Notice from CUSOP to RoI Credit Unions on the May Bank Holiday Processing

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Notice from CUSOP to RoI Credit Unions on the May Bank Holiday Processing

Dear Credit Union,

 

The European Mayday Bank Holiday is on Friday 1st May and the RoI May Bank Holiday is on Monday 4th May this year.

As Friday 1st May 2020 is a European bank holiday (although a normal banking day in Ireland), payment files will not be processed by EBA Clearing as the European Payment systems are closed on that day. Therefore,  there will be no incoming files sent to credit unions on 1st May and any outgoing files forwarded by credit unions on that day will not be processed until the morning of the 4th May.

 

Monday 4th May operates as a normal Irish Bank holiday. Please see further details below:

 

Incoming Credits to Credit Union

 

April 30th (Thursday)

Normal transaction processing of incoming credits takes place.  CUSOP will deliver the afternoon payments to the Credit Union as normal.

 

May 1st European Bank Holiday (Friday)

European Payment system is closed – there will be no incoming credits to Credit Unions on the 1st May.

 

May 4th Irish Bank Holiday (Monday)

Banks, CUSOP and credit unions will be closed. However, as Euro payment systems are open, files will be delivered through the CUSOP system at the normal processing times in the morning  and afternoon.  

 

Outgoing Credits from Credit Union

 

April 30th (Thursday)

Transaction processing on the 30th of April will be normal for outgoing credits.  In the afternoon file, the settlement date should be 4th May.

 

May 1st European Bank Holiday (Friday)

CUSOP will be open as normal to take payments from Credit Unions, but these payments will not be processed until the morning of 4th May as the European Payment system is closed.  The settlement date for these payments should be 4th May.

 

May 4th Irish Bank Holiday (Monday)

Banks, credit unions and CUSOP will be closed. However, if any files are delivered to CUSOP (Friday evening, Saturday or Monday) they will be accepted subject to normal processing criteria.

 

 

Outgoing Direct Debits

 

                Outgoing Direct Debits should not have a processing date of 1st May, in accordance with scheme requirements.

 

 

The Banking and Payments Federation Ireland (BPFI) and the Banks are encouraging business customers to send payroll files out earlier, preferably on Wednesday 29th April . See link below which has been issued to the press and media by BPFI:

 

https://www.bpfi.ie/news/businesses-urged-avoid-payment-delays-wages-salaries-due-upcoming-european-may-day-holiday-friday-may-1st/

 

Your IT service provider has been given the information outlined above. If you have any queries in relation to this please do not hesitate to contact us.

 

2020-04-30T15:28:43+01:00 April 30th, 2020|Latest News|Comments Off on Notice from CUSOP to RoI Credit Unions on the May Bank Holiday Processing

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