Allied Irish Bank (AIB) is on track to meet the European Commission’s initial proposal to migrate to Single Euro Payments Area (SEPA) format by 1 February 2014.
According to AIB, 100% of its credit transfers volumes and 93% of its direct debit volumes are on schedule to migrate to SEPA format by 1 February 2014. Recently, the deadline was extended by six months until 1 August 2014.
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The extended deadline, however, will allow non-SEPA payment formats to be accepted by banks.
AIB payments head, Peter Vance, said AIB would like to thank its customers for their SEPA migration efforts and asks the small number of its customers who have yet to migrate to SEPA to maintain momentum and engagement with the bank.
Following the proposal by the European Commission, AIB has asked its remaining small number of direct debit customers to communicate with their software vendors and AIB’s SEPA team.
Vance said they will ensure that customers receive the best possible service and assistance for their SEPA migration.
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By GlobalData"Once AIB customers finish their SEPA migration process, they can avail of the benefits of the new SEPA payment schemes and refocus on other business activities from 1 st February for all customers who have completed the migration process," Vance added.
