Voca, the company that processes all direct debits and over 90% of salaries in the UK on behalf of its principal customer BACS Payment Schemes Limited delivered the most significant part of the company's technology renewal programme to date.
All of the clearing banks in the UK are now live on Voca's new Reference Data 1.0 service. The service centralises processing databases of banking information to streamline transactions and reduce costs. Benefits to banks include administrative savings, faster access to payment information online, for the first time, and a significant reduction in exception reports which are an unnecessary business cost.
This is the largest release in Voca's technology programme to date. The new innovative infrastructure is modular, scaleable and functionally flexible enough to be used across multiple European processing Schemes and volumes. To deliver it on time this implementation stage was expertly supported by the banks' internal teams working with Voca staff and its technical partners.
A second milestone was achieved with the management information (MI) and charging system going live. This new management information reporting system greatly improves the delivery of data to banks and their ability to mine the data for business critical information.
These releases took place at the same time as Voca's daily processing volume reached a new daily high of 72,077,603 items which were cleared without incident or impact on the renewal programme.
The next release planned for Q4 2005 will deliver more new functionality including the bulk collection of reports, to streamline payment processing for large organisations such as telecommunications companies. Over the remainder of the programme, Voca will deliver further functionality and updates to Reference Data, but on a smaller scale.