The European Parliament and Council have finally reached agreement on a deadline of February 2014 for the migration to Sepa credit transfers and direct debits.
This gives banks ample time to launch e-invoicing services using the ISO20022 message standard - automating handily the ISO20022 SEPA payments. This also drives SEPA-adoption in a natural way. Banks should also integrate direct debit into e-invoicing -
it makes no sense to not do it - enterprise customers can save so much with one integrated solution.
Some Irish banks already refuse to process payments through their online banking systems to non-SEPA reachable financial institutions.
These banks include AIB Bank, they have already proved themselves dysfunctional in most areas but this is yet another incidence of them acting without thought or consequence for the customers or their reputation.
They have stated that if a beneficiary bank is not SEPA reachable now (rather then Feb 2014), they cannot process a payment to them after 3.30pm each day and they are incapable of holding the payment until the next day.
AIB Bank never fails to disappoint!
© Finextra Research 2015