As you may or may not know, the Single Euro Payments Area (SEPA) is an EU initiative designed to change the way electronic payments are processed in Europe. It basically means that making a payment in any SEPA Zone country will be no different to making a payment in Ireland.
Does it affect me?
For existing Direct Debit customers, everything stays pretty much the same, other than you will have noticed that you no longer have the traditional sort code and bank account number. Instead, you now have a BIC and IBAN. As of October 26th, we will automatically update your details on eFlow.ie, so you don’t have to do anything.
For new customers to eFlow, as of October 26th, you will need your BIC and IBAN to set up a Direct Debit with eFlow. You will get these numbers from your bank statements or you can go to Banking and Payments Federation Ireland to help you generate your new codes.