The Single Euro Payments Area (or SEPA) is an EU initiative that will change the way euro electronic payments are processed across Europe. It means that making payments to any SEPA Zone country will be the same as making a payment within Ireland. So whether paying your gas or electricity bill here in Ireland or paying for something you purchased in Europe by Direct Debit, the process will be the same.
From 1st February 2014 an International Bank Account Number (IBAN) and a Bank Identifier Code (BIC) will be required to make / receive euro electronic payments.
Prior to 1st February 2014 you may be asked to provide your IBAN and BIC when setting up new direct debit mandates.
From 25th November 2013, Bord Gáis Energy will be using IBAN and BIC to set up direct debits. However, if you have a direct debit set up with us, you don’t have to do anything. We will automatically update your details with IBAN and BIC to make sure your payments won’t be affected.
IBAN stands for International Bank Account Number. It contains your Bank Account Number and a new code so that your bank account can be used throughout the EU.
BIC stands for Bank Identifier Code. BIC codes are specific to each bank within the EU (replacing sort codes). They can be found on your Bank statement or can be requested from your bank.
Know where you can find your IBAN and BIC. These numbers are generally available on your bank account statements.
The Irish Payment Services Organisation website has a handy tool to help you generate IBAN and BIC codes for any existing bank http://www.ipso.ie/section/ipsosepaservices