24 April 2017
Visit EBAday.com

AIB ready for Sepa migration deadline

10 January 2014  |  2021 views  |  1 Source: AIB

AIB notes the European Commission proposal of an additional transition period until 1st August where non-SEPA payment formats can be accepted by banks.

Based on the migration momentum achieved by AIB customers before the European Commission proposal, AIB is well positioned for the SEPA migration with 100% of AIB’s Credit Transfers volumes and 93% of AIB’s Direct Debit volumes on schedule to migrate to SEPA format by 1 st February 2014.

Head of Payments at AIB , Peter Vance said: “AIB would like to thank its customers for their SEPA migration efforts and asks the small number of its customers who have yet to migrate to SEPA to maintain momentum and engagement with the bank. We are very grateful to our customers for their engagement with our SEPA migration team to achieve this level of progress.”

The European Commission has urged all market participants to complete the migration to SEPA as soon as possible, notwithstanding the additional transitional period being put in place to avoid the possible risk of disruption to payments. In this regard, AIB asks its remaining small number of Direct Debit customers to stay engaged both with their software vendors and AIB’s SEPA team.

“AIB will ensure that customers receive the best possible service and assistance for their SEPA migration. Once AIB customers finish their SEPA migration process, they can avail of the benefits of the new SEPA payment schemes and refocus on other business activities from 1 st February for all customers who have completed the migration process,” added Mr Vance. 

Comments: (1)

Andrew Owens
Andrew Owens - SunGard AvantGard - London | 13 January, 2014, 09:29

I think the advice here makes sense.  The proposed grace period should not be seen as a signal to ease up, rather corporates should continue their efforts to become SEPA compliant ASAP.  There may be some banks and corporates aggrieved at the stress placed on getting projects completed in time for the original date but there is nothing to be lost from getting it done.

 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit dh.comFind out moreVisit capgemini.com

Top topics

Most viewed Most shared
hands typing furiouslyDoes the Buck Stop with GameStop?
11562 views 0 | 3 tweets | 14 linkedin
BBVA runs live funds transfers over RippleBBVA runs live funds transfers over Ripple
10509 views comments | 29 tweets | 20 linkedin
Alipay and WeChat near $3 trillion payments milestoneAlipay and WeChat near $3 trillion payment...
9057 views comments | 35 tweets | 38 linkedin
Western Union and MoneyGram unveil Facebook Messenger bots; Mastercard and Amex pile inWestern Union and MoneyGram unveil Faceboo...
8560 views comments | 17 tweets | 17 linkedin
Coinbase plans Ethereum messaging appCoinbase plans Ethereum messaging app
7989 views comments | 13 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job