You may have received communication from your bank about Single Euro Payments Area or SEPA, seen advertisements from banks about SEPA or even noticed dedicated SEPA
areas on their websites.

When it’s implemented across all banking systems within the SEPA area from 1 February 2014, SEPA will change the way Euro currency payments are made between countries within SEPA.

What's it all about?

How can SEPA improve things?
The Single European Payments Area (SEPA) aims to facilitate Euro currency payments by developing a standardised cross border payment process. New rules will come into effect from 1 February 2014, which will mean it will be as easy to make or receive Euro currency payments cross borders, as it is to make and receive payments from one Irish account to another.

Introducing the IBAN and BIC
When this is implemented you will see that your account number will now be referred to as your IBAN, International Bank Account Number (IBAN) and your bank sort code will be known as BIC, Bank Identification Code (BIC).

New forms
We will be updating our direct debit mandates and all forms that include banking details with SEPA changes. These forms will be available on our website to download, in our Download Centre.

How am I impacted as a customer of Irish Life Corporate Business?
Most Irish Life Corporate Business customers will not need to do anything. For those customers who may be affected by this change, we will write to you to let you know what you need to do in order for your direct debit and/or electronic fund transfers to work after the introduction of SEPA.

Where can I find out more information?
You can access the ready for SEPA website to get more detail.