Businesses must plan migration to new BACS

BACSTEL-IP, the new payment technology introduced by BACS, the UK’s automated clearing house, is now widely available, and BACS is urging UK businesses to plan their migration to the new technology with an approved software supplier. Over 50,000 businesses in the UK connect directly to BACS to make and receive automated payments, including all FTSE 100 companies. ”With so many businesses still to convert to the new payment technology, it is critical that companies liase with their bank and a BACS-approved software supplier to ensure they set a migration date to meet their business requirements,” says Nick Masterson-Jones, BACS IT programmes director. “Companies should begin to allow planning time and appropriate budget to adopt the new technology.” All businesses will need to upgrade to the new technology to send and receive automated payments, including direct debit or payment of employees’ salaries. Businesses that migrate early to BACSTEL-IP will immediately notice a number of new benefits, says the company. It uses Internet Protocol and PKI (Public Key Infrastructure) for security; connection processes have been streamlined, less payment administration and built-in payment history, which can be accessed online. There’s a hotline (0870 240 8138) for more information on migration and timings.