Albany Software, the UK's leading e-transactions software author, has today received approval under the Bacs Approved Software Service (BASS) for its new product, Albany ePay.
Albany Software is the first in the payment software industry to achieve BASS approval for a Faster Payments Secure-IP software product.
This stringent BASS approval process includes thorough testing of the software by VocaLink on behalf of Bacs and also involves crucial feedback from other integral financial bodies including APACS and CHAPS. This complex testing process ensures that all software achieving BASS approval meets the agreed standard for handling payment data securely and works smoothly with both the Bacstel-IP and the Secure-IP connectivity channels.
The Secure-IP service for the submission and immediate payment of a file of Direct Credits such as payroll and supplier payments will be rolled-out initially by Barclays Bank in June 2009, and Albany Software is working closely with them on this project.
Albany ePAY enables advanced payment functionality with increased speed and performance for effective Cash Flow Management, allowing businesses to choose between sending payment files via the traditional Bacs three-day payment cycle, or the same day payment model, Faster Payments. Albany ePAY focuses on speed, performance, automation, usability and the cost effective management of payments. It eradicates the need for rekeying of data and facilitates reporting, streamlining business processes and saving time and costs. The intuitive and easy-to-view dashboard facility within the user interface affords clear visibility of cash flow.