Faster Payments
Customers using our real-time e-payment processing and validation services can take full advantage of the Faster Payment Initiative.
Register Now For Faster PaymentsAccountis will be offering Faster Payments in 2009.
If you are a UK company interested in benefiting from our Faster Payment service as soon as it becomes available, please fill in and submit the form below. We will contact you with more information. You can also email sales@accountis.com or call 0845 120 8050.
Background Information:
What is the Faster Payments Initiative?
The Faster Payments Initiative was introduced by the Payment Systems Task Force and APACS, the UK payments association. The Task Force is chaired by the Office of Fair Trading and includes representatives of UK banks, building societies, consumer and business groups, H M Treasury and the Bank of England. They agreed to introduce a new service that reduces bank clearing times on customer payments made by telephone or the internet, and on standing orders and direct credit submissions.
Benefits to your organisation
Previously it took 3 working days for inter-bank payment transfers to clear following payment. Using Faster Payments both consumers and businesses can benefit from same-day telephone and internet payments. The scheme went live for some bank consumers in May 2008, and other banks will follow. Businesses will be able to benefit from the service in 2009. Faster Payments is well suited for situations where payments need to be made quickly and/or out of normal working hours such as weekly payments, expenses, emergency payments and bureau payments.
How Accountis solutions will help
For the first time in the UK the faster payments initiative will allow businesses to make same-day payments using the BACSTEL-IP infrastructure. The combination of Accountis and faster payments opens up a number of opportunities for businesses including the payment of invoices to either take advantage of early payment discounts or payment on the last day of terms using a combination of our workflow engine and our large trading network. As the payments are made quickly, advanced checking of the trading partner's details are imperative. Accountis has a range of solutions to ensure that these are correct using our validation services and checking details against those of parties currently on our trading network.
