But this doesn’t mean you have to settle for that costly upgrade and increased transactions fee that your current supplier may be implying.
Failure to change before the 13 June 2020 deadline will leave users unable to execute Bacs Payment Schemes Limited (Bacs) to make payroll, expenses, supplier payments or to collect by Direct Debit. The UK banking payments service has given notice that it intends anyone not using a compliant product after this deadline will be unable to submit payments to Bacs as below.
Why do I need a Bacs software update?
The Bacs program of security changes – which includes SHA2 and other initiatives – is designed to safeguard payment security. Bacs has been working with all Bacs-approved software suppliers for the past few years to ensure their customers are using updated software to avoid disruption to processing after June 2020 when the roll-out of these changes is complete
Bacs is adopting the new security, called SHA-256 SSL.
At the same time as this change is being made, Bacs will withdraw support for older connection protocols to provide even more protection for the communications pipeline between the internet-based service access points, Bacstel-IP and the Payment Services Website, and the service user.
Any business which wishes to access these services, to make or collect payments, will need a web browser, operating system, and – if used – a Bacs Approved Software Solution that supports these changes
More details on these changes and how they will affect e-businesses of all types and sizes can be found here. Bacs SHA-2 support was announced in 2017, but a reminder about the switch-over has only recently been issued.
Companies have a limited time to explore all options and decide which Bacs partner is right for them, but the clock is ticking. Kyriba can handle not only Bacs and other domestic payments, but also International payments via its payment hub with built in fraud prevention. Kyriba also offers optional additional modules such as the Kyriba Payments Network to suit various business processes.
Our Software as a Service (SaaS) cloud-based platform allows us to work closely with not only the UK industry regulators – Bacs, Faster Payments, and now the NPSO, but also international regulators – to ensure that our service remains up to date and relevant with all regulatory compliance changes included as standard (such as SHA-2), plus Kyriba offers a contingency solution in the event your current platform goes down.
Some suppliers have been slow to respond to these changes causing last minute disruption. The Kyriba solution has been compliant from the day that SHA2 was first made live in 2017.
For more information contact Paul Simpson.