November 2008

Albany ePAY is the first financial software product to successfully complete bacs testing for faster payments approval

Albany Software, the UK's leading e-payments software author, has announced its new product, Albany ePAY, has successfully completed the testing phase of the Bacs Approved Software for Faster Payments service. Albany ePAY is the first payments solution to have successfully fulfilled this stage of the Faster Payments approval criteria laid down by Bacs.

Albany ePAY, launched at this year's SIBOS event in Vienna, enables advanced payments management with increased speed and performance for effective Cash Flow Management, allowing businesses to choose between the traditional three-day payment model, Bacs, or the same day payment model, Faster Payments, which will become available in mid 2009. Albany ePAY 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.

All software suppliers offering Bacs or Faster Payments solutions must obtain Bacs Approved Software Service supplier status for both payment types before they are permitted to provide their software to the marketplace. This stringent approval process includes thorough testing of the software and involves other integral financial bodies including Vocalink, APACS and Chaps. It ensures that all software carrying Bacs approval meets the agreed standard for handling payment data securely and works smoothly with the Bacstel-IP and Secure-IP connectivity channels.

Albany Software has long held accreditation for processing funds via Bacstel-IP. The recent completion of the Albany ePAY Faster Payments testing phase now further demonstrates the organisation's ongoing commitment to providing the best quality e-payment products for its customers.

Adrian Stafford-Jones, Managing Director, Albany Software, comments, "When working with secure payments, it is vital to ensure that the software and practices surrounding its use are of the highest standard. The completion of the Bacs Approved Software for Faster Payments Service and the fact that we are the first software house to successfully complete the testing phase, proves just that and enforces our commitment to our customers that we are supplying the highest standard of software, now recognised by an independent industry authority."

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