Two competing services for secure high-value online business-to-business payments are to work together following pressure from leading banks. Financial services industry-backed bodies Identrus and Swift are close to concluding negotiations over their rival secure online payment systems.
Identrus’s Project Eleanor uses digital certificates and has the backing of UK banks including Barclays Bank and HSBC. It is currently being piloted in Europe by Dutch bank ABN Amro.
Swift’s e-paymentsPlus is a similar XML-based messaging platform that allows banks to offer branded online payment services to their corporate customers. Both services allow ‘straight-through’ processing of payments.
ACCA has issued new guidance designed to ensure the delays and frustrations experienced by both banks and auditors when dealing with small business issues become a thing of the past. Drawn up after consultation with the British Bankers’ Association and the Auditing Practices Board, the explanatory note, written on behalf of the other main UK accountancy bodies, will be adopted from 1 November 2002.
Some 400,000 bank reports need to be completed every year and ACCA said bankers must bear in mind that failure to submit or complete bank reports within a reasonable time can have a significant effect on customers and may result in an investigation by relevant regulatory bodies.
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