Any businesses trading in euros will have to be SEPA compliant by February 1st. The Single Euro Payments Area (SEPA) is an EU initiative that seeks to unify euro payment systems across the Eurozone and beyond. Its goal is to make euro payments standardised so that they can take place across borders quickly and securely.
If your business is trading in euros, you’ll need to make several adjustments. Payroll, direct debits and credit transfer will all have to occur under the new SEPA standards. You’ll need to stop using your national sort code and account number. The replacements are International Bank Account Numbers (IBAN) and Business Identifier Codes (BIC). It’s easy to obtain these – if you’re in Ireland, you can simply enter your current sort code and account number and generate a BIC and IBAN online. You’ll then need to use these numbers in all euro transactions you make. The law requires that you move all of your electronic euro transfer systems over to SEPA by February 1st.
It should be as simple as switching the numbers currently used in your construction accounting software with IBAN and BIC – just make sure that you don’t forget, otherwise you won’t be able to make any euro payments from February onwards!
SEPA should help to speed up electronic payment of euros in future, making it easier to do business with other EU countries. If you’re still unsure of how to make your system SEPA compliant, contact Integrity Software now and we’ll be happy to help you with the transfer.