If you have had money debited from your account unexpectedly....

Tuesday 14 April 2020

If you are a bank customer who has had funds withdrawn from your bank account and the reference is "SEPA DD", this information may be of use to you.

Bank of Ireland display the description "SEPA DD" on their Banking Online system for all direct debits on the day the debit is first processed.  The next day they display the name of the company who debited your account.  If you do not know who debited the account you can either wait until the next day and check online, or you can phone your bank to get details.  

PLEASE NOTE: It is not our company which debited your account.  "SEPA DD" is just the name of a type of direct debit transaction.

ALSO NOTE: if you are unhappy that the money has been debited from your account, you have up to 8 weeks from the date of the transaction to request your bank to obtain a refund of the money.  This is one of the rules associated with SEPA Direct Debit payments.

BIC Becomes Optional in SEPA XML Files from 1st February 2016

Sunday 10 January 2016

As of 1^st February 2016, it will no longer be mandatory for customers to provide a BIC for SEPA transactions.

Currently, for SEPA Payment files, both the BIC & IBAN are mandatory in the file.

From February 2016, only the IBAN will be mandatory and the BIC will become an optional field.

What steps do you need to take?

If you wish to continue providing the BIC as part of the file information, you will not have to make any changes to your file format and your payment files will be processed as normal.

If you choose not to provide the BIC for all or any of the transactions, you will need to make changes to your file format.

Our SEPA DD System handles both situations.

Please contact us today if you wish to upgrade your version of the SEPA DD System for free.

Contact [email protected] or call our SEPA team on 021-497-9817

1 Month Try-Before-You-Buy offer

Monday 15 December 2014

It has come to our attention that a number of companies and clubs are considering changing their service supplier due to various reasons - cost / lack of flexibility / inability to cater for the removal of the IPSO account conversion facility / etc.  We offer such organisations a 1 Month try-before-you-buy option to allow you see how flexible our product is and to allow us show you the quality of our customer support.  This offer is IN ADDITON to our offer of 50% discount where the number of transactions is less than 50 per month (or 600 per annum).

IPSO confirms SEPA extension for Ireland to 31 March 2014

Tuesday 21 January 2014

IPSO today advised that the extension for implementation of SEPA for banks in Ireland is 31st March 2014.  This provides two additional months beyond the original completion date.  From this date the old Direct Debits and Credit Transfer facility will be withdrawn.

EU extends transition date to 1st August 2014

Thursday 9 January 2014

The Internal Market and Services Commissioner Michel Barnier today confirmed that due to lower than expected transition rates and in order to ensure a smooth transfer to SEPA, an additional 6 months transition period would be allowed whereby businesses can continue to submit legacy format files where their bank allows such a facility.  Business availing of this extension will not receive the benefits offered by SEPA.  No extension beyond 1st August 2014 will be permitted. 
Business Software Solutions recommend that all businesses continue to migrate to SEPA compliance as soon as possible and are happy to make this transition a straightforward process for businesses.

SEPA SDD Business Service

Monday 25 November 2013

In order to cater for concerns among business in relation to the 8 week recall capability in the SEPA Core service, from 1st December 2013 a new "SEPA Business Service" will be available among Irish banks.  This involves the withdrawal of the 'no questions asked' right of refund for authorised transactions for business to business transactions where both parties agree to such a waiver. To participate in this service the creditor must:

• Require each of their business debtors to complete a Debtor Confirmation where debtors will waive their right to the 'no questions asked refund' for authorised transactions and confirm they are a business customer.
• Request a new Creditor ID for the SEPA Business Service which will be a unique range commencing with 111 (3 ones) to support identification of SEPA Business Service transactions.
• The Creditors Name on the SEPA DD XML file must be preceded by 'B8S' on each transaction on the XML file to identify the transaction as a part of the SEPA Business Service.
• Check that the Debtor's Bank has agreed to participate in the SEPA Business Service.

