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SEPA Rulebook Changes November 2016

First published 21 November 2016


The SEPA rulebook changes that came into effect on 21 November 2016 were incorporated in EazyEFT v2.1.7.0 which was released on 25 July 2016. So if you are running v2.1.7.0 (or later) then there is nothing for you to do. You are already covered.

If you are running an earlier version, then you should visit our Downloads page to download and install the latest version.

From an EazyEFT point of view there are two particular changes to the rulebook that, even though they are entirely optional, all EazyEFT users should be aware of and these are outlined below.


1) Simpler use of sequence types FRST and RCUR

Under the new rulebook changes, creditors are no longer obliged to use FRST to initiate a first collection or to represent a rejected first collection.

Lir Software recommends however, that you continue to run EazyEFT exactly as you have been doing up until now. Let EazyEFT determine the transaction code to use for each customer and continue to send the file to your bank with a mixture of FRSTs and RCURs as you have always done.

Now you are probably thinking "But surely I will have to wait longer for my monies to settle if there are any FRST transactions in the file" and this would be the case, if the new rulebook changes did not also allow for shorter cycle timelines (as outlined below).


2) Shorter Cycle Timelines

Up until now, if your file only contained RCUR (or FNAL) transactions then the D-3 rule would apply (i.e. a minimum of 3 working days notice). If your file contained any FRST (or OOFF transactions) at all, then the D-6 rule applied (i.e. a minimum of 6 working days notice).

With the introduction of these new rulebook changes, creditors can (if they wish) take advantage of shorter cycle timelines. At this point it is worth pointing out that the new shorter cycle timelines differ greatly from bank to bank and as such, EazyEFT has no way of knowing what every single banks new shorter cycle timelines are.

To accommodate this (starting with v2.1.7.0) EazyEFT now allows you to configure the minimum days required and the cut off time specific to your bank. If you run EazyEFT and go into Set Up >> Company Maintenance you can now click on the new Configure Bank button as shown :-

Configure Bank Button

This will bring up the new Configure Bank Settings screen and from here you can specify the minimum days required and the cut off time specific to your bank as shown :-

Configure Bank Settings

Note : The example above shows the settings for Allied Irish Bank who now accept both FRST and RCUR transactions up to 16:00 (4pm) on D-2 (i.e. a minimum of 2 working days notice). Please refer to the table below for the appropriate settings for your bank :-

Configure Bank Settings

Important : The above are the settings as currently advised to Lir Software by the different banks and as such, are subject to change by each of the individual banks at their discretion. It is your responsibility to ensure any custom settings that you input into EazyEFT are in fact the settings applicable to your bank. If you are in any doubt then please check with your bank.

If your bank is not listed above and you have been informed by your bank of their new settings, then please let us know so that we can add them to the list.

If your bank is listed and their settings differ from those shown, then please let us know so that we can update the list accordingly.


So do I have to do anything ?

As mentioned above, the use of both the simpler sequence types and shorter cycle timelines is entirely optional. You can continue to use EazyEFT exactly as you have been doing up until now, using both FRST and RCUR transactions, and using the D-3/D-6 rule as you have always done. Nothing changes. Your files will still get uploaded and authorised as before and your monies will still settle on the Requested Collection Date that you specified.

In fact it may be the case, that your current work flow and procedures are based around the D-3/D-6 rule and cut off times that have existed up until now, so it may be more beneficial to your company to just continue as you are.

If on the other hand, you do wish to take advantage of, in particular the shorter cycle timelines, then just change your settings within EazyEFT as outlined in section 2) above.

If you have any further questions or queries in relation to these rulebook changes, or any other EazyEFT issues, then please contact our Customer Helpline number above, or email us at support2017@lirsoftware.com



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