Published on Wednesday, March 18, 2009
Albany Software, the UK's leading e-transactions software author, has today received approval under the Bacs Approved Software Service (BASS) for its new product, Albany ePAY. Albany Software is the first in the payment software industry to achieve BASS approval for a Faster Payments Secure-IP software product.
Albany
ePAY, launched at last year's SIBOS
event in Vienna, enables advanced payment functionality with
increased speed and performance for effective Cash Flow Management,
allowing businesses to choose between sending payment files via the
traditional Bacs
three-day payment cycle, or the same day payment model, Faster
Payments. Albany
ePAY focuses 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.
The Secure-IP service for the submission and immediate payment of
a file of Direct Credits
such as payroll and supplier payments will be rolled-out initially
by Barclays Bank in June 2009, and Albany Software is working
closely with them on this project.
All software suppliers offering Bacstel-IP or Secure-IP
(Faster Payments) solutions must have their software tested and
approved by Bacs for both payment types under the BASS criteria,
before they are permitted to provide their software to the
marketplace. This stringent approval process includes thorough
testing of the software by VocaLink on behalf of Bacs and also
involves crucial feedback from other integral financial bodies
including APACS and CHAPS. This complex testing
process ensures that all software achieving BASS approval meets the
agreed standard for handling payment data securely and works
smoothly with both the Bacstel-IP and the Secure-IP connectivity
channels.
Albany Software has been supplying approved Bacstel-IP software
for processing standard Bacs Direct Credits and Direct Debits since 2003;
this recent BASS approval, for the submission of Same Day Faster
Payments files of Direct Credits, now further demonstrates the
organisation's ongoing commitment to provide the best quality
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. This approval by Bacs, and the fact that we are
first to achieve it, 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."
Michael Chambers, Managing Director of Bacs, comments, "Albany
Software's, Albany ePAY, was approved by
Bacs after rigorous testing of all key components included in the
technical specification. The software was assessed against precise
criteria, and we are pleased to announce that Albany
ePAY passed all the elements."
David McFarlane, Company Manager, CHAPS Co comments, "Software
solution suppliers, whose Secure-IP software is approved by our
partners, Bacs, will be able to support the UK payments industry in
rolling-out the next phase of the Faster Payments programme. This
includes focus on delivery of Direct Corporate Access and Bureau
Access into the Faster Payments Service."
