Frequently Asked Questions

SEPA is a key EU regulatory initiative that has simplified payments and collections across SEPA countries by introducing a series of common standards and rules. For further general information on SEPA background, benefits, impacts and products, please refer to different sections of this site.

Key Objectives:

• Simplify and reduce the cost of payment flows
• Facilitate trade and commerce
• Strengthen Europe's competitiveness

27 EU Countries: Austria, Belgium, United Kingdom, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland (Republic of Ireland), Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovenia, Slovakia, Spain, Sweden.

Plus: Iceland, Liechtenstein, Monaco, Norway & Switzerland.

Direct Debits
Credit Transfers
Cards

Euro currency transactions only.

There are numerous benefits from SEPA, including;

• Potential to hold only one euro account to service your Banking needs in all SEPA countries with a single euro account in National Irish Bank
• Lower charges for payments across SEPA Zone
• One payments and collection process
• One set of standard payments instruments
• Increased payment narrative and description field via the new file format ISO 20022 XML

Yes, all customers, both business and personal will have the opportunity to use the SEPA common standard of BIC and IBAN.

Yes, SEPA has been introduced on a phased basis, with SEPA Direct Debit in 2008, and SEPA Credit Transfers in 2009. BIC and IBAN codes will replace National Sort Codes and Account numbers in Ireland and the Irish Domestic Clearing system will be replaced by EBA clearing on 1st February 2014.

Yes, companies must migrate to the SEPA standards before the SEPA migration end-date outlined in the regulation of 1st February 2014*

*Dept of Finance to finalise end dates for old file formats, the extent to which conversion services will be allowed and the migration to BIC & IBAN. Every business, both domestic and cross border, will benefit from SEPA:

Smaller Businesses – For SME's, SEPA will mean faster settlement and more straightforward processing. It will also reduce transaction costs and improve liquidity management.

Large Corporates – Common standards and rules enables more efficient payments in the SEPA Zone resulting in savings and more effective cash management optimisation.

Government, Charities and Public Sector – SEPA promotes the use of e-Channels and more efficient payment services for citizens at home or abroad

The Common Global Implementation (CGI) is a co-operation between banks, ERP Vendors and customers with the goal of creating standardised messages, interpretations and guides for ISO 20022 XML. This to avoid different interpretations of the format and thereby many different versions of ISO20022 files.

Danske Bank Group is a member of the CGI initiative and we will support ISO 200022 XML as defined by CGI. This includes

• The payment initiation message
• Account Report
• Account Statement
• Debit-Credit notification

Today Danske Bank Group supports the following ISO20022 XML message related to the credit transfer payment initiation:

• pain.001.001.02 Customer Credit Transfer Initiation (CCT). (payment initiation)
• pain.002.001.02 Customer Payment Status Report (CPSR).

ISO 20022 XML not just for SEPA payments In Danske Bank Group, ISO 20022 XML gives you the possibility to create SEPA payments, domestic payments and non-SEPA cross border payments in: Denmark, Sweden, Norway, Finland, Poland, Germany, the UK and Ireland.

The ISO20022 XML files can be exchanged via all the channels normally supported by Danske Bank Group e.g. SWIFT FileAct, Web Services and FTP/VPN.

In Russia and the Baltic countries the files can only be sent via Danske Bank Group's Gateway and will be carried out as a 'request for transfer'

The impact and timing of SEPA adoption in your business will depend on your specific requirements, and on how you structure and manage your payment and collections operations.

National Irish Bank is fully SEPA compliant and already conducting SEPA payments for our customers on a daily basis. We support both single and bulk payments and can advise you on how best to manage SEPA adoption in your business.

Our experience ranges from Ireland to Northern Europe via the Danske Bank Group, from Small Businesses to Large Multinationals where our specialist team of advisors are ready to answer your queries.

National Irish Bank has developed a comprehensive communication and customer implementation plan that will assist your business in making a seamless SEPA adoption.