FEBIS participates in the first Stakeholder Forum meeting of the EU Payments Observatory

In her State of the Union address in September 2022, President von der Leyen announced the revision of Directive 2011/7/EU on combating late payments in commercial transactions. This measure is one of the measures that will be put in place to put an end to the culture of late payments. An essential aspect is the lack of transparency, and the creation of an Observatory is one of the main measures of this project.

This Observatory aims not only to collect metrics on payments, but also qualitative information such as regulations, best practices and is intended to be a forum for exchange.

In order to create this observatory, a stakeholder forum has been set up, composed of associations, information providers, administrations that have experience with the problem of late payment.

During this first meeting, 61 people were brought together by video call.

The teams of consultants CPES and VVA as well as DG GROW presented the main objectives:

• Collection and validation of data on payments.
• • Identification of indicators
  • Collection and validation
  • Creation of a database of indicators
  • Management of the database
• Classification of documentation relating to legislation and other initiatives to combat late payments.
• • Compilation of documents
  • Creation and management of repository
• Analysis and dissemination of information through reports and events.
• • Data analysis and report creation
  • Dissemination
  • Development of a website.

To achieve these objectives, group meetings will be used, organising specific, thematic groups, consultations, surveys, webinars, etc.

***

As a stakeholder in the forum of the EU Payments Observatory, FEBIS will further boost its working group on “Late Payments”, which objective is to increase and share the knowledge on this topic.

With several members already involved, the group has been working to update the situation in each country, not only on legal aspects, but also on the best practices and the impact of late payments in the economy. The first result report will soon be published.

If you are interested in joining (or know any colleague, who might be), please contact us via secretariat@febis.org