We have now passed the original SEPA migration deadline of Feb 1st, 2014. In January, due to slower than expected migrations across the SEPA zone, the European Commission allowed for an extended 6 month window to accommodate companies who were having difficulties with their migrations. Individual member states are allowed to decide how much of this extension they will need to minimise disruption to payment processing. IPSO (Irish Payment Services Organisation), has agreed with the Irish banks an extension until the 31st March 2014 will be required to accomplish full SEPA migration in Ireland.
With all that time and effort spent to ensure your company was SEPA compliant, it’s now time to make the most of your investment. Increased efficiency can be achieved by making greater use of bulk payment files, rather than manual inputting of individual payment. Further efficiencies can be gained by making greater use of data, such as invoice numbers and payment file details which can be included in the XML payment file. This information can be used to assist reconciliation for both the debtors and creditors.
e-Day on the 19, September, 2014, is a further initiative towards more efficient payment methods. From this date it is intended the public sector in Ireland will no longer write cheques to business users, nor will the public sector accept cheques from business users. Businesses will need to adjust their payment methods to accommodate this change.
The work is nearly completed, it’s now time to maximise the return on your investment!
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