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AIB’s Comment on IPSO Press Release of January 21st 2014:
AIB notes today’s IPSO Press Release (below) on the SEPA migration date extension.
Irish Payment Services Organisation (IPSO) announces new completion date for full migration to the SEPA Payment Schemes.
New statistics released this week by the European Central Bank show that migration to SEPA gathered pace strongly in December. According to the latest figures 74% of Credit Transfers and 41% of direct debits in the euro area are already SEPA compliant.
The Irish Payment Services Organisation states that SEPA migration by Irish businesses is well advanced and IPSO estimates that 95% of all payments and the vast majority of companies will be fully migrated to SEPA by 1 February.
It is important to maintain momentum towards 100% SEPA compliance. However, to enable companies who have yet to complete their migration to SEPA, IPSO and its member’s banks have agreed to extend the migration date to 31stMarch 2014.
IPSO urges all customers to continue their migration pace and to complete the successful migration to SEPA as early as possible.
Peter Vance, Head of Payments at AIB, commented that “the shortened transition period (from six months to two months) is welcomed by AIB and reflects the strong progress that Irish Banks and customers have made towards meeting the requirements of this mandatory European change. The shorter Irish transition period shows that Ireland has made very strong progress compared to the rest of Europe.
AIB will continue to work with the small number of customers who have yet to migrate to SEPA, and encourages all remaining customers to maintain their momentum and engagement with the Bank. AIB looks forward to having 95% of its payment traffic being processed via SEPA by 31st January 2014, with the remaining 5% being migrated during the two month extension period. “