UK clearing house Bacs has released detailed plans for the conversion of Bacstel to an IP-based service from 2003 onwards.
Bacstel-IP utilises Internet Protocol and Public Key Infrastructure (PKI) to create a new delivery channel for corporate payment submissions. The Bacstel software is currently used by over 40,000 companies to connect to BACS.
Martin Wilson, NewBACS programme director says that research among BACS customers has shown that three quarters of existing Bacstel users would switch to the new IP service as soon they are able to. "We have received a very positive reaction about the features and benefits of the new service," he claims.
The transition to Bacstel-IP will commence in 2003, with completion in 2005, says Wilson.
The introduction of Bacstel-IP completes the first of four stages of the NewBACS technology renewal programme, launched by BACS in February this year to meet growing demand for electronic payment services.