CESOP Reporting

Traditionally, CESOP reporting solutions necessitate comprehensive system implementations. These systems must read and process transactional data to identify reportable payments and payees. For PSPs with extensive operations, this might involve significant overhauls of their existing systems—a costly and disruptive endeavor.

A Streamlined XML Reporting Software

However, a XML Authority offers a solution for PSPs that require only XML functionality. This software allows PSPs to report CESOP data in XML format without the need for a complete system overhaul. It offers a user-friendly interface with highlighted mandatory fields, tooltips, and real-time validation of data inputs, simplifying the reporting process.

Key Features:

• Real-time Validation: Ensures data accuracy with immediate feedback.
• Customizable Templates: Modify the CESOP schema structure to fit specific data needs, removing non-mandatory elements.
• Direct Data Connection: Link directly to data sources like Microsoft Excel or SQL databases, streamlining data import.

Benefits for Smaller PSPs

For smaller PSPs or those with less complex operations, this XML reporting software is a game-changer. It negates the need for disruptive system changes, offering a straightforward solution that aligns with the European Commission’s schema. PSPs can now fulfill their reporting obligations efficiently and cost-effectively.

Looking Ahead

As the deadline for CESOP reporting approaches, PSPs must choose a reporting method that aligns with their operational scale and complexity. XML Authority stands out as a viable option for those seeking minimal disruption and maximum compliance.