Central Bank contacts regulated financial firms over IBAN discrimination
Financial regulator said issue, where domestic financial services firm reject non-Irish IBANs despite it not being legal under Sepa, continues to arise in Ireland
The Central Bank of Ireland has written to a range of businesses, regulated financial services providers and professional representative bodies in Ireland in the hopes of stamping out IBAN discrimination in the country.
Under Single Euro Payments Area (Sepa) regulations, customers are entitled to make cashless euro payments to firms and individuals anywhere within the Sepa area with their IBAN. In practice, however, many domestic business and financial service providers hesitate to accept non-Irish IBANs.