A new era began this month with the introduction of SEPA across Europe and although an extension has been provided to allow some countries and companies finalise their preparations Jefferson Payroll has kept to the original target date of 1st February 2014.
A warning however...
While SEPA will introduce great benefits to all e.g., cross-border payments, it has affected when funds are reported or lodged to individual accounts (certainly in Ireland).
Consequently, employees may receive payment to their bank accounts later in the day than they did in the past.
The timing of credits to accounts varies across banks but we have been informed that funds will usually be available before lunchtime and will definitely be available by close of business on the payment date. This is despite employers (or payroll bureaus) uploading the bank payment file within the deadlines provided. If you have any queries regarding this, you should speak with your bank directly.
Jefferson Payroll are now live for SEPA with the following institutions:
- BNP (Banque National de Paris)
- Danske Bank
- BAML (Bank of America / Merril Lynch)
- Barclays Bank
- Ulster Bank (RBS)
In the case of BOI (Bank of Ireland) they are carrying out the SEPA conversion for now and we will keep you updated on their SEPA readiness.
File Only Banks
Jefferson can provide you with SEPA format files only, if you bank with JP Morgan Chase or Citi. You must upload them on your software as neither these banks have a bureau facility for us to upload on your behalf.
In addition, and as part of SEPA roll out, it is a requirement that bank charges in respect of cross-border payments (up to €50,000) to other member states shall be the same as the charges for corresponding national payments.
If you have a large number of European employees in your company we would be happy to talk to you about your payroll and SEPA payment requirements.
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