The Single Euro Payments Area (SEPA) is due to come into effect in Ireland from the 1st of February 2014. This means that all companies including S.M.E.\u2019s sole traders and those working in the accountancy industry need to know about SEPA and ensure that their business\u2019s and client accounts are fully compliant with all areas of the legislation in order to ensure that business operations are not adversely effected by the changeover.<\/p>\n
SEPA is basically going to standardise financial payments across the member states of the European Union. SEPA will make the entire process of transferring money across countries more streamlined and efficient. It is also going to have major implications for the way in which companies pay their employees as well their suppliers and contractors.
\nThe Central Bank Of Ireland has produced this SEPA migration guide which is something anyone involved in business in Ireland should read in order to gain an overview of the entire SEPA process and the effect that it is going to have on Irish companies in the coming months and years.<\/p>\n
The below graphic from the report highlights some key changes that SEPA will bring in the way in which money is transferred across Europe:<\/p>\n
This video which was produced by the European Central Bank explains in more detail how SEPA will affect those living, working and trading within Europe and highlights some of the basic features that will be contained within SEPA .<\/p>\n