SEPA XML Bulk File Submitters of Direct Debit and Credit Transfer Instructions
In the event of a ‘no-deal Brexit’ the UK will not be considered as a member of the EEA (European Economic Area) along with countries outlined below and therefore will be subject to the enhanced requirements of Funds Transfer Regulation.
This means that if you are a SEPA Originator of bulk XML Direct Debits or/and Credit Transfers it will be mandatory from November 1st that the ‘Payer Address’ must be provided for any Credit Transfer to the United Kingdom or Direct Debit collected from the United Kingdom.
Funds Transfer Regulation:
It is mandatory under the Funds Transfer Regulation that the following information is provided for successful processing of your cross border payments to non-EEA countries, which will include the United Kingdom, in the event of a ‘no-deal Brexit’. From November 1st if the Payer Address is not provided this will result in payments being rejected.
| Direct Debits |
The Debtor Address is mandatory in the PAIN.008 file for any payments where the Debtor Bank is located in the following Non EEA Countries/territories |
- United Kingdom
- Switzerland
- San Marino
- Monaco
- Mayotte
- Jersey
- Guernsey
- Saint-Pierre-et-Miquelon
- Isle of Man
- Andorra
- Vatican
|
| Credit Transfers |
The Originator Address is mandatory in the PAIN.001 file for any payments where the Beneficiary bank is located in the following Non EEA countries/territories |
| In the case where a Brexit transition agreement is reached, no changes will be required for the moment |
Should you have any queries or require further information please contact the Business On Line Customer Care team by emailing business.online@boi.com or call 1890 818 265.
Many thanks,
Bank of Ireland
