Mar 2013
19
SEPA
No doubt you will have heard the adverts for SEPA which comes into being next year. SEPA basically enables electronic payments to be made within the Single Euro Payments Area for the same price as a local payment. It means that any of your employees who have non Irish bank accounts within the SEPA area can ask that their wages be paid to that account.
There are one or two things you should know about how Thesaurus Payroll Manager will handle SEPA. Although BICs and IBANs are required for the SEPA electronic file, you will not have to input these as Thesaurus Payroll will be able to convert existing branch codes and account numbers. Therefore you can continue to use local branch codes and account numbers unless the employee has a non Irish bank account.
There are slightly different SEPA file formats depending on your bank. The software will automatically know (from your own branch code) which bank you are paying from and prepare the appropriate file for that bank.
We expect to have SEPA functionality included in our mid year (LPT) upgrade.
