FUSION BACSACTIVE-IP
Faster Payments Module — Immediately Benefit from Electronic Payments in Near Real-time
Make your payment file submission using our Faster Payments Module and the payments will reach the destination account in near real-time.
There may be novel applications Faster Payments enables you to send What Would You use it For? credits on the same day, but is much There are many areas where the “for Faster Payments in your more cost- effective than CHAPS. Faster Payments Service can enhance business that provide you with a Faster Payments are sent via Secure-IP, your business. There may be novel competitive advantage. a sister service to Bacstel-IP, providing applications in your business that provide ” corporates with direct access to the you with a competitive advantage. UK Faster Payments Service. Secure-IP Common applications will include: provides a simplified version of Bacstel- IP Direct Credits, but with near real- For Bureaus time transfers. Offering near immediate payment services
Payroll Contingency What are the Limitations of If for some unforeseen reason you fail to Faster Payments? prepare your payroll in time for the 3-day •• Currently, not all banks support payment cycle, rest assured knowing you Direct Corporate Access (DCA) to have a contingency service in place Faster Payments. Please ask your bank whether they will support you Immediate Additional Payroll Payments accessing Faster Payments via Bacs. Such as expenses or payroll adjustments Alternatively, call us and we can advise Weekly Payroll as to which banks are supporting it. Faster Payments provides precious •• There is a limit on the value of each additional days in the preparation of individual transaction. This is currently weekly payroll set by the service at £250,000. •• Payments have to be in sterling. Emergency Payments •• The payment is irrevocable. Such as immediate insurance payments •• All payments in a submission are Loan Advancements processed as soon as possible. Providing immediate funds on approval •• All payments in a submission must originate from the same bank account.
FINASTRA Factsheet 1 Access Faster Payments by Simply Adding the Faster Payments Module
We will arrange for one of our Stricter Validation Requirements How do I implement Faster Payments? The standard Bacs sort code and account Fill out the forms from your bank enabling “experts to visit you to install the number ISCD checking is insufficient for you to use the Faster Payments Service software and enable your Faster the Faster Payments service. using your current Bacs Service User Payments Service. We will also Numbers. We can help you with this. Some banks and some accounts cannot provide you with expert training accept faster payments, therefore the Order the Faster Payments Module for to ensure you get the most from account details need to be checked to Your software. ensure that the destination account can Faster Payments. When you have received confirmation ” receive faster payments. from your bank, we will arrange for When you capture account details from one of our experts to visit you to install beneficiaries, you need to ensure that the the software and enable your Faster details are accurate and that the account Payments Service. We will also provide can accept payments through the faster you with expert training to ensure you get payments module. Account Validate for the most from Faster Payments. Faster Payments provides you with this capability and helps you reduce your exception handling costs. Key Benefits •• Make emergency payments immediately with the minimum of fuss •• Have a contingency for your payroll •• Give yourself breathing room for the weekly payroll •• Pay suppliers immediately without resorting to procurement cards •• Provide extra latitude to payment processing deadlines •• Cheaper than CHAPS
2 FINASTRA Factsheet Payment Ser ices er iew