BACS Payment Solutions
In February 2002, BACS Limited announced a major technology renewal programme called NewBACS to meet the rapidly growing demand for more efficient electronic payment services. The technology renewal programme is being introduced in four phases, the first of which includes the replacement of the existing BACSTEL delivery channel with a new service known as BACSTEL-IP
Benefits of BACSTEL-IP
- Faster payment confirmation
- Ability to track payment status
- Highly secure Public Key Infrastructure (PKI) security standards
- Online payment reports
- BACS Approved Software Service ensures all submission software meets rigorous standards
The introduction of BACSTEL-IP has significant implications for all BACS submitters, including:
- Existing software must be replaced with BACS approved BACSTEL-IP software by December 2005
- The current BACSAFE security devices are replaced with either smartcard or Hardware Security Module (HSM) devices
- Submission is via Internet Protocol (IP) communications over a fixed or dial-up extranet or the internet
- BACS submitters are responsible for ensuring that they only submit clean and valid data for all Direct Debit and Direct Credit submissions
All Direct Debit Originators and Direct Credit users who currently submit directly to BACS must migrate to BACSTEL-IP. Foyle Technologies is a licensed reseller of EigerPAY Gateway™ which manages the entire process of creating, authorising, submitting and verifying BACSTEL-IP payments submissions.
