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Ireland edges towards SEPA compliance

Tuesday, January 21 12:18:44

Irish businesses are well advanced in migration to SEPA payments with 95pc of Irish firms already using the new payments method, according to the Irish Payment Services Organisation (IPSO).

New statistics released this week by the European Central Bank show that migration to SEPA gathered pace strongly in December. According to the latest figures, 74pc of Credit Transfers and 41pc of direct debits in the euro area are already SEPA compliant.

IPSO states that SEPA migration by Irish businesses is well advanced and estimates that 95pc of all payments and the vast majority of companies will be fully migrated to SEPA by 1st February 2014.

Commenting today, IPSO's SEPA Ireland Programme Manager, Michael O'Neill said, "It is important to maintain momentum towards 100pc SEPA compliance. However, to enable companies who have yet to complete their migration to SEPA, IPSO and its member banks have agreed to extend the migration date to 31st March 2014."

It urged all customers to renew their migration pace and to complete the successful migration to SEPA as early as possible.