Access Accounting confirm BACSTEL-IP compliance

Colchester, UK - 22nd August 2005 - Access Accounting has confirmed that its software is compatible with the new BACS transmission standard, BACSTEL-IP.

BACSTEL-IP leverages Internet technology to deliver improved security, reliability and speed of financial payments. By the end of 2005, all 40,000 companies using BACS for electronic payments must migrate to the next generation delivery channel, BACSTEL-IP.

The payment transmissions are protected using Public Key Infrastructure (PKI), and Smart card technology, yet use the standard Internet Protocol (IP). From 2006, payments being transmitted using the existing BACSTEL service will not be accepted by the BACS network.

Pip Trowles, Product Manager, said, "We work closely with our partners to provide BACS transmission capability and currently output BACS remittance transactions in nine different formats. This means that Access software is compatible with all the major banking services plus the industry leaders in direct BACS transmissions."

She continued, "Our compliance with the new BACSTEL-IP standard is just one more way in which we are supporting our customers."

Access.220805.NO.BACSTEL-IP