Banking and Payments Federation Ireland is urging small and medium sized businesses that have their current accounts with Ulster Bank and KBC to take action, as the two banks prepare to leave the Irish market.
The latest figures from the Central Bank show that 23,000 business current accounts were still open with the exiting banks at the end of last month.
Today, BPFI is hosting a roundtable with business representative bodies and stakeholders to strengthen the coordinated approach for business customers moving accounts and to make sure SMEs are supported throughout the process.
"There has been significant progress made by the industry in transferring hundreds of thousands of customer accounts over the course of the year, including more than 63,000 business current accounts," said Brian Hayes, the chief executive of BPFI.
"There is undoubtedly still a lot of work to be done, especially in the migration of SME customers," he added.
Mr Hayes called on businesses who have yet to take action to do so as soon as possible.
He said the account transfer process can be longer and more complex for business customers than it is for personal customers.
"While some businesses may just require a straightforward account with an online business banking capability and perhaps a deposit account, more businesses will require cash management facilities or payment facilities," he said.
"Of particular importance for a large portion of businesses is to ensure that credit facilities such as overdrafts, loans or credit cards are put in place, as these do not automatically transfer to a new provider and may require some time to establish," he added.
BPFI has also published its top tips for businesses moving bank account, which highlight the key steps businesses need to take to help make the process of moving account as straightforward as possible.
