Late payments in commercial transactions have multiple damaging effects, particularly amongst SMEs, causing one out of four bankruptcies in the European Union. To ensure the viability of European businesses, especially SMEs, and to combat late payments, the European Commission has put in place in 2011 the Directive 2011/7/EU, setting rules, penalties and compensations for late payments. More than 10 years later, the Commission has decided to review this Directive.
The European Commission has contracted CEPS, in partnership with VVA, to set up the EU Observatory of Payments in Commercial Transactions (EU Payment Observatory) in order to support the enforcement of the new Late payments Directive
The EU Payment Observatory monitors trends and developments on payment performance and behaviour in commercial transactions in the EU. The Observatory collects, analyses and disseminates data, provides a repository of relevant initiatives and policy documents, and through its regular activities presents an overview of trends and developments in payment behaviour across the EU.
The Observatory has three main objectives:
- The collection, validation and consolidation of data on payments in commercial transactions, specifically B2B (business to business) and G2B (government to business).
- The mapping of documents and policy measures and any other relevant initiatives put in place by public authorities or other entities to combat late payments in commercial transactions and, more generally, to promote a prompt payment culture in the business environment.
- The analysis and dissemination of the data and information collected and their dissemination through the publication of annual and thematic reports, as well as the organisation of events.
Visit the EU Payment Observatory website for more information.
