ANNOUNCEMENT: Businesses at risk of missing salary payments given final chance to meet new security requirements

From BACS Press Office | Originally posted on – 09 June 2016

A deadline for businesses to make sure they were compatible with new payment security measures has been extended after around 1,000 companies failed to take the necessary
action.

These businesses risked being unable to pay staff and suppliers, forcing Bacs Payment Schemes Limited (Bacs) to step in and give them a grace period in order to make sure they can meet their payment commitments. The new deadline has been set as 19 September 2016.

Bacs’ Mike Hutchinson said: “We have been telling businesses about these changes for well over a year, and we’re really disappointed that some haven’t taken us seriously. This is the last chance for them to do so – if they don’t make the necessary upgrades by the new deadline, they won’t be able to use Bacs to pay staff or their suppliers; they’ll have to make other arrangements.”

The security changes – called SHA-256- SSL – are driven by the global internet community, which will adopt these improved security