Working solution agreed to business concerns over 8 week recall

Friday 25 October 2013

Today we received confirmation by a representative of The Central Bank of Ireland that a solution has been agreed between the banks, IPSO, The Central Bank of Ireland and other interested parties to address business' concern over the ability of the debtor to recall up to 8 weeks direct debit transactions.  This has been a significant concern to businesses, particularly in the B2B area where large sums may be involved.

It would appear that the solution involves a side agreement between the debtor and the creditor (to be signed by the debtor) where the 8 week recall capability will be waived.  This will only apply to B2B customers - i.e. it will not apply to consumers.  The banks are aware of this agreement and are working internally to identify the implications from a procedural and technical perspective.  They must also figure out how it will be communicated to staff throughout the branch network and with their customers.

If you have a particular concern over this issue, it is recommended that you contact your bank's SEPA co-ordination section and ask to speak to an appropriate person to understand what is required by the originator.  Business Software Solutions will be able to accomodate whatever technical changes may be required by each bank to implement this arrangement.

New customer to process over 50,000 debits monthly

Thursday 3 October 2013

We have agreed the implementation of our SEPA Direct Debits Converter system to a large processor of direct debits who is not in a position to change their current software platforms.  This company generates over 50,000 transactions per month and required a solution which allowed them generate the XML file to be uploaded to their bank.  With no limit on the volume of transactions which can be processed, Business Software Solutions provided this solution, saving our customer considerable time and money.

Work ongoing to address business concerns regarding 8 week recall capability

Wednesday 25 September 2013

One of the major concerns of businesses in the changeover to SEPA is the additional risk being introduced where customers have the automatic right to a refund of direct debit payments for up to 8 weeks after the collection date.  This is particularly true in the case of Business To Business transactions where the value can be quite large.

The aim of the 8 week recall feature is to encourage the consumer to avail of direct debits where the banks no longer check individual mandates when a first direct debit from an originator is processed.  This provides a degree of confidence to the consumer that they are protected if an originator makes a mistake when debiting funds.

The problem in Ireland is largely due to the fact that the Irish banks are only implementing the "Core" version of SEPA and are not implementing the "B2B" version.  The core version automatically provides the debtor the 8 week recall capability.  The banks, IPSO, The Central Bank and business representative organisations are very aware of some business' concerns over this issue and the considerable additional risk this introduces.  At a meeting hosted by the Cork Chamber of Commerce today, the representative of the Central Bank confirmed that the various parties have been working on a solution for this which can apply in the Irish market.  It is hoped that a solution will be agreed within the coming weeks.  

Business Software Solutions will keep in contact with The Central Bank and will put information on this news feed when we hear of any progress on this matter.

SEPA Credit Transfer system available

Tuesday 10 September 2013

Business Software Solutions now offer a SEPA compliant Credit Transfer system to allow businesses pay suppliers through the uploading of a file to their bank.  This easy to use system allows the amounts to credit suppliers be entered on the screen or imported from a file.  A 50% discount is offered to existing customers of Business Software Solutions.

SEPA Direct Debits Website Launched

Thursday 14 March 2013

As one of the earliest developers of a Direct Debit software system for the SEPA standard, Business Software Solutions launched the website www.sepadirectdebits.ie as a resource for businesses and organisations preparing for the introduction of SEPA.  It aims to provide practical information which will assist in planning the conversion from legacy systems.

Payment Services Directive Transposed Into Legislation

Sunday 1 November 2009

The Payment Services Directive was transposed into legislation in Ireland and across the EU.  This facilitated the introduction of  SEPA, an EU initiative to streamline payments within the Single Euro Payments Area comprising the 27 EU member states plus Norway, Switzerland, Iceland, Monaco and Liechtenstein.  This will allow consumers transact debit and credit transactions within these 32 countries as easily as within their own country. Through the use of the BIC and IBAN numbers for identifying bank accounts, transactions can be processed seamlessly between banks in different countries.  All Euro countries are required to retire legacy direct debit and credit transfer systems by 1st February 2014.