August 1st 2014 marked the passing of the final (and extended) deadline for the implementation of SEPA across the Eurozone countries. Despite some challenges with regards to adoption rates, leading to the extension of the compliance deadline from February 1st 2014 to various dates up to August 1st 2014 across different Eurozone jurisdictions, it should […]
Find out some not so obvious business benefits of SEPA.
“Following the recent announcement from the European Commission proposing a six-month grace period for SEPA implementation (from 1st February until 1st August), it was yet to be determined how this proposal would be implemented at a national level. The Irish Payment Services Organisation (IPSO) has today confirmed that the grace period will last two months […]
2014 promises to be a watershed year for Irish payments. Most obviously, a Single Euro Payments Area (SEPA) will finally become a reality, and paying a supplier in Munich will become as easy as paying one in Mullingar. However the planning for SEPA has exposed significant weaknesses in Irish payments. In particular, cheque usage remains […]
Sage would advise that businesses continue to work towards the 1st February deadline to avoid the risk of a shutdown of payments in and out of their companies after this date. In early December, ISME reported that 73% of SMEs have started the implementation process.
More than ever, companies are sourcing materials and products from different countries in order to remain cost effective and competitive. With the correct functionality, you can reduce the stumbling blocks and manual processes when it comes to generating sales and purchase orders in different currencies. Multi-currency transactions can incur foreign exchange gains or losses. How […]
Bank of Ireland is providing a conversion service to convert Credit Transfer IRECC Std 18 files to SEPA XML for their customers at no additional cost in addition to offering XML Credit Transfer capability.
SEPA is a mandatory EU Regulation so all businesses will have to conform to SEPA by the 1st February 2014. Bank account numbers and sort codes will be a thing of the past and replaced with IBAN (International Banking Account Numbers) and BIC (Bank Identifier Codes).
The 50,000 or so impacted businesses should at least be at planning stage right now. The accountability for ensuring the necessary changes are made fall to each company.