By Dave Barber, Head of SEPA Customer Migration, Bank of Ireland
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.
The SEPA (Single Euro Payments Area) regulation deadline of 1st February 2014 in Ireland is fast-approaching and will offer businesses a greater choice of service, competition & flexibility to perform euro banking transactions across the SEPA countries.
SEPA Credit Transfer Scheme
In order to achieve these benefits, SEPA has introduced a new file format, SEPA XML (ISO 20022), which replaces the current IRECC STD-18 file format for credit transfer payments. Existing account identifiers, National Sort Code and Account Number, are also being replaced with BIC (Bank Identifier Code) and IBAN (International Bank Account Number).
Bank of Ireland is providing additional support to our business customers who undertake credit transfer payments by providing a file conversion service. This free service will convert existing Domestic Irish STD-18 files to the new SEPA XML format on their behalf.
This approach allows customers to ensure their payments continue to be processed post-Feb 2014, reducing the risk of their transition to SEPA in terms of time line, resources, effort and cost and allows them to migrate at a time of their choosing and in a controlled manner post the above date.
What should Bank of Ireland customers do now?
To avail of this file conversion service, we are asking our customers to visit the ‘Credit Transfer Customer Readiness’ section of the Bank of Ireland website and return the applicable Conversion Services Application Form immediately. In this section of our website, we have also compiled a very useful step-by-step Readiness Checklist for customers to download and action today.
Our dedicated team of expert SEPA Migration Consultants are also available to support our business customers through their migration to SEPA. For SEPA Credit Transfer queries, we are encouraging customers to contact our SEPA Migration Helpdesk by phone or email:
Phone: 1890 818 208 / +353 1 617 6001 (from outside Republic of Ireland)
Email: [email protected]