The questions and answers below will give you a better understanding of using BACSTEL-IP.
Q. What is BACSTEL-IP?
A. BACS has always operated a continuous improvement programme in order to maintain service, reliability and efficiency. BACS is undertaking a major technology renewal programme that will be introduced in four phases.
Implementation of the programme and its security features will allow BACS to stay at the forefront of the payments industry and meet future expected demand for electronic payment services.
Phase one of this major renewal programme is called BACSTEL-IP which included an upgrade to the old, telecoms-based customer delivery channel and the replacement of paper-based reports. It has been replaced with the latest proven technologies, including IP, and uses Public Key Infrastructure (PKI) and Public Key Cryptography (PKC) to provide industry strength security.
Q. What are the benefits for businesses and customers?
A. BACSTEL-IP has a range of benefits to businesses: the ability to track payment status information online, keeping the businesses own records accurate and up to date in real time, and electronic reporting online. There is also automated receipt of payment and faster payment confirmation.
The renewal programme also adopts heightened levels of security in payment submissions through the use of Public Key Infrastructure (PKI) and Public Key Cryptography (PKC) to provide industry strength security. |
