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Faster Payments questions

1. If I upgrade to the new Bacs Same Day service, does it mean that I won’t be able to use the present Bacs 3-Day service again?



2. Will Albany be integrating our SAGE Payroll software so that we can use it for the traditional Bacs service as well as the new Faster Payment service?



3. We currently make about 14 CHAPS payments a month for less than £10,000 a time. Its such a hassle having to fill in paper forms to take along to our local branch, unlike our Bacs payments which are all generated from our accountancy software, and then sent electronically. With Faster Payments will this mean that we can’t generate the payments from our accountancy software.



4. What do you think will be the most important benefits of Faster Payments to our organisation?



5. Aren’t CHAPS lower-value payments mainly used just for Supplier Payments?



6. Given the links with our accountancy and payroll packages, we would prefer to make our Faster Payments through our organisation’s Bacstel-IP solution. Will this be possible?



7. With the launch date fast approaching for the faster payments scheme can you provide me with details of software you have to deal with this please? We already run ALBACSbureau enterprise but are very interested in anything you have which will allow us to process payments under this scheme. There is mention of a combined Bacs & faster payments application on your website – is this available yet?

SEPA questions

1. What’s the biggest attraction to our business for making SEPA Credit Transfers from 2008?



2. We make between 300 & 600 payments in euros per week to recipients throughout Europe. Will SEPA help and what is the timetable for implementation?



3. We would like to start making SEPA Credit Transfers from our UK bank account to our subsidiaries in Europe. When will be able to start doing this, and how should we be preparing?



4. Why is my Bank now forcing me to pay their charges for making Euro payments to Europe when for many years my benificiaries have agreed to pay all transfer charges. My Bank tells me it is a legal requirement of SEPA and nothing to do with them, is this correct?



5. Do you have any software which will allow us to submit SEPA direct credit transfers on behalf of clients?

Faster Payments answers

If I upgrade to the new Bacs Same Day service, does it mean that I won’t be able to use the present Bacs 3-Day service again?

The good news is that you will have the option to use both services, and Albany’s software will help decide which is the best route for you.

Will Albany be integrating our SAGE Payroll software so that we can use it for the traditional Bacs service as well as the new Faster Payment service?

Yes, we will be able to integrate any Accountancy and Payroll software into the combined Bacs approved software which we will be developing.

We currently make about 14 CHAPS payments a month for less than £10,000 a time. Its such a hassle having to fill in paper forms to take along to our local branch, unlike our Bacs payments which are all generated from our accountancy software, and then sent electronically. With Faster Payments will this mean that we can’t generate the payments from our accountancy software.

The good news is that under the Faster Payment service for same day payments of less than £10,000, you will be able to submit these via Bacs in a similar integrated electronic way to that which you now do for your 3-Day Bacs payments. Also, the Bank charges for these are likely to be nearer £1 rather than the £30 currently charged for each of your CHAPS payments.

What do you think will be the most important benefits of Faster Payments to our organisation?

Our own research results indicate that businesses are looking to make cost savings compared to CHAPS (32%), offer improved services to customers and staff (30%) and the attraction of the efficiency of the Bacs process for making payments compared to CHAPS (25%)

Aren’t CHAPS lower-value payments mainly used just for Supplier Payments?

Surprisingly not. Feedback from a cross-section of our customers, is telling us that 51% of CHAPS payments for less than £10,000 are in respect of payroll items (mainly for missed or late payments, and also expenses), with 27% in respect of Supplier Payments.

Given the links with our accountancy and payroll packages, we would prefer to make our Faster Payments through our organisation’s Bacstel-IP solution. Will this be possible?

Market research indicated that 90% of companies surveyed (who had a view) also preferred a fully integrated solution. As such, Albany will be providing one solution which will allow you to make both the usual 3-day Bacs payments via Bacstel-IP as well as the Same Day Faster Payments via the Secure-IP network.

With the launch date fast approaching for the faster payments scheme can you provide me with details of software you have to deal with this please? We already run ALBACSbureau enterprise but are very interested in anything you have which will allow us to process payments under this scheme. There is mention of a combined Bacs & faster payments application on your website – is this available yet?

While Faster Payments for consumers will be launched at the end of May, the software for Corporates and Bureaux like yourselves has yet to be developed. All Software developers are awaiting the Technical Specification, which is due shortly, and will then develop, test and pilot the software ready for launch in Q1-2009.

SEPA answers

What’s the biggest attraction to our business for making SEPA Credit Transfers from 2008?

Cheaper bank charges for making cross-border payments to the Euro currency countries in Europe.

We make between 300 & 600 payments in euros per week to recipients throughout Europe. Will SEPA help and what is the timetable for implementation?

If you are making up to 5,000 Euro payments a month, the key benefits to your business will include greatly reduced bank charges for both you and the recipients, certainty that the funds will be received within 3 days of being sent, being able to format the payments electronically and the ability to send more reference information with your payment. The SEPA Credit Transfer service is due to go "live" on the 28 January 2008, and each bank in the UK will decide on how to use its own service, so speak to them shortly.

In the meantime, if you don't already check the BICs and IBANs for your recipients, you may wish to enquire about Albany's eVERIFY service.

We would like to start making SEPA Credit Transfers from our UK bank account to our subsidiaries in Europe. When will be able to start doing this, and how should we be preparing?

The SEPA Credit Transfer service will be available from 28 January 2008. Ask your UK bank what they are planning to do, then speak to us about how we can support you with BIC and IBAN checking, and generating and formatting the SEPA Credit Transfer payment from your accountancy software ready for submission to your bank.

Why is my Bank now forcing me to pay their charges for making Euro payments to Europe when for many years my benificiaries have agreed to pay all transfer charges. My Bank tells me it is a legal requirement of SEPA and nothing to do with them, is this correct?

The introduction of SEPA Credit Transfers has resulted in each bank following set standards across the whole of Europe for Euro payments. In the past some banks charged their customers upfront to send the payments, while some charged the beneficiary and many charged both sets of customers (those sending and those receiving). The decision was taken that the new Scheme Rules would work to one set standard for bank charges, and only the sender of the payment would, in future, pay them. One solution, would be for you to agree with your beneficiary to receive their payments net of your upfront bank charges in future. Additionally, you should be ensuring that your bank provides the new cheaper charges tariff for SEPA Credit Transfers. You might wish to compare bank charges. We understand, for example, that the Bank of Ireland is very competitive.

Do you have any software which will allow us to submit SEPA direct credit transfers on behalf of clients?

Not yet. It might be a couple of years before this can be done. We suggest you talk to your bankers as each UK bank has a different way of handling SEPA Credit Transfers.

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