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Faster Payments
What are Faster Payments? | Who is involved in the Faster Payments initiative? | What will Faster Payments mean for Bacstel-IP users? | Account Validation | Who will benefit?
At the end of May 2008, the UK Banking Industry introduced a Faster Payments Service to allow consumers and business organisations to make same-day sterling payments.
What are Faster Payments?
This new initiative facilitates almost 'real time' payments via Bank Internet accounts, Telephone Banking services or via a service similar to Bacstel-IP using a 'Secure IP' network, for Bacs Direct Credit submitters (including Bacs Approved Bureaux).Who is involved in the Faster Payments initiative?
The faster payments initiative was a joint project between the Office of Fair Trading Payments System Task Force and UKPA. The VocaLink group is providing the IT Infrastructure for this new service. The scheme management for this new service is provided by CHAPS.What will Faster Payments mean for Bacstel-IP users?
The 'Secure IP' network will allow payments to be received by beneficiaries within seconds (up to a maximum of 2 hours) of being sent to VocaLink. It will operate during the usual 5-day bank business week, with payments being submitted by the senders to VocaLink between 03.00 to 23.00 Mondays to Fridays. The initial item / transaction limit is £10,000 (but this could be increased to £100,000 during 2010) and the file format for submissions will continue to be in the present APACS Standard 18.For organisations currently using the Bacstel-IP delivery channel (such as those using Albany's 'ALBACS' portfolio), the 'Secure IP' channel will provide an even faster way of making payments. The Bacstel-IP three-day processing service will continue to be provided for several years to come and will continue to be used to process Direct Debits, as the 'Secure IP' network will initially not provide this functionality.
Albany has developed and successfully tested with the banking industry, a 'Secure IP' compliant solution for the Faster Payments Service, including a fully compliant Bureau version. This has been integrated in to its new Albany ePAY solution. Our website will be kept up to date with details of this new solution. More on Albany ePAY »
Account Validation
Due to the immediacy of faster payments and the need for accurate data, it will become ever more important to use Albany's account validation solutions to verify bank sort codes and account numbers prior to the submission of payment files.Albany has a number of account validation solutions to reduce costs of failed submissions and improve data accuracy. Click here for more information.
Who will benefit from the 'Secure IP' compliant solution?
The new 'Secure IP' service will be of particular benefit for the following purposes:- Businesses making regular CHAPS payments.
- Payroll Bureaux wishing to pay wages and salaries with latest data - e.g. timesheets for weekly pay, overtime, or expenses.
- Businesses and Payroll Bureaux which miss the current Bacs 3 day cycle for payroll, and who then have to resort to relatively expensive CHAPS payments.
- Businesses sending urgent salary payments (e.g. for new staff).
- Corporate Treasurers / Finance Managers wanting to improve cash management and profitability either by making last minute business-to-business payments against known available funds, or making early / prompt payments to obtain discounts on prices.
- Local Authorities needing to make urgent benefit payments (e.g. housing benefits).
- Businesses which currently have their ERP / Accountancy / Back office systems integrated to make payments in the APACS standard 18 format.
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