Microgen plc said today that its Bacway IP software has been approved under the rules of the BACS Approved Software Service. Microgen’s software is now authorised to fully utilise all the benefits of electronic funds transfer via BACSTEL-IP, the new internet-based payment service which connects customers to the BACS system.
BACSTEL-IP represents the first stage of the NewBACS technology renewal programme, launched by BACS, the UK’s automated clearing house, to meet the rapidly growing demand for efficient electronic payment services such as Direct Debit and Direct Credit. The advantages extended by BACSTEL-IP to the 70,000 UK businesses currently submitting payments directly to BACS include increased security through the introduction of Public Key Infrastructure (PKI), faster payment reporting and better control of payment records.
“BACSTEL-IP is the next generation of payment technology, delivering all the benefits you would expect from an internet-based service – faster payment reporting, online payment confirmation and direct control of payment records,” says BACS director, Martin Wilson. “We are delighted that Microgen has successfully developed software utilising the new IP platform and has passed all BACSTEL-IP quality and security standards. Microgen’s customers can now access the very latest time-saving payment features offered through the award winning BACSTEL-IP technology, knowing that the new software provides greater financial control and the highest levels of reassurance and protection available.”
Working alongside BACS advisors and the banking industry, Microgen was one of the chosen suppliers invited by the Royal Bank of Scotland Group to pilot its new service at live customer sites. Language Matters, the UK-based multilingual recruitment consultancy, has upgraded to Microgen’s new software.
“The Royal Bank Group first suggested BACSTEL-IP to us last November. By January Microgen’s Bacway IP software had been installed and was up and running,” comments Katherine Egerton, Accounts and Recruitment Administrator, Language Matters. “With our constantly changing weekly payroll submission, the rapid same day online reports now offered are of great benefit to us. I can see that in the near future ageing paper files will become obsolete – and that will be a great blessing”.
Commenting on Microgen’s new BACSTEL-IP compliant software, David Sheriff, Group Managing Director at Microgen, added: “We recognise the significance of the move to BACSTEL-IP and the effect that it will have on our customers’ payment and collection processes. As an established provider of BACS payment software, we are dedicated to providing leading edge solutions and are delighted with the formal approval of our software by BACS.”