Albany Software has today announced that it is the first in the UK payment software industry to launch a payment service, in association with The Royal Bank of Scotland Group, which allows the bank's business customers to choose between making timely electronic payments either on the same day or the next day any day of the week, as well as a three-day payment in the usual five-day business week.
The Albany ePAY product is approved for both Bacstel-IP (Direct Credit and Direct Debit transactions) and for Faster Payments (Direct Corporate Access). It now also works alongside RBS and NatWest "Bankline" to enable business and corporate customers to send bulk payment files from their back-office accountancy and payroll systems not only via the traditional Bacs three-day payment cycle but now also via the RBS Group Faster Payments service.
This new service, for the submission of same day or next day Faster Payments such as payroll and supplier payments, has been successfully piloted with Mulholland Contracts Ltd, the civil engineering and groundworks contractor, which banks with RBS and is also a long-standing Albany Software customer.
Adrian Stafford-Jones, Managing Director, Albany Software, comments,,"We are delighted to be working with The Royal Bank of Scotland Group on this project. We are particularly happy to announce that all Bacstel-IP users who also use RBS Bankline or NatWest Bankline - including nearly 3,000 Albany / RBS Group customers - will now be able to integrate their accounting, payments and internet bank software to submit a variety of type and speed of payments."
Gavin Maclean, Faster Payments Product Manager, RBS Group comments, "We are pleased to be able to provide this additional feature to our successful "Bankline" service. We believe this will meet the particular payroll needs of those employers and staffing agencies who have a cross-section of types of employees including part-time, temporary and contract staff, as well as those businesses needing to make numerous faster payments each day."
Kevin Breen, Chief Financial Officer, Mulholland Contracts Ltd, comments, "Albany was aware of our keenness to use such a service, so we jumped at the opportunity to pilot this with RBS. The particular benefits to us have been the true flexibility of having access to the different payment method cycles, giving us tthe ability to send payments via the traditional three-day Bacs cycle as well as in near real-time, all from within the Albany ePAY solution. In addition we expect to see significant cost savings in relation to other payment methods."
Stafford-Jones concludes, "We are excited to see an increased uptake in the Faster Payments Service from bank providers. The Royal Bank of Scotland Group recognised the growing interest in the faster payments offering, particularly from their corporate customer base. With the sustained development of faster payments, coupled with an intelligent software solution like Albany ePAY, businesses can take advantage of same-day payments that can facilitate efficiency savings, improve cash flow management and minimise additional charges associated with late payments. By working with banks like RBS, Albany Software continues to help businesses unlock the benefits of near real-time payments."