Report: Small Firms In Ireland Unprepared For Sepa

Ireland’s crossover to Single Euro Payment Area (Sepa) is eight months away and a new Ibec study reported that one-in-two Irish companies were unaware of what this means for their payments systems, reports Finextra. The current national payment will officially close on January 31, 2014. In order for businesses to pay and collect euro payments after Sepa is implemented, they will need to make sure their direct debit and accounting systems are ready to comply. Despite available support for banks and software providers, only 31 percent of small firms reported beginning preparations for the Sepa switch. Larger businesses are ahead and are making the appropriate preparations with 70 percent already updating systems.

Senior economist at Ibec, Reetta Suonpera, said, “Completing the necessary changes to payments and accounting systems will take several months, so it is essential businesses act now to ensure they are able to process electronic payments come February 1, 2014.”

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