On 7 March 2019, the released its choice paper on Brexit and United Kingdom (UK) payment provider’ () involvement in the Single Euro Payments Area () payment strategies. The Board authorized the application from UK Financing for the ongoing involvement of UK in the payment plans in case of a “no-deal Brexit”.
If a “no-deal Brexit” takes place on 31 October 2019, the UK would leave the European Union () immediately without a transitional period. As a result, consumers, business and public bodies would have to react immediately to the various changes developed by a “no-deal Brexit”. However, as mentioned above, the UK would keep its participation in the payment strategies.
From the payments point of view, in case of a “no-deal Brexit”, considering that 1 November 2019 the UK will have to be considered as a non-European Financial Location () nation like presently Andorra, Guernsey, Island of Person, Jersey, Monaco, San Marino, Switzerland and Vatican City State.The strongly encourages all payment plan individuals to perform without hold-up the list listed below recommendations to guarantee an ongoing smooth processing of cross-border payments involving a UK-based plan individual in case of a” no-deal Brexit “scenario. deals to be
executed or settled given that 1 November 2019 including a UK-based plan participant need to include: For Credit Transfer() and Instant
Credit Transfer () guidelines from the Begetter: The complete address details of the Producer. Both rulebooks identify that the characteristic AT-03′ Address of
the Pioneer’ need to be used all offers when either the Begetter Bank or the Beneficiary Bank is based in a non- country or territory.The Manufacturer Bank need to consist of the complete address details of the Begetter in each interbank
cross-border and deal when that deal consists of a UK-based/ scheme person as either the Manufacturer Bank or the Recipient Bank. The BIC code of the Recipient Bank when the Begetter Bank plainly demands this info element from the Manufacturer.
- Not every-based Originator Bank might be technically able to derive the BIC from the IBAN of the Recipient when this IBAN is held at aUK-based
Beneficiary Bank. Likewise, a UK-based Begetter Bank might no longer have the ability to process’ IBAN-only ‘and standards solved to- based Recipient Banks.Therefore, all and plan individuals in the UK and the need to alert their consumers that as a Recipient, as a preventative step, they mention both their IBAN and the corresponding BIC
on their billings or in another communication fixed to the Begetter when either the Recipient or the Producer uses an IBAN managed by a UK-based strategy participant.For Direct Debit( )Core and Business-to-Business (B2B) collection files from the Creditor: The complete address info of the Debtor. Both rulebooks determine that the quality AT-09′ Address of the
Debtor’ require to be attended to all collections when either the Financial institution Bank or the Debtor Bank
- is based in a non-country or area
. The Lender Bank need to request its Loan provider customers to include the complete address information of the Debtor in each cross-border collection when that deal involves a UK-based plan individual as either the Creditor
Bank or the Debtor Bank. The BIC code of the Debtor Bank when the Lending institution Bank clearly demands this information element from the Creditor. Not every -based Financial institution Bank may be technically able to acquire the BIC from the IBAN of the Debtor when this IBAN is held at a UK-based Debtor Bank . Likewise, a UK-based Lender Bank may no longer be able to process ‘IBAN-only’ collections
addressed to- based Debtor Banks.Therefore, the Lender Banks concerned need to notify their Creditors that, as a preventative measure, they offer the Lender Bank with the BIC of the Debtor Bank when the Banks Bank itself or the Debtor Bank listed in the collection is a UK-based plan participant.The absence of these extra deal details might result in R-transactions from the strategy participant getting the payment message, i.e. the Recipient Bank in case of and standards and the Debtor Bank in case of collections (or from their specific cleansing and
settlement partners in the interbank location). Because of that, the highly recommends each plan individual to recognize as soon as possible its customers with inbound and outgoing cross-border offers consisting of both a UK and an payment account, and to alert all consumers worried about the requirement to provide these additional offer data in case
of a” no-deal Brexit” as from 1 November 2019( as execution or settlement date). strategy individuals with concerns on the above are invited to get in touch with the relevant National Adherence Support Organisation (NASO) or the straight. Source