This article presents the rationale for the enhancements made to the payments statistics and describes how reporting has been improved and harmonisation increased. It provides an overview of the results of the first production rounds in accordance with the new reporting framework.
Significant developments in the European payments market called for the payments statistics compiled by the ESCB to be updated. Following a merits and costs procedure carried out in 2011 and 2012, a new ECB Regulation on payments statistics was introduced at end-2013. Correspondingly, as of reference year 2014, all payment service providers and payment system operators resident in the euro area have been obliged to report the information included in the Regulation to the NCB of the Member State of residency.
In addition to the expansion of the reporting population, several new requirements and enhancements were added to keep the statistics fit for purpose. Existing definitions and concepts were clarified and aligned with the relevant European legislation. The ECB and NCBs cooperated closely in making these amendments.
The new statistics show that the quality and comparability of the data has improved thanks to more harmonised reporting across countries and institutions. However, some inconsistencies still exist across countries. These are currently being analysed and further clarification is being provided. Overall, it is expected that the homogeneity and reliability of the data will increase over time.
In order to keep pace with the technological, regulatory and other developments that are impacting the payments landscape in Europe, the statistical reporting requirements may be reviewed at regular intervals.
In addition to European payments statistics, the ECB and some Eurosystem NCBs are also contributing to the work related to updating statistics on payments, clearing and settlement systems in CPMI countries published by the BIS.
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