Albany Software's new Albany ePAY product achieves Bacs approval for both Secure-IP (Faster Payments) as well as Bacstel-IP
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."
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