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The European Banking Authority (EBA) has unveiled a new decision aimed at harmonising how National Competent Authorities (NCAs) report data under the Single Euro Payments Area (SEPA) Regulation, marking a significant step toward improving regulatory reporting efficiency and data consistency across the European Union.
The decision complements the existing framework established by the European Commission’s Implementing Regulation, which mandates Payment Service Providers (PSPs) to submit data on transaction charges, payment accounts, and the proportion of rejected transactions linked to EU sanctions.
Centralised Reporting for Greater Efficiency
Under the new framework, the EBA introduces a single reporting channel through which NCAs will submit data directly to the Authority, which will then share it with the European Commission. This streamlined approach is designed to reduce administrative complexity while enhancing the quality and consistency of data used for regulatory monitoring and oversight.
By centralising reporting processes, the decision supports improved compliance management and strengthens the EU’s broader regulatory compliance framework, ensuring that stakeholders operate with accurate and reliable financial data.
Enhancing Data Accuracy and Oversight
The decision also clarifies the responsibilities of NCAs regarding data accuracy. Where authorities already hold relevant information, they are required to validate and ensure completeness rather than re-collecting data from PSPs. This approach reduces duplication while reinforcing internal controls and compliance analytics within the reporting process.
The harmonised system is expected to improve the European Commission’s ability to assess whether consumers are benefiting from access to instant credit transfers and whether such services remain competitively priced compared to standard transactions.
Strengthening Compliance and Transparency
By improving reporting structures, the initiative enhances transparency in payment systems and supports stronger regulatory intelligence across the EU financial ecosystem. It also aligns with ongoing efforts to leverage RegTech solutions and compliance automation to modernise financial supervision and reduce operational burdens on regulatory bodies.
Integration into Existing Frameworks
As part of the update, the EBA has amended the Annex to its EUCLID Decision to incorporate the new reporting requirements, ensuring alignment with existing data collection and management systems. This integration supports more efficient compliance workflows and reinforces the role of digital infrastructure in regulatory processes.
Legal Framework and Implementation
The decision is grounded in key provisions of the SEPA Regulation, particularly Articles 15(3) and 15(4), which require PSPs to report annually on transaction charges, payment account costs, and the share of rejected payments due to financial sanctions. Competent authorities are, in turn, required to transmit this information to both the EBA and the European Commission.
Additionally, Article 53 of the EBA Regulation provides the legal basis for the Authority’s Executive Director to implement such measures, including the adoption of internal administrative instructions and publication of regulatory notices.
Immediate Effect
The decision takes immediate effect, signalling the EU’s continued commitment to strengthening regulatory compliance monitoring, enhancing data transparency, and advancing RegTech innovations within its financial infrastructure.
As digital payments continue to evolve, harmonised reporting frameworks such as this will play a critical role in ensuring efficient oversight, improved risk assessment, and a more resilient financial ecosystem across the region.
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