General

Option gradually opens to seek competitive tender from European banks for payment services

Increased competition between European banks for payment services, and then for other banking services

Payroll by EFT

Optional changeover to SEPA credit transfer

At some stage, payroll will be transferred to SEPA credit transfer.

Immigrant workers may request payment into accounts in own home country

• New data format needs system change
• IBAN and BIC codes of employees required

Pay incoming invoices by EFT

(Irish or European payees)

Optional changeover to SEPA credit transfer

At some stage, payables will be transferred to SEPA credit transfer.

• New data format needs system change
• IBAN and BIC codes of payees required

Online banking

Optional changeover to SEPA credit transfer

Minor changes of format

Eventually, IBAN and BIC will be required for all payments

Issuing Invoices

(Irish or European payers)

IBAN and BIC to be quoted on all export invoices. Ref Regulation 2560/2001).  IBAN & BIC to be available on request to others.

IBAN and BIC must be quoted on all invoices

Paying by Direct Debit

Payees will set the pace

More complex procedure for authorizing DD mandates

Collecting payment by Direct Debit

Optional changeover to SEPA Direct Debit.  Customers may demand SEPA Direct Debit

More complex procedure for creating and processing SEPA Direct Debit

Retailer Acquiring Cards

Bank will make appropriate changes to its systems.  Some system changes may be required in retailer-owned systems

Bank will make appropriate changes to its systems.  Some system changes may be required in retailer-owned systems

Payment operations in multiple SEPA countries

Option gradually opens to consolidate payments into one account

Consolidate payments into one account in chosen country