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SEPA is an initiative introduced by the EU to standardise domestic and international electronic payments. It replaces a wide variety of clearing instructions with a standard set and removes legal, competitive and cross border barriers. This makes it easier and faster for you make and receive payments by direct debit or credit transfer.
From 1 February, you must start using SEPA compliant banking details.
Ireland's national payment system for credit transfers and direct debits ended on the 31st of January 2014 and was replaced by SEPA credit transfer scheme on the 1st of February 2014. This means that from 1 February, you must start using SEPA compliant bank details for all domestic direct debits and credit transfers. This also affects any electronic payments you make or receive to international companies based in the SEPA region, where the euro is the primary currency. TASBooks v5 is fully compliant with SEPA legislation.
Under SEPA legislation, you must include Branch Identifier Code (BIC) and International Bank Account Number (IBAN) on all electronic payments. These replace the traditional bank sort codes and account numbers. If you’re not sure what your BIC and IBAN are, please contact your bank.
The BIC is used in place of the traditional sort code and is used to identify the bank or financial institution. It’s between 8 and 11 characters and includes:
The IBAN is used instead of the traditional bank account number to identify the bank account. It can be up to 34 characters and includes:
Once you've enabled SEPA, to save you time, you can easily convert your existing Irish bank accounts sort codes and account numbers to IBAN and BIC. This converts all Irish accounts whether the accounts belong to yourself or your customers and suppliers. When you create new customers and suppliers, if you don't have a IBAN and BIC, you can generate one from within their record. If the record already has a BIC and IBAN, no changes are made.
The following steps contain everything you need to help you set up SEPA in TASBooks and convert your BIC and IBAN references.
You've successfully created your ePayment file, which you can now upload to your banking software. If you need more information about how to do this, please contact your bank.