How to Benefit from Bacs Payments
BACS payment services are useful for the organizations and they automate the secure payments to save time and money. BACS stands for Banks Automated Clearing System (BACS) and it was set up by the UK banking industry to speed up the financial transactions. Banks and people can benefit a lot by using Bacs payments procedure. It is known that over 90% of workers within the UK are paid using BACS transfer.
Banks are benefiting a lot by acting independently. There will be no additional processing fees to 3rd party solution providers and the costs will be reduced. Bacs is very useful to integrate from your payroll or accounting application. The audit, reporting, advanced workflows, user limits and authorisation, scheduling will done efficiently with new platform.
It is known that deadline for businesses to make sure they were compatible with new payment security measures has been extended after around 1,000 companies failed to take the necessary action before the deadline date. Companies have to upgrade their payment technology before the 19 September 2016.
Bacs and technology vendors are informing companies through communications campaigns and ads about the replacement of Secure Sockets Layer (SSL) with Transport Layer Security (TLS), but several businesses didn’t upgrade their systems. The companies are unable to pay staff and suppliers if they are not migrated to bacs before the deadline.
It’s mandatory to do compatible software upgrades, and an operating system that will support the changes. Organizations have to make alternative arrangements to pay staff and suppliers after 19 September. It is learnt that there is no access to Bacs after that final deadline, and there will be no further extension to the date.
The security measures have to be adopted at the end of this year by the global internet community and all organisations need to communicate have to communicate with users across the internet and via extranets will be affected. So it’s advisable to upgrade the payment systems and have to use compliant solution for interruptive financial transactions.
Big data is a boon to payments processers and global networks as it gives them access to crucial customer data which, when properly analyzed and customized, can open up new growth avenues. Analytics can be performed on Big Data to track spending patterns. This can assist in creating customized product and service lines. There are organizations dedicated to aggregating, cleansing and analyzing data and selling the same to interested parties for customized usage.
A paradigm shift in strategy formation related to data science and advanced analytics is a compelling reality now – perhaps the biggest ever, paving the way for remarkable transformation journeys in financial services enterprises.