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Albany Software Remains Ahead of the Game by Submitting First Payment via UK Faster Payments Service Direct Corporate Access

Posted on: Thursday, 23 July 2009, 09:58 CDT

LONDON, July 23 /PRNewswire/ -- Albany Software, http://www.albany.co.uk/, a pioneering developer of electronic payment software solutions for direct Bacs payments, today announces it is the first company to submit a payment via the new UK Faster Payments Service Direct Corporate Access system by making a donation to the Barclays supported charity, Practical Action.

The Faster Payments Service (FPS) is the first new payment system to be introduced in the UK for 20 years and enables the near real-time transfer of funds, an alternative to the current three-day direct Bacs payments service. The Faster Payments Service was introduced mainly for consumer banking in May 2008 and recently celebrated a successful first year in operation http://tr.im/tv0E .

Direct Corporate Access (DCA) to the Faster Payments Service facilitates the same speedy and cost effective funds transfers, but this time for the business world allowing it to send direct Bacs payments type files of hundreds of transactions on the same day at a fraction of the cost of the current CHAPS service. Missing direct Bacs payments' deadlines will soon become a thing of the past as emergency payments to staff or suppliers will be able to be made almost instantaneously. Barclays will be the first bank to initiate a full roll-out of the service in the next couple of weeks and other banks may follow suit in the coming months http://tr.im/tv0e .

Adrian Stafford-Jones, Managing Director of Albany Software, comments, "Direct Corporate Access to the Faster Payments Service will enable greater flexibility in payment options. Customers can be refunded immediately and 'just-in-time' supplier payments encourage discounts, ensuring that businesses avoid late payment interest charges and strategic relationships remain solid. For the payer, cash flow can be improved by the retention of cash in the business until the last moment possible."

He continues, "In a payroll environment, Direct Corporate Access enables businesses to better cater for temporary staff time sheets and assists them when facing various payroll challenges, such as overtime, expenses, new starters, late leavers and salary adjustments. Indirect users can also submit payments via a registered Barclays sponsored bureau if they are a Barclays customer. In addition, Direct Corporate Access is a less resource intensive service than CHAPS as it eliminates the manual form filling."

Becoming the first company to submit a payment via Direct Corporate Access is Albany's second "first", as its groundbreaking new payment software, Albany ePAY, was recognised as being the first in the industry to go through testing for FP, making Albany the first FP approved supplier, proving that the company exists with its finger constantly on the pulse http://tr.im/tuZw .

Albany ePAY http://tr.im/tuZ3 has been developed as the company's flagship product and will eventually take over from its highly successful ALBACS portfolio for direct Bacs payments. The solution has already received an extremely positive response from both prospective and existing customers alike since its release to the market and will enable a multitude of funds transfer options.

Stafford-Jones concludes, "Historically, Albany Software has always led the way in terms of new payment technology for direct Bacs payments and is proud to be the first company to introduce DCA for the Faster Payments Service. I strongly believe the DCA initiative, coupled with our own software solution, Albany ePAY, can arm businesses with a powerful set of tools to help improve efficiency levels and reduce costs"

About Albany Software

Albany Software, based in Alton, Hampshire, is a leading authority in the e-business market and provides a comprehensive portfolio of strategic software solutions designed to transform the delivery of documents, data and funds. It has already enabled over 12,000 customers in the UK to benefit from process automation, increased efficiency and significant cost reductions.

Albany Software is a Microsoft Gold Certified Partner, Bacs affiliate and Associate of The Payments Council, and works closely with Sage, Systems Union, IRIS, Access and Intex Software to deliver integrated software solutions that meet the needs of businesses of any type and size.

Customers include Amnesty International, BBC Worldwide, Cancer Research UK, Colchester Borough Council, House of Fraser, Manchester Metropolitan University, Redrow plc and Virgin Mobile.

Albany's software portfolio includes: Albany ePAY - an intelligent payments management solution incorporating Faster Payments - ALBACS - the market leading Electronic Funds Transfer solution; ALBANYverify - fast, accurate validation of UK bank account details; eVERIFY - fast, accurate validation of BIC and IBAN numbers; eCONNECTcorporate - electronically produces and delivers a wide range of documents in numerous formats; and eCOLLECT - the complete collection management solution for Direct Debits.

About Practical Action

Practical Action is a development charity who, for over 40 years, have been working closely with some of the world's poorest people using simple technology to fight poverty and transform their lives for the better.

Practical Action works directly in four regions of the developing world - Latin America, East Africa, Southern Africa and South Asia, with particular concentration on Peru, Kenya, Sudan, Zimbabwe, Sri Lanka, Bangladesh and Nepal.

In these countries, Practical Action works with poor communities to develop appropriate technologies in food production, agroprocessing, energy, transport, water and sanitation, shelter, climate change adaptation and disaster risk reduction.

SOURCE Albany Software Limited

Source: PR Newswire

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