Bank Of Ireland Launches SEPA Campaign

What's Next In Payments®
4:56 PM EDT February 14th, 2013

The central bank of Ireland has announced the launch of a SEPA information campaign.

Since most businesses are still not ready for SEPA, the bank decided to take the matter into its own hands, to make sure the transaction is smooth and faster than it has been until now.

Governor of the Central Bank, Patrick Honohan, said “the first steps towards a single area for the payment of goods and services across Europe began in 1992 but even after 20 years, processing cross-border payments can still be complicated.”

“This phase of SEPA will simplify this process and make it easier for businesses and consumers to pay for goods and services across European countries. It is likely that businesses will have to introduce some changes to their electronic payment and payroll systems but SEPA will result in faster and more efficient payment processing and lead to a more competitive payments market,” he added.

This information campaign will focus on informing Irish businesses and consumers about SEPA and the impact it will have on them. Businesses and consumers can find further information on what SEPA means for them, and how to find their IBAN and BIC, at www.readyforsepa.ie or by contacting their bank. The website provides businesses and consumers with the basics on SEPA: what changes it will bring, what is the timeframe for the migration, and what they need to do now.

The SEPA deadline is now less than a year away, and the slow migration of businesses could mean that many could be hurt in millions of euros, due to transaction errors and mis-processing of payments.

Previously, three European Banking Associations published guidelines for SEPA regulation implementation, also with the intent to smooth out and speed up the migration process.

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