Ask AI: What is the Central Electronic System of Payment information (CESOP) project in the EU

? The Central Electronic System of Payment information (CESOP) project in the EU is an initiative that seeks to improve the sharing of payment information across Member States. It provides a centralized information system which enables information on payments, such as the amount, sender, recipient and the purpose of a payment, to be exchanged electronically between banks and other payment service providers. This aims to ensure more accurate transaction processing and enhanced customer protection by increasing transparency and reducing fraud. The project is being implemented by the European Payments Council (EPC) and is expected to be fully operational in 2021.