Direct Debit Limited, the Bacs-approved payments-management software provider, today introduced a Faster Payments module for its PayCentre payments platform.
Customers can use the module to make Faster Payments via Direct Corporate Access (DCA).
The new Bacs-approved module allows businesses to take advantage of Faster Payments, which gives them another option for paying suppliers and employees. The module makes it easy to submit files to the UK's clearing and settlement mechanism, Vocalink, via Secure-IP, for same day clearing.
Using DCA, businesses with Barclays Corporate sponsorship can make individual payments of up to £100,000 and can submit files up to 11pm. Businesses using the DCA service must have Bacs-approved software, such as Direct Debit Limited's PayCentre, in place.
""We are very pleased with the considerable interest we are seeing for DCA, especially in light of the new longer payment submission window," said Marcus Bateman, Senior Product Manager, Corporate Payments Product, Cash and Trade, Barclays Corporate. "Barclays Corporate welcomes Direct Debit Limited as a supplier of Bacs-approved software for Faster Payments DCA."
PayCentre provides a single user interface for payment types including SEPA Direct Debit and Credit Transfer, credit and debit card, Direct Debit and Direct Credit, so customers don't need to maintain and support multiple systems. Businesses already making three-day payments with a smart card can use the same card for Faster Payments.
Faster Payments allows customers to make a payment within thirty minutes, when they bank with a member of Bacs. Companies can delay payment to the last minute if necessary, or they can use the scheme as a contingency. For example, a company that would usually make three-day payments for payroll, can make a later transaction if the payroll accountant is away.
Gerry Hill, Managing Director, Direct Debit Limited, said, "As businesses increasingly need to submit high volumes of payments files to be processed quickly, we are seeing more interest in software to make the Faster Payments process easier andd more flexible. It's great to be able to offer our customers this functionality through our PayCentre platform, which supports numerous payment types in addition to Faster Payments and DCA."