By Tanya Pun, Product Manager at Sage
SEPA (Single Euro Payments Area) is a European payments initiative to create one single integrated standardised payments market across 32 countries.
We’ve recently released Micropay and Micropay Professional v14.3 that prepares your payroll data for the SEPA switch over.
In v14.3, we have added in two new fields for BIC and IBAN to Company Details:
and added in two new fields for BIC and IBAN Employee Details:
The BIC and IBAN will replace current Irish bank sort codes and account numbers on February 1, 2014. So the change will have a direct bearing on payroll Paypath payments. However, until the switch-over the current Irish sort codes and account numbers will continue to be used.
To help you prepare for SEPA, v14.3 will automatically convert existing Company and Employee bank details to BIC and IBAN.
From v14.3 onwards, when adding bank details to new or existing employees, Micropay will automatically convert the sort code and account code to BIC and IBAN.
We are currently working with IPSO and the banks on the SEPA CT file which will be added into Micropay in a release later this year.
For more information on SEPA and how it affects your business visit the SEPA page on our website.