Simplify CESOP Reporting with the ARKK Automation Platform

From the 1st of January 2024, Payment Service Providers (PSPs) in the European Union (EU) encountered new regulatory demands, as the quarterly disclosure of cross-border payment information is now required in every member state. The Central Electronic System of Payment information (CESOP) is designed to boost transparency and combat VAT fraud. With the first filing deadline set for the 30th of April, the time to act is now. 

Who is required to comply? 

The CESOP regulatory framework is extensive, covering a wide range of financial institutions across the EU. This mandate extends to: 

• Banks and Credit Institutions 
• Electronic Money Institutions 
• Payment Institutions 
• Post-Office Giro Institutions 

As with any new regulatory requirement, the scope can be somewhat hard to understand. So if you think you may fall into scope, ARKK can help you determine either way. 

Eligible transactions and reporting essentials 

CESOP mandates the reporting of a vast range of payment transactions, from card payments to bank transfers and e-money movements. Reporting is necessary when transactions are cross-border, involve an EU-based payer, and exceed 25 transactions to the same payee within a quarter. Compliance requires detailed submission of payee identifiers, payment specifics, and transaction details. 

How ARKK facilitates smooth CESOP compliance 

The ARKK Automation Platform is designed to streamline the CESOP compliance journey by offering: 

• End-to-End Reporting Solutions: Our platform aids in the identification, aggregation, and reporting of eligible transactions, ensuring data completeness, accuracy, and timely submission. 
• Seamless Integration: The Platform can integrate with your existing systems, enhancing data quality and ensuring superior operational workflow without disrupting daily activities.  
• Data Challenge Solution: The Platform ensures that you can process anywhere between 25 - 100 million transactions all in one place, as we are prepared to support you whatever your volume may be. 

• Expert Support and Guidance: Our dedicated team is on hand to assist in evaluating your reporting capabilities and overcoming implementation challenges. 
• ISO27001 Certification: Emphasising security from the ground up, our platform ensures all data is handled with the utmost care. 

Next steps with ARKK 

As the deadline for CESOP implementation approaches, assessing readiness and beginning the transition towards compliance is crucial. ARKK is ready to support you every step of the way, offering both our advanced platform and expert guidance to streamline your CESOP reporting process. 

Contact us to explore your compliance needs and learn how the ARKK Automation Platform can simplify your CESOP reporting requirements.