Payments Enhancements 2019/2020

 

We are currently in the process of upgrading our payment engine. This will generate a number of enhancements that you may see. The changes will be introduced on a phased basis.

 

What is changing?

 

Sterling Current Account Payment Changes

Starting in July 2020 you will see a number of changes in how payments and associated processing fees appear on your ledger and account statements. You will see these changes initially for manual payments that debit your Sterling Current Account (NSC238590) and for incoming payments to this account.

Payments made via Internet Business Banking (iBB) will stay the same for now but as you move over to new iBB you will see these changes when they become available.

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    Outgoing Payment Reference

    The payment fee for outgoing manual FPS (Faster Payment System) and CHAPS (Clearing House Automated Payment System) payments will now be posted separately on your statement. The AIB payment reference will appear as IEXXXXXXXXXXXXXX. All payment fees will have a pricing code which will be updated in our brochure ‘A Guide to Sterling Current Accounts’ once the changes are live.

     

    Example:

    L1: IEXXXXXXXXXXXXXX     0.00 (Payment Amount)

    L2: Debit narrative

    L1: IEXXXXXXXXXXXXXX     0.00 (Payment Fee)

    L2: PYMT FEE (a pricing code will appear here as outlined in our brochure ‘A guide to Sterling  Current Accounts’  for that payment type and will be updated when the changes are live)

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    Incoming Payment Reference

    We will now post the payment fee for incoming international and incoming CHAPS (Clearing House Automated Payments Service) payments greater than GBP250, 000 separately from your payment amount. The AIB payment reference will now appear as IEXXXXXXXXXXXXXX. All payment fees will have a pricing code which will be updated in our brochure ‘A Guide to Sterling Current Accounts’ once the changes are live.

     

    Example:

    L1: IEXXXXXXXXXXXXXX     0.00   (Payment Amount)

    L2: Remitter Name

    L1: IEXXXXXXXXXXXXXX     0.00   (Payment Fee)

    L2: PYMT FEE (a pricing code will appear here as outlined in our brochure ‘A guide to Sterling  Current Accounts’  for that payment type and will be updated when the changes are live)

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    Removal of Incoming SEPA Payments to Sterling Current Accounts

    We will no longer accept euro SEPA payments into sterling current accounts. If someone wants to send you a payment in euro via SEPA, the best thing to do is to give them your euro personal or business current account details, including your BIC and IBAN which you can find on your current account statement.

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Incoming payments

From April 2020 on a phased basis you will see the following changes:

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    Payment Reference

    We will now post the payment fee for incoming international payments separately from your payment amount.

    Our payment reference will now appear as IEXXXXXXXXXXXXXX - it was RPXXXXXXXXXXXXXX.

    Example:

    L1: IEXXXXXXXXXXXXXX     0.00   (Payment Amount)

    L2: Remitter Name

    L1: IEXXXXXXXXXXXXXX     0.00   (Payment Fee)

    L2: PYMT FEE I03 

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    Paper Advices for Incoming International Payments

    We will no longer send paper payment advices to you automatically for incoming international payments. You will find this information in your payment log within your online banking channel. If you need a paper payment advice you can contact your branch and ask them for a copy. If you want more regular statements you can contact your branch and change the frequency of your statements to monthly free of charge.

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    Paper Advices for Manual Payments

    We will no longer send paper payment advices to you automatically for outgoing manual payments. If you need a paper payment advice you can contact your branch and ask them for a copy. If you want more regular statements you can contact your branch and change the frequency of your statements to monthly free of charge.

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    Autorec

    Payment Reference

    We will now post the payment fee for incoming international payments separately from your payment amount.

    Our payment reference will be IEXXXXXXXXXXXXXX - it was RPXXXXXXXXXXXXXX.

    Example of Autorec File:

    Principal trans:  99999912345678093          000000000409237IEXXXXXXXXXXXXXX  REMITTER NAME

    Fee trans:        99999912345678093              000000000000635IEXXXXXXXXXXXXXX  PYMT FEE I03

    Reference Narrative Field

    The Reference Narrative field is blank. We will populate it with Remitter Name. We will update the Autorec File Specification with this change.

