Over €95 million has been paid to milk suppliers

Over €95 million has been paid to milk suppliers around 10 days early under Glanbia Co-op’s new twice-monthly payments system.

Around 50% of the payment due to milk suppliers for June milk was paid into bank accounts in recent days. The June interim payment remittance statement is now available online within the “My Account” are of GlanbiaConnect.com. Details below on how to access.

The remaining balance due to milk suppliers will be paid on Monday, 25th July.

Milk suppliers are advised to check their banking arrangements to ensure a smooth transition to the new process. Some milk suppliers may need to consider adjusting the timing of some of their deductions or make some changes to their banking facilities in order to align with the new schedule.

Depending on the number and type of transactions going through your current account and their schedule within the month, the following may need to be reviewed:

• The date on which a standing order is deducted can generally be amended by the customer though online banking, at a kiosk in a branch or by talking to your bank’s customer service centre;
• You may wish to change the date on which direct debits take place for third-party bills such as utilities, insurance and other services – these would need to be changed at source by contacting the company that is deducting the payment;
• Loan agreements – if you need to change the date of a loan repayment, you should contact your local branch, or your bank’s relationship manager.
• In many cases, reviewing the working capital facilities (eg overdraft or seasonal facilities) in place on your current account may be the only action required.

How to access your interim payment remittance statement online

1. Log into the secure “My Account” section on www.glanbiaconnect.com

2. Your interim payment remittance statement can then be located by selecting “Milk Supply >> Milk

3. Statements” from the dropdown menu in “My Dashboard”

4. You can download and view your interim payment remittance statement from this page

Payment calendar

Read more on preparing for twice-monthly milk payments here…