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Tenon processes 1 million pounds of daily payments with Albany

Published on Tuesday, January 19, 2010

Tenon Group implements ALBACSbureau cs to manage and send all company and customer payments.

Tenon Group, specialist advisers to entrepreneurs, has selected and implemented a new payments platform from pioneering developer of electronic payment software solutions, Albany Software. The purchase of ALBACSbureau cs facilitates an increased number of Bacs payments for Tenon and its customers, enhancing customer service and strengthening back-office processes.

Tenon Group, a top ten accountancy and business advisory firm in the UK, is committed to helping entrepreneurs and business owners succeed. Tenon currently has over 10,000 corporate clients, including NASDAQ and FTSE 100 listed companies and has an annual turnover in excess of £150 million. Tenon also provides expertise in accounts and audit, corporate finance, corporate recovery, financial services, outsourcing, personal insolvency and tax.

Having exceeded the limits of its previous software for the number of Bacs payments sent, it became business critical for Tenon to move to a solution that would enable higher volumes of fund transactions. Grant Sayer, National Operations and Technical Director of Tenon Outsourcing, comments, "On average Tenon now sends in excess of a million pounds worth of payments on a daily basis. These include supplier payments, expense settlements and purchase ledger payments - which increase by millions towards month-end when we do over 40,000 payroll submissions on behalf of our clients and for ourselves." Sayer continues, "It soon became clear that we needed a solution that would facilitate our growing number of customer payments and ALBACSbureau cs provided us with a system that specifically met all our requirements."

The ALBACSbureau cs solution enables greater control over Tenon's payment operations through comprehensive reporting functions as well as streamlining its back office processes with the introduction of multi-user and remote-access across the whole business - regardless of location. Sayer continues, "Prior to ALBACSbureau cs we were manually inputting the payment data in order to process it through Bacs, but now Albany's bureau software picks up the payment file and submits it automatically following authorisation. As a result we have a seamless payment process that has afforded the business significant labour-savings and increased task management throughout the organisation."

Sayer adds "The ALBACSbureau cs system is centrally hosted and includes a Hardware Security Module (HSM) enabling us to access the system securely from remote sites, ensuring that payments are approved by the relevant level of authorisation in a timely fashion. As a result all payment processes are conducted securely and efficiently."

ALBACSbureau cs allows Tenon to automatically process reports providing critical data about account amendments and the status of funds transfers, which aids Tenon's compliance to current legislation. Sayer comments, "For a financial sector organisation like ourselves it is critical that we comply with existing legislation and guidelines such as that of IFRS, SORP and any other FSA requirements. Albany Software has helped us meet these objectives with the installation of the ALBACS solution."

Sayer continues, "We are planning to continue working with Albany to implement ALBACSbureau cs and other software solutions into different areas of our business." Sayer concludes, "Albany Software's knowledge-base was exceptional, the company understood all our technical requirements and provided Tenon with a payment system to suit our needs."