Further to our SEPA post in early October, XML customer file formats have now been agreed by the banks and the wheels are now in motion towards converting to the new SEPA format by the 2014 deadline.
What does this mean for you?
Firstly, no need to panic regarding this as conversion facilities will not be made available until 2013. The conversion facility will enable you to convert your employee sort code and account numbers into the new SEPA code format.
Secondly, Irish banks will be testing this next year and will implement dual systems on different dates throughout next year. The banks will accept both file formats from then until the 2014 deadline. Jefferson will continue to transmit EFT files in theri current format until the new file format has been fully tested successfully with all different bank systems, well in advance of the deadline.
Jefferson clients will be contacted directly in the early 2013 to outline the requirements for a smooth transition to SEPA.