Product Changes

With the implementation of SEPA there will be a combination of technical changes, infrastructural changes, legislative changes and other miscellaneous changes. If you want to know how it will affect you as an end-user, go to the "SEPA impact" section.

To summarise, the changes are as follows:

• SEPA Credit Transfers: There will be little substantive change for most users - but format changes for those submitting EFT files. During the migration period (2008-2010), there will also likely be intensive efforts in Ireland to switch cheque users to Electronic Credit Transfer.
• SEPA Direct Debit: major redesign of all aspects of direct debit. Parallel running of old and new systems for some period.
• Cheques & Drafts: Cheques and drafts are excluded from SEPA, and from the new standardised legislation for payments which will come into force when the Payment Services Directive is dropped into national legislation.
• Cash Services: At European level, there has been discussion about Single Euro Cash Area - an area where cash distribution would be done without reference to internal political borders. The concept has no relevance for Ireland, which has no borders with any other euro country. Based on this, the Central Bank has obtained a derogation for Ireland from any such requirements.
• Cards: Cessation of national debit cards (e.g. Laser) by 2011, either by making Laser a European scheme or by adopting another European brand.