Over 100,000 companies benefit from using BACS
to transfer and receive money, saving time and costs by doing so. Since the migration to BACSTEL-IP in 2005, IMS has been helping to install and integrate this reliable and efficient automated electronic payment system, enabling our clients to speed up financial transaction processes and reduce banking charges.
The Bankers Automated Clearing Service (BACS) has been around for over 35 years and is frequently and commonly used by thousands of companies to transfer money for payroll and to pay suppliers. Owned by the major UK banks and building societies, BACS processes over 13 million financial transactions in an average day.
As automated electronic payment demand has grown so has the technology, so BACS has been superseded by BACSTEL-IP. This newer system offers more comprehensive validation, reliable, efficient communications and strong security. To achieve this, BACS are utilising some of the latest technologies, such as Smart Cards and the Internet Protocol.
IMS has solid BACSTEL-IP experience. We recently supported a major player in the truck parts distribution market who wanted to improve their system for paying suppliers. Prior to our advice and support this client paid by cheques, which were manually written out and processed. IMS selected BACSTEL-IP for free and implemented it very quickly, once approval for their client’s bank was gained. The company saw immediate benefits in terms of speeding up the payment process and gained significant cost savings from a reduction in bank charges.
BACSTEL-IP is an extremely secure, efficient and effective way to manage electronic payments. If you are interested in finding out more about BACSTEL-IP and how it can add real value to your business and to your clients, then contact us on 0845 130 8499.
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