Creditor Payments

Creditor Payments is an efficient, secure and cost effective method of paying suppliers electronically directly into their bank accounts in the Republic of Ireland.

How Creditor Payments work:

• You can transmit your Creditor Payments file via iBusiness Banking
• The cost of automated Creditor Payments is as follows: 5c per transaction or a minimum of EUR6.35 per month
• Payment cycle covers two working days
• Day 1: Deadline for transmission to AIB is 14.00
• Day 2: Entries passed to both Company and Creditors Accounts

Benefits of Creditor Payments:

• More cost effective than issuing cheques or cash to suppliers
• Reduced account reconciliation and administration
• Payment narrative can be sent with payment and will appear on your creditor?s bank statement
• Cleared available funds are credited to the suppliers/creditors

Your next steps will involve:

• Check that your accounting system has the facility to create electronic payment files
• Contact your relationship manager to find out more about Creditor Payments

Please note that prior to going live on Creditor Payments, iBusiness Banking will need to be activated

Disclaimer Notice

Please note that the provision of this product or service does not require licensing, authorisation or registration with the Central Bank of Ireland and, as a result, it is not covered by the Central Bank's requirements designed to protect consumers or by a statutory compensation scheme.

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