Important information regarding cookies
AIB Internet Banking Updates for SEPA
The Single Euro Payments Area (SEPA) is a European-wide initiative to standardise the way we make and process electronic payments in Euro. The goal is to make payments throughout Europe as fast, safe and efficient as our national payment system executes today. SEPA enables customers to make payments to anyone located within the SEPA Zone. As SEPA has been fully implemented, there is no longer any distinction between national and cross-border Euro payments (within the SEPA zone), creating a borderless payment system throughout the 34 SEPA countries.
SEPA has seen changes to how you make electronic payments via AIB Internet Banking. Instead of using beneficiary NSC (National Sort Code) and Account Number, you will need to use BIC and IBAN details to make payments to all beneficiaries.
A converter tool is available on screen to assist you in converting the NSC and Account Number details to IBAN for creating payments, Standing Orders.
The following updates have taken place on AIB Internet Banking:
- Standing Order list screen display's existing Standing Orders with beneficiary BIC and IBAN details.
- Standing Orders can be set up to any country within the SEPA zone.
- Set up of new Standing Orders will require beneficiary IBAN details (The beneficiary BIC is no longer required from february 1st 2016).
- There is an optional 4 new lines (140 characters) to allow you send Additional Information with each Standing Order.
- A converter tool is available on screen to assist you in converting the NSC and Account Number details IBAN details when setting up or amending a Standing Order.
- Beneficiary details for existing Payees within “Payees” are displayed with BIC and IBAN details.
- When creating a new payee the beneficiary IBAN details will be required (The beneficiary BIC is no longer required from February 1st 2016).
Transfer between your own accounts
- Introduction of optional 4 new lines (140 characters) to allow you send Additional Information with each payment.
Payment timelines for payments to another ROI account
- Payments made to other financial institutions before 12pm (less than €5,000) on a business day will be credited to the beneficiary bank on the same business day.
- Payments made to other financial institutions after 12pm (or greater than €5,000 before 12pm) on a business day will be credited to the beneficiary bank the next business day.
- Payments made to another AIB account will be credited immediately.
Transfer to another ROI account
- Making a new payment, will require the beneficiary IBAN (The beneficiary BIC is no longer required from February 1st 2016).
- A converter tool is on screen to assist you in converting the NSC and Account Number detail to IBAN details when making a new payment.
- Optional 4 new lines (140 characters) to allow you send Additional Information with each payment.
- Ability to key optional 4 new lines (140 characters) of Additional Information in step 3 that will be sent with each payment.
- For SEPA payments, you will have the ability to view the details of your outgoing payments including:
- Sender Details
- Receiver Details
- Payment Details – Payment date and Payment status will be included here for SEPA payments.
- Details of SEPA payments can be printed from the Payments History