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    Payment Fee Removal for Incoming EURO from SEPA zone

    We will no longer charge our €6.35 fee for an international payment received in euro in to your account from SEPA zone countries that use a National Sort Code (NSC) and account number instead of an IBAN. The following are samples of the two account formats for receiving payments:

    NSC and Account Number

    930000 12345678

    IBAN

    IE12AIBK93000012345678

    The fee will still apply to other international payments into your account.

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    Incoming Payment Advice

    When you receive an international payment we will no longer automatically post you a paper payment advice. This information is available in your payment log if you have access to an online channel.

    If you do not use online banking or if you want to receive the information in paper, you can visit your local branch and ask them to provide you with a paper payment advice free of charge.

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Outgoing payments

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    Payment Reference

    The payment fee for Outgoing International Payments will now be posted separately on your statement. The AIB payment reference will appear as IEXXXXXXXXXXXXXX

    L1: IEXXXXXXXXXXXXXX     0.00 (Payment Amount)

    L2: Debit narrative

    L1: IEXXXXXXXXXXXXXX     0.00 (Payment Fee)

    L2: PYMT FEE *** 

    (*** is a 3 character Pricing Code as outlined in our Schedule of International Transaction Charges for that Payment type)

     

    This change will be introduced on a phased basis from November 2018 to February 2019

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    USD, GBP, EUR and CAD Next Day Value for Paylink Standard option

    The Standard Paylink option selected for the following currencies USD, GBP, EUR and CAD, will arrive with the beneficiary bank in 1 business day instead of 2 business days, once processed within cut off times.

    This will be updated in our Schedule of International Transaction Charges brochure available in January 2019.

     

    This change will be introduced on a phased basis from November 2018 to February 2019

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    SEPA Credit Transfer (SCT) File Block Status

    There have been amendments to SEPA Credit Transfer (SCT) Block Status. Due to an upgrade in our payment engine some status will no longer occur. Please refer to the iBB Payment File User Guide to view all block file status.

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Payments made via the Branch

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    Paper Same Day Value Payment option via the Branch merging with Paper Paylink Euro

    From 15th January 2019, the Same Day Value paper payment option completed via the branch will no longer be available. Instead, the Paylink EURO paper option can be used to avail of a Same Day Value EURO Payment via the branch.

    This will be updated in our Business Fees and Charges brochure in January 2019.

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    Paylink/Paylink EURO Forms

    We have made some amendments to the wording in our forms to assist you in completing them, and have also indicated any mandatory fields with an asterisk.

    The updated Paylink and Paylink EURO forms will be available in branches and on www.aib.ie from the 15th January 2019.

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    Payment Advices for Payments made via the branch

    Paper Payment advices will no longer be generated for paper Payments made via the branch. If you require a Paper Advice, please contact your branch.

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    Transaction Fee

    From mid- January 2019, if you make an International Payment via the branch, you will be charged a Paper/Staff Assisted Transaction Fee, as outlined in our ‘Business Fees and Charges’ brochure available on www.aib.ie. While we may not have applied the full charge to your account in the past, we will do from mid - January 2019.

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    Payments to non-SEPA Reachable Payees Submitted via the Branch

    From 1st April 2019, if you make a payment to a non SEPA reachable bank that is not part of the SEPA scheme, you will be charged the Paylink EURO Urgent paper fee of €25.00 as outlined in ’Schedule of International Transaction Charges’ brochure available on www.aib.ie.

    This is an existing Payment fee and while we may not have applied the full charge to your account in the past, we will do from 1st April 2019.

    However, this payment can be completed online at a reduced fee of €12.70.

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Multi-Currency Payment File (MCY)

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    Multi-Currency (MCY) Changes for payments made from/to a Sterling Current Account (NSC238590)

    Starting in July 2020 there will be 2 changes to our multi-currency (MCY) payment file service.

