BACS Payment Schemes Limited (BPSL), the UK's automated payments industry body, today announced the successful migration of more than one fifth of its' direct submitters to BACSTEL-IP, the new IP based delivery channel.
The growth in migration numbers to the fully online BACSTEL-IP channel demonstrates companies are starting to take advantage of the new internet-based system ahead of the deadline for the retirement of the current BACSTEL system at the end of 2005.
BACSTEL-IP offers businesses enhanced functionalities including electronic reporting, enabling automation of paper-based processes and same day error resolution with an opportunity for resubmission for time critical payments. Control is increased through being able to monitor payment progress and maintain contact details in real time, on-line. All connections are brought together into a single format, streamlining previous processes and systems and security is heightened, with BACSTEL-IP utilising a highly innovative PKI (Public Key Infrastructure) technology - one that for the first time allows the deployment of digital encryption on certificates issued under multiple trust services.
Michael Chambers, Managing Director of BPSL said: "The migration of more than twenty per cent of our direct submitters represents a significant achievement for BACSTEL-IP, as it continues our proud tradition of delivering reliable, cost-effective and increasingly easy-to-use services to our customers. However, although the migration of all UK businesses who use automated payments is now clearly well underway it is vital that companies understand the deadlines to ensure their business migrates in time - or they will have to imagine returning to cheques to pay salaries or suppliers."
All X400 electronic messaging users must be fully migrated by the end of March 2005 and all other users, around 35,000 businesses, by the end 2005 at which time the current system will be switched off.
Businesses should contact their bank or suppliers of BACS approved software for help and advice with their migration. It can be a lengthy process so planning ahead is vital.