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.’