The Single Euro Payments Area (or SEPA for short) is a European Union regulation that will simplify financial transactions and make doing business easier. It will apply across 32 European countries, including Ireland, and will make it easier for you to transfer or receive funds. Basically, it will replace your existing direct debit procedure and allow you to collect monthly payments from non Irish resident accounts
When must it be implemented by?
By 1 February 2014, all existing national credit transfer and direct debit schemes must move to the SEPA credit transfer and direct debit payment schemes. We will soon have the SEPA upgrade ready with our new product Optimizer for our clients.
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