Banking & Payments Federation Ireland (BPFI) is advising consumers and businesses that the European May Day holiday on Friday May 1 means that electronic euro payments on that day may be subject to delays.
Businesses paying wages, salaries or suppliers are urged to submit payment requests in advance.
“This year, European May Day falls on Friday May 1 and European institutions, including the European Central Bank, which operates the banking settlement system across Europe, will be closed,”
Rachel McMahon, Manager of Payment Schemes at BPFI, explained.
“While banks are open in Ireland on that day, some electronic euro payments cannot be made to bank accounts in Ireland or anywhere else across Europe. Given that this will be followed by a bank holiday in Ireland on Monday May 4, anyone expecting a euro payment into their bank account on May 1 may not receive it until Tuesday May 5, “she adds.
BPFI is advising consumers, and particularly businesses paying employees or suppliers, to allow additional time for payments to reach the recipient.
It said that employers who normally pay weekly wages into employees’ accounts on a Friday, or monthly salaries on the first of the month, are advised to submit their payment requests to their bank by Wednesday April 29 so that employees receive their funds on Thursday April 30.
Standard payment processing cycles will resume from Tuesday May 5.
SEPA Instant payments can be made 24 hours a day, any day of the year, and are unaffected, however, BPFI added.
