Overview of SEPA

SEPA, the Single Euro Payments Area, is European-driven regulation which aims to create one single, integrated and standardised payments market making it easier to do business across Europe.

Customer Impacts & Benefits

  • Personal Customer Impacts

    Changes to 365 online and our Mobile Banking app have been introduced, as required by SEPA regulation. You can refer to the 365 Online Changes page for further information.

    BIC & IBAN

    Your current bank account number and sort code have been replaced with an International Bank Account Number (IBAN) and Bank Identifier Code (BIC) for all non-urgent electronic euro payments.

    You can locate your IBAN information on your bank statement today or, alternatively, visit the BIC & IBAN calculator to convert your account number and sort code to the equivalent BIC & IBAN.

    Credits to your Account

    We will always process credits as soon as possible when we receive them from other banks. The timing of payments from other banks may change. You may notice some payments arriving into your account later than usual during the day.

    Some weekend payments that may in the past have been credited to your account on a Saturday, may now be credited to it on Monday morning instead.

    Direct Debits

    You should always ensure that you have sufficient funds in your account in advance to meet your commitments, such as direct debits, as they fall due. Please note that if you do not have sufficient funds in your account to meet a direct debit, it is likely to be returned unpaid.

    Standing Orders

    Standing Orders will be paid if you have sufficient funds in your account. A change in the timing of some payments credited to your account may result in you having insufficient funds to pay your standing order, when we process it on the due date.

    If this happens, we will present your standing order(s) for payment again the following business day.

    Tips for Managing your Account

    1. Logon on to 365 online regularly to keep track of your balance.
    2. Always make sure you have enough funds in your account, in advance, to meet your commitments like direct debits & standing orders as they fall due.
    3. We would be happy to discuss arranging a new overdraft for you, or an increase to your existing overdraft, if you think you may need one.

    Managing your SEPA Payments PDF

  • Personal Customer Benefits

    SEPA offers consumers greater flexibility to perform euro banking transactions from a single bank account across the current 34 SEPA countries.

    The key benefits of SEPA are:

    • Access to more detailed payment information for most credits & direct debits using 365 online. All you need to do is click on the payment to see the details
    • Option to request SEPA direct debit services using 365 online, allowing you to better manage and control your direct debits
    • Ability to undertake all SEPA euro payments from one bank account. (For example, those working abroad will no longer need to hold one account at home and another in the country they work in. They will be able to complete all of their electronic transactions from their home account)
    • All SEPA payments will be as easy and cost-effective as domestic payments are today
    • Pay by direct debit for services provided by companies throughout the SEPA zone (e.g. utility bills)
    • Guaranteed, standard timelines for payments and the return of unsuccessful payments
  • Business Customer Impacts

    Some of the key changes, and resulting challenges, that SEPA regulation will bring to your business include:

    • The timings of payments from other banks may change. You may notice some payments arriving into your account later than usual during the day. Some weekend payments that may in the past have been credited to your account on a Saturday, may now be credited to it on a Monday morning instead
    • The Irish Interbank Electronic Clearing (IRECC) will close and all payments will route through the SEPA schemes
    • SEPA introduces new ISO 20022 XML file formats
    • Guaranteed timelines for payments and returns
    • BIC (Bank Identifier Code) & IBAN (International Bank Account Number) replaces NSC (National Sort Code) and Account Number as the payment identifiers
    • Payments systems may need to be upgraded to handle both BIC/IBAN payment information and new file formats
    • Business payment processes will need to be amended to ensure compliance with the SEPA Regulation

    Tips for Managing your Account

    1. Logon on to Business On Line regularly to keep track of your balance
    2. Always make sure you have enough funds in your account in advance to meet your commitments, like direct debits and standing orders, as they fall due
    3. We would be happy to discuss arranging a new overdraft for your business, or an increase to your existing overdraft, if you think you need one. If this is the case you should contact your business advisor.

    Managing your SEPA Payments PDF

  • Business Customer Benefits

    SEPA offers businesses greater choice of service, competition and flexibility to perform euro banking transactions.

    Key benefits that SEPA will provide to businesses include:

    • Businesses can now access more detailed information for most credits and direct debits using Business On Line
    • Gradual harmonisation of payment instruments across the 34 SEPA countries
    • Option for businesses to reduce the number of bank accounts they hold and, in theory to, consolidate payments and liquidity management to one location
    • Guaranteed timelines for payments and returns
    • Standardised payment infrastructures increasing cross-border market opportunities
    • A standardised file-format for payment instructions
    • Ability to credit salaries to accounts in other SEPA countries (SEPA Credit Transfer)
    • Ability to create cross-border direct debits with customers throughout all SEPA countries (SEPA Direct Debit)