The European Central Bank seeks advice on new payments statistics regulation

The European Central Bank (ECB) has issued a public consultation regarding its new regulation on payments statistics.

Payment statistics have been compiled since 2000 and are used to identify trends in payments. They serve two main purposes.

The first is to deliver the general public and relevant stakeholders with an overview of the world of payments in Europe in terms of volumes, values, services, providers and systems. Secondly, it is to support policy decisions of the European System of Central Banks (ESCB) in this area, by supplying them with relevant statistical information.

In the new regulation, it proposes new reporting requirements for information on innovative payment services and channels, payment schemes and fraudulent payment transactions. By attaining this information, the ECB can more efficiently perform its catalyst and oversight in the retail payments and payment system space.

Furthermore, deeper and regular statistical information on card payments will help the regulator understand cross-border trade and economic developments.

The public consultation will last until 9 April 2020 and comments will be considered when finalising the regulation.

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