Product Changes

With the implementation of SEPA there are 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: Business customers who submit EFT files (Salary Payments, Creditor Payments, etc) will be required to make format changes to those EFT files.  They will be required to use IBAN & BIC in place of the account number as at present.  The changes will become mandatory at a date to be specified, probably in 2012

•    SEPA Direct Debit: A major redesign of all aspects of direct debit system is required. Parallel running of old and new systems will continue for some period, with the old systems ceasing in 2013

•    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) is likely by end 2011, either by making Laser a European scheme or by adopting another European brand.