BACS to the future

BACS to the future

As Softworld Spring 2003 launches today, UK businesses are already gearing up for the transition to the new BACSTEL-IP infrastructure, according to new research by Albany Software. All businesses must upgrade by 2005 as part of the NewBACS technology renewal programme.

BACSTEL-IP is replacing the existing delivery channel through which BACS submissions are currently made and employs advanced internet protocol technology designed to future-proof the BACS service for all business users.

Almost 40% of 1,100 companies surveyed said they were looking to migrate to the new service as soon as possible, according to a survey of BACS software users conducted by Albany in January.

Adrian Stafford-Jones, founder and managing director of Albany Software, said: ‘This research demonstrates that many UK businesses are aware of the NewBACS technology renewal programme and are already making plans for the transition to BACSTEL-IP ahead of the 2005 deadline. Companies have learnt from mistakes made with Y2K and euro compliance projects in recent years where there was insufficient planning in many cases.’

A further 19% hope to make the change in the next six months, 11% said they would move over to BACSTEL-IP during the next nine months, while 22% expect to make the change within 12 months.

Stafford-Jones said: ‘The new BACSTEL-IP service will employ the greatly enhanced security of smart-card and PKI technology to help avoid the ever growing risks associated with online communications, as well as greater flexibility, more immediate reporting direct to the desktop, and tighter control of all electronic funds transactions.’

Related Articles

5 key tech innovations helping accountants transform their businesses

Accounting Software 5 key tech innovations helping accountants transform their businesses

2m Heather Darnell, Founder of Ask the BOSS
Finance and the tech foundation: what’s needed to deliver impactful business insights?

Accounting Software Finance and the tech foundation: what’s needed to deliver impactful business insights?

4m Workday | Sponsored
Best accounting software for businesses in the UK

Accounting Software Best accounting software for businesses in the UK

4m Accountancy Age, Reporters
Making sense of enterprise tech concepts for finance teams

Accounting Software Making sense of enterprise tech concepts for finance teams

5m Workday | Sponsored
Open Banking: what you need to know

Accounting Software Open Banking: what you need to know

5m Edward Berks, Xero
Accountancy in the digital age: Flexibility, agility, efficiency

Accounting Software Accountancy in the digital age: Flexibility, agility, efficiency

7m Pegasus Software | Sponsored
Sage purchases Intacct in its largest ever acquisition

Accounting Software Sage purchases Intacct in its largest ever acquisition

11m Alia Shoaib, Reporter
5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

11m Alia Shoaib, Reporter