FRIDAY 1ST MAY 2015 – SEPA PAYMENT PROCESSING RESTRICTIONS

The Banking & Payments Federation Ireland (BPFI) has issued a customer payments notice in light of Friday 1st May 2015 being a European Bank Holiday.

Friday 1st May 2015 is a European Bank Holiday; the Euro payments clearing and settlement system will be closed. Although Irish banks are open for business on the 1st May 2015 it is not possible to exchange payments with other banks. In addition Monday 4th May 2015 is a bank holiday in Ireland. SEPA Credit Transfer Bulk Files submitted with a debit date of Thursday 30th April 2015 or Friday 1st May 2015 may not be with the beneficiary bank until Tuesday 5th May 2015.

Employers due to pay wages on Friday 1st May 2015 may wish to submit their payments early to ensure beneficiary accounts are updated (credited) on Thursday 30th April 2015.

For further details on Euro payments processing over that weekend please check with your own bank.

Posted byAudrey MooneyinPayroll Software