Sentenial have been selected by IPSO, on behalf of all Irish Banks, to provide a SEPA regulation conversion service for Irish bank customers. This new service will enable customers to convert existing BBAN (National Sort Code (NSC) and Account Number) information to the SEPA regulation required standards: BIC (Bank Identifier Code) and IBAN (International Bank Account Number).
A key aspect of the SEPA regulation is the migrating from our national payment systems for credit transfers and direct debits to the SEPA regulation payment formats, making cross border payments in euro as efficient as domestic transactions.
Speaking about the new service, Michael O’Neill, SEPA regulation Programme Manager at IPSO commented that “The service will provide customers with an efficient and accurate conversion service while ensuring complete compliance with SEPA regulation standards. When selecting a vendor to provide this service, Sentenial’s experience and mature products made them the obvious choice.”
The SEPA regulation introduces unified formats and standards, customers will use BIC and IBAN instead of a NSC and account number when making electronic payments.
Sean Fitzgerald, CEO of Sentenial commented: “Sentenial is delighted to be working with IPSO to provide this service to Irish corporates. Now that the mandatory deadline for migration to the SEPA regulation has been set, it is vital for all corporates to begin evaluating their readiness for SEPA regulation. If approached correctly, the SEPA regulation can offer many organisations key business opportunities and a platform for European expansion.”