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Introduction to SEPA

Bank of Ireland: Linda · 2013-09-30 09:30:47

The Single Euro Payments Area (SEPA) is coming on 1st Feb 2014, creating a standard set of rules for all electronic payments across Europe. When making a domestic payment by credit transfer or direct debit today, customers use a National Sort Code (NSC) and Account Number. In advance of the SEPA (Single Euro Payments Area)…

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30-09-2013 10:30am

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Bank of Ireland: Linda

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Join Date: March 2012

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The Single Euro Payments Area (SEPA) is coming on 1st Feb 2014, creating a standard set of rules for all electronic payments across Europe.

When making a domestic payment by credit transfer or direct debit today, customers use a National Sort Code (NSC) and Account Number. In advance of the SEPA (Single Euro Payments Area) regulatory deadline of 1st February 2014, BIC (Bank Identifier Code) and IBAN (International Bank Account Number) will replace NSC and Account Number as the main payment identifiers for all SEPA payments.

You will need to start becoming familiar with these key pieces of information to ensure people can continue to make payments to you or so you can complete direct debit mandates for paying bills, such as electricity or phone etc. Further information can be found here.
Watch this video to find out more.

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