Automated payments are at the very centre of the UK’s financial system, providing an essential service for both consumers and organisations. Bacs is the company which runs Direct Credit Payments and also Direct Debits in the UK.
Cashbook Software have been an approved supplier of Bacs software since the late 1990s. Cashbook provides Bacs users with the ability to pay by Direct Debit, pay by Bacs Direct Credit, collect payments by Direct Debit & receive payments by Bacs Direct Credit.
A deadline for businesses to make sure they are compatible with new Bacs payment security measures has been extended after around 1,000 companies failed to take the necessary action by 13 June, 2016. The security changes – called SHA-256- SSL – are driven by the global internet community, which will adopt these improved security measures at the end of 2016. These businesses risked being unable to pay staff and suppliers forcing Bacs Payment Schemes Limited (Bacs) to step in and give them a grace period in order to make sure they can meet their payment commitments. This new deadline has been set as 19 September 2016.
Cashbook would like to thank all its Bacs customers for working closely with us to meet the original deadline set for 13 June, 2016 and we look forward to working with Bacs for the future to ensure all Bacs security requirements continue to be managed in a professional & timely manner. Organisations who have experienced difficulty in meeting the original deadline in June can contact Cashbook to ensure that the new deadline in September is adhered to.
Businesses choosing not to adopt compatible software upgrades, and an operating system that will support the changes, will have to make alternative arrangements to pay staff and suppliers after 19 September, 2016. They will not be able to access Bacs after that final deadline, and there will be no further extension to the date.
Commercial Manager for the UK and Ireland, has this to say, ‘’Cashbook always puts the needs of our Clients first and we are delighted with the response of our Bacs clients who worked with us to successfully meet the June deadline. We look forward to providing the same standard of service to any new client who wish to implement a Bacs solution with a proven technology vendor.’’
Please email Cashbook at: email@example.com or phone: 00 353 61 338400 for assistance in managing your Bacs requirements.