IPSO’s New SEPA Business Service
With no Irish banks signing up to the SEPA B2B scheme and rising concerns from Irish Businesses as to the potential difficulties this may cause, the Irish Payments Services Organisation (IPSO) have come up with an interim solution called the SEPA Business Service. The main concern it addresses is the ‘no questions asked’ right of refund which Debtors can use up to 8 weeks after a debit is processed. This is due to the consumer nature of the SEPA Core Scheme. The SEPA Business Service will operate in the SEPA Core Direct Debit Scheme with the withdrawal of the ‘no questions asked’ right of refund for authorised transactions for business to business transactions. This means that if the Direct Debit satisfies the SEPA Business Service conditions it will not be refundable unless it can be proven that the Direct Debit was unauthorised.