SEPA - Countdown John Sheils AIB Corporate Cash Management 01 - - PowerPoint PPT Presentation
SEPA - Countdown John Sheils AIB Corporate Cash Management 01 6417689 john.f.sheils@aib.ie SEPA Overview Closing of the euro national payment schemes throughout the SEPA zone on 1 st February 2014 Migration to BIC and IBAN from NSC
Existing Scheme New SEPA scheme Must be for recurring amounts Can be used for recurring or ‘once-off’ payments First 6 characters of Mandate Reference must be same, last 12 characters can be variable A unique reference number (UMR) must be used for each mandate in a file, otherwise collection rejected Debtor has 1 day to claim a refund Debtor has 8 weeks to claim a no questions asked refund Mandate must be held for minimum of 7 years after final DD presented Mandate must be held for a minimum of 13 months after final DD presented, due to possibility of an unauthorised debit claim for up to 13 months Mandate may be managed by either Creditor or bank (depending on whether in Originator or Originator+ scheme) Mandate must be held by the Creditor 1-2 day lead in time 3 & 6 day lead in time
customers via the SEPA Direct Debit Scheme on 25.01.2013. What dates should you be aware of, both in submitting the file, and after the file has been submitted to the bank?
Presentation) you must submit your file to the bank 6 days prior to the due date.
presentations)
your file to your bank a minimum of 3 days prior to the due date.
Countdown to the closure of the SEPA zone national euro payment schemes 431 days Or 1 year, 2 months & 5 days Until 1st February 2014