Deputy Tom Hayes, the Junior Minister at the Department of Agriculture, is advising small and medium businesses in Tipperary to ensure they are SEPA compliant before February 1st 2014.
SEPA (Single European Payments Area) is an initiative within the 32 country European zone which will provide a common way of processing electronic credit transfers, payments and direct debits,. It will change the way euro electronic payments are processed across Europe .
The South Tipperary TD says it will mean that businesses can make and recieve payments seamlessly, collect a direct debit on any euro account or make a credit transfer to any euro account within SEPA.
He added that it will make banking systems compatible so that once a payment is made, or anybody in the thirty three country area makes a payment, its guaranteed to arrive in the benificary’s account the next day. Currently this could take up to six days.