Events
Current events and user meetings of Foconis Payment GmbH
BACKGROUND
EU regulation for the prevention of VAT fraud
Since 1 January 2024, payment service providers (within the meaning of PSD2) have been obliged to collect data on certain cross-border payments. This data is transmitted to the Federal Central Tax Office (BZSt) in a report. The BZSt in turn forwards it to the CESOP (Central Electronic System of Payment Information) for centralised storage and administration. This obligation is intended to combat VAT fraud at EU level.
YOUR CHALLENGE
Complex processes and demanding regulations
The requirements for CESOP reporting confront affected banks and payment service providers with complex challenges, for example:
- Completely new data collection and aggregation processes often have to be set up and implemented.
- Neighbouring systems such as the core banking system, master data management system or card provider must be included in the entire workflow.
- Ensuring the prescribed data quality
- Provision of the required data format
- Avoidance of data protection violations
- Responsibilities of several departments must be identified and coordinated: Specialist department (data collection), IT (provision of data & monitoring), tax department (triggering the actual report)
- Reports can be completely rejected by the BZSt for the purpose of necessary corrections.
OUR SOLUTION
Automated workflow by Foconis
CESOP-as-a-Service by Foconis is a powerful solution with extensive features:
- Identification and recording of relevant transactions
- Complete recording even if account and customer data changes during the reporting period
- Assignment of payees even with multiple account connections
- Daily collection and backup as well as same-day processing: always up-to-date customer data
- Simple integration into established system environments with heterogeneous data interfaces
- Automated execution and management of notifications
- Simple correction of incorrect notifications throughout the entire workflow
- Correct processing of feedback from the Federal Central Tax Office
- Verification of the recording obligation across multiple transaction systems and payment types
- Data is not backed up in the cloud, but in the Service Bureau or the customer’s server environment
- Data that is not relevant for reporting is verifiably deleted
- Variable handling of master data access
THE IMPLEMENTATION
Strong arguments in favour of an integration project with Foconis
- We deliver quickly: “Time to market” in 6-8 weeks
- Foconis business analysis to coordinate the system architecture and analyse existing delivery systems
- Workshops to develop necessary additions
- Professional project management with ongoing coordination of all stakeholders
- Integration into PPM platform possible or as a stand-alone solution
- The scope of the solution offered is based on individual requirements
- Security and responsibility: our certifications
We are looking forward to your enquiry
Leyla Karabulut
Key Account Managerin