BACSTEL-IP
In 2002 BACS initiated a major technology renewal programme referred to as NewBACS designed to satisfy the demand for more efficient electronic payment services. There are four phases to the technology renewal programme, the first of which involves the replacement of the current BACSTEL payment delivery service with a new Internet based service known as BACSTEL-IP.
As a result, existing BACSTEL users will need to upgrade to the new BACSTEL-IP service by the end
Foundation are ideally positioned to assist existing customers with the transition, or to introduce new customers to BACS, through our relationship with Albany Software. Albany dominates the electronic fund transfer marketplace with a 35% market share and over 12,000 users, based on their ALBACS product range. ALBACS streamlines the payment and collection of funds, eliminating time consuming manual procedures and saving money.
Albany’s latest version, ALBACS-IP, was recently awarded BACS Approved Software status for use with the new BACSTEL-IP service. ALBACS-IP provides comprehensive payment and collections functionality along with the technology and security enhancements required for IP compliance.
Download more information about ALBACS-IP and BACSTEL-IP
