Aug 2013



EMTS Credit Transfers V SEPA Credit Transfers

EMTS Credit Transfer Files require Bank Sort Codes and Bank Account Numbers.

SEPA Credit Transfer Files require Bank Identifier Codes (BIC’s) and International Bank Account Numbers (IBAN’s). Thesaurus Payroll Manager converts existing Bank Sort Codes and Bank Account Numbers to BIC’s and IBAN’s, users only need to obtain BIC and IBAN details for employees who require payment into Non Irish Bank Accounts.

With an EMTS Credit Transfer file the value date is the payment date, e.g. employees getting paid on the 16th of August the value date is the 16th of August. The file is uploaded with the value date of the 16th of August and the bank ensures employees are paid on that date.

With a SEPA Credit Transfer file users are required to enter a “Debit Date”, this is one business banking day prior to the day the funds are received. When paying employees on the 16th of August the Debit Date on the file needs to be the 15th of August and the file must be uploaded on or before the 15th of August.

Another big change, with SEPA Credit Transfer Files funds are required to be in your account one day earlier i.e. on the “Debit Date”. The bank will secure funds on the “Debit Date” so there must be cleared funds in the account. If there aren’t cleared funds in the account on the “Debit Date” you will be required to lodge funds to the account and resubmit the file. 

Posted byAudrey MooneyinPayroll SoftwareSEPA