     

    For payments that are made from a Sterling Current Account (NSC238590) account initiated as part of an MCY file. The debit on your ledger will be displayed as;

    L1: IEXXXXXXXXXXXXXX     0.00 (Payment Amount)

    L2: END to END ID

    L1: IEXXXXXXXXXXXXXX     0.00 (Payment Fee)

    L2: PYMT FEE (a pricing code will appear here as outlined in our brochure ‘A guide to Sterling  Current Accounts’  for that payment type and will be updated when the changes are live)

     

     

    If your Sterling Current Account (NSC238590) is being credited and the payment has been initiated from an MCY file the credit on your ledger will display as;

    L1: IEXXXXXXXXXXXXXX     0.00 (Payment Amount)

    L2: END to END ID

     

    This change will take place on a phased basis starting from July.

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    Multi-Currency (MCY) Additional Currencies

    We will be offering additional currencies that payments can be initiated in as part of an MCY file. These currencies include ISK (Icelandic króna) HRK (Croatian kuna) & RON (Romanian leu).

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Multi-Currency Payment File Changes 2019

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    Payment Reference

    The payment fee for Outgoing International Payments will now be posted separately on your account. The AIB payment reference will appear as IEXXXXXXXXXXXXXX

    L1: IEXXXXXXXXXXXXXX     0.00   (Payment Amount)

    L2: END TO END ID

    L1: IEXXXXXXXXXXXXXX     0.00   (Payment Fee)

    L2: PYMT FEE *** 

    (*** is a 3 character Pricing Code as outlined in our Schedule of International Transaction Charges for that Payment type)

     

    This change will be introduced on a phased basis from August 2019 onwards

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    USD, GBP, EUR and CAD Next Day Value for Standard option within an MCY file

    USD, GBP, EUR and CAD currency payments that are included as part of an MCY Bulk file will arrive with the beneficiary bank in 1 business day instead of 2 business days, once processed within cut off time.

    This will be updated in our Schedule of International Transaction Charges brochure available in January 2019.

     

    This change will be introduced on a phased basis from August 2019 onwards

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    MCY Cut Off

    From 15th January 2019, we are introducing a new cut-off time for Multi-Currency (MCY) Bulk Payment Files. The cut off time will now be extended from 2pm to 3pm.

    Bulk MCY Payment files must be uploaded and authorised before 3.00pm in order to be processed the same day, files authorised after cut off time will be processed the next business day.

    Individual Currency Cut Off Times will still apply.

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    MCY EURO Payments to SEPA Reachable Countries from EURO Currency Accounts (NSC930067)

    If you make a non – urgent EURO Payment debiting a EURO Currency Account (NSC 930067) to a SEPA reachable country, this payment will now be sent as a SEPA Payment and standard AIB Currency Account transaction charges will apply.

    Please refer to the Schedule of Currency Account Transaction Fees & Charges (NSC 93-00-67 ONLY) section within ‘A Guide to Currency Accounts’ for all Transaction charges available here.

     

    This change will be introduced on a phased basis from August 2019 onwards

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    MCY Payment Advices

    Paper Payment advices will no longer be generated.  This information is available within the File Management section on iBB. Please refer to the iBB Payment File User Guide for more Information.

     

    This change will be introduced on a phased basis from August 2019 onwards

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Autorec

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    Payment Reference

     

    The payment fee for Outgoing International Payments will now be posted separately on your account. The AIB payment reference will appear as IEXXXXXXXXXXXXXX

    L1: IEXXXXXXXXXXXXXX     0.00   (Payment Amount)

    L2: Debit narrative

    L1: IEXXXXXXXXXXXXXX     0.00   (Payment Fee)

    L2: PYMT FEE *** 

    (*** is a 3 character Pricing Code as outlined in our Schedule of International Transaction Charges for that Payment type)

     

    This change will be introduced on a phased basis from November 2018 to February 2019

     

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SEPA Destinations

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    Andorra and Vatican City are becoming part of SEPA

    From 1 March 2019, Andorra and Vatican City will become part of the SEPA zone.

    However, banks located within these destinations may not be so you should check with your payee to ensure that the bank is able to receive SEPA payments.

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You must always ensure you have cleared funds before submitting payments.

 

As a result of the above changes, a number of documents including Brochures, iBB User Guides and File Specifications will be amended on a phased basis as the relevant changes are implemented. The current versions are available below.