Published on Wednesday, August 25, 2010
The original vision of the Faster Payments Direct Corporate Access system was both clear and compelling: to provide organisations of every size, with low-cost access to a mechanism that enables same day payments.
Albany Software, the first business to submit a payment via Direct Corporate Access, is excited about the developments of FPS and the impact it is having in the corporate arena. Adrian Stafford-Jones, managing director of Albany Software, comments, “The increase of the Faster Payments Service (FPS) submission limit confirms to us that organisations have embraced the new FPS DCA service providing them with flexibility, speed and the ability to manage finances in real-time. The popularity and interest in the service within its first year of operation has encouraged FPS to increase the limit to £100,000 to meet the needs of UK organisations.”
Stafford-Jones continues, “Furthermore, we are seeing increased uptake and involvement from the banks in relation to sending bulk files with hundreds of transactions via the FPS service, as they increasingly recognise the importance of offering real-time payments to both corporate and consumer customers alike. We are excited to continue to work alongside the banks to help businesses realise the benefits of same-day and next day payments.”
Stafford-Jones adds, “Missing Bacs deadlines will soon be a thing of the past as the service availability and ease with which you can make emergency payments to staff or suppliers is completed in near real-time. The continued development of the FPS DCA service, coupled with an e-payment software solution, can arm businesses with a powerful set of tools to improve efficiency levels, provide greater cash flow management and reduce late payment costs.”
Published on CCR Magazine »
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