SEPA Single Euro Payments Area

SEPA CountriesSEPA Single Euro Payments Area regulations are coming into effect on 01st  February 2014. It will apply across 32 European countries, including Ireland, and will make it easier for you to transfer or receive funds. If you are a business or a customer it will affect you even if you are starting a new business as a Sole Trader or a Limited Company. The full list of countries that it affects are:  Iceland, Lichtenstein, Monaco, Norway, Switzerland, Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovenia, Slovakia, Spain, Sweden and the United Kingdom.

SEPA for Business:

SEPA will standardize taking payments across Europe. Taking payments using the national payments schemes by Account Number and Sort Code, will come to an end, and the International Bank Number (IBAN) or Bank Identifier Code (BIC) will be used going forward for single and recurring payments by Standing Order or Direct Debit. All businesses must be ready for SEPA and are advised to start preparing now. Your Accounting, Payroll, and Direct Debit systems must be ready by February 1st next.

SEPA for Consumers:

As a consumer you may be asked to provide an IBAN number or BIC number for new Direct Debits from service providers. Your BIC & IBAN number is listed on your bank statement. For all existing Direct Debits, no further action is required by you. For more information on SEPA visit www.readyforsepa.ie