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IPSO, the Irish Payments Services Organisation Limited has announced March 31st as the SEPA deadline for compliance. This announcement comes on the back of the extension of the original February 1st deadline. The February deadline had been extended until August by the EU. The EU was effectively forced to extend the deadline as only accepting SEPA transactions would have crippled commerce in the European Union due to lacklustre migration. However, Ireland’s migration rates to SEPA are high with 95% of payments compliant by February 1st per IPSO. This prompted the organisation and its member banks to announce a SEPA deadline of March 31st.

The Single Euro Payments Area (SEPA) comprises the 28 EU member states, as well as Iceland, Liechtenstein, Norway, Switzerland and Monaco. It is an area within which you can make and receive payments in euro, under the same basic conditions, rights and obligations, regardless of their location, whether between or within national boundaries.
SEPA is designed to speed up the processing of transactions across the EU, in particular in transactions that cross borders. The benefits of this are to be seen by consumers and SME’s in particular. However, major disruptions could be caused to your business if you are not SEPA compliant by the March 31st deadline as payments may not be processed by IPSO member banks.

So make sure you and your business has migrated before the SEPA deadline. For everything you need to know you can check out Big Red Cloud’s SEPA resource or if you have any questions about SEPA compliant accounting software please don’t hesitate to contact us at 01-2048300

Marc O'Dwyer

After completing a Graduate program in Marketing, Marc’s impressive sales career began at Allied Irish Banks, Pitney Bowes and Panasonic where he received numerous Irish and European sales performance awards and consistently exceeded targets and expectations. In 1992, Marc’s entrepreneurial spirit led him to set up his own business, Irish International Sales (IIS). Initially, this company was a reseller for Take 5 Accounts and Payroll software. Within four years, IIS became the largest reseller of Take 5 in Ireland, acquiring four other Take 5 resellers. He also found time to set up two mobile phone shops under the Cellular World brand and a web design company offering website design services for small businesses. In 2001, he bought the majority share in a small Irish software business, Big Red Book. At that time, the company was losing money. The company became profitable within two months, and Marc then acquired a payroll company to compliment Big Red Books Accounting products. In 2003, IIS were appointed as Channel Partners with SAP for their new SME product, SAP Business One. Marc sold his Take 5 business and concentrated on developing this new market for SAP As a result, by 2007, IIS was recognised as the largest Channel Partner for SAP in EMEA (Europe Middle East and Africa). In 2008, the IIS Sales Manager bought the Company from Marc in an MBO. He launched Big red cloud in June 2012, the online version of big red book, to date the company successfully converts 59% of trials into sales and the number of customers is growing rapidly. Marc continues to run both Big Red Book and Big Red Cloud which now support 75,000 businesses. He is a very keen sportsman, having played rugby for 20 years, represented Leinster at under 16 and under 20 levels, and league squash with Fitzwilliam Lawn Tennis Club for 10 years. Marc has competed in 11 Marathons, including the London and Boston Marathons, and has completed several Triathlons and Half Ironman races. He has also completed six Ironman Races in Austria(x2), Frankfurt (Germany), Nice (France) , Mallorca (Spain) and Copenhagen (Denmark)