- The public consultation will remain open till 9 April 2020
- Review required to take into account developments in payment systems
The European Central Bank (ECB) is launching a public consultation on a draft Regulation amending the Regulation on payments statistics. The Regulation has been reviewed with the aim of keeping the ECB’s statistics fit for purpose. The review also takes into account an assessment of the relative merits of new requirements against the potential costs to reporting agents.
Payment statistics have been compiled since 2000. They are used to identify trends in payments and they serve two main purposes: (i) to provide 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; (ii) to support the policy decisions of the European System of Central Banks (ESCB) in this area, by providing relevant statistical information. The draft Regulation introduces reporting requirements for information on innovative payment services and channels, payment schemes, and fraudulent payment transactions. Collecting this information will enable the ECB to perform its catalyst and oversight roles in the areas of retail payments and payment systems more effectively. In addition, more detailed and frequent statistical information on card payments will help to enhance the ECB’s understanding of cross-border trade and economic developments.
The ECB consultation is launched today and runs until 9 April 2020. The outcome will be taken into account when finalising the draft Regulation. The comments received during the consultation, as well as a feedback statement, will be published in the weeks following the consultation. As part of the consultation, the ECB will hold a public hearing on 23 March 2020, starting at 14:00 CET.
More information on the public consultation and on how to submit comments can be found on the ECB’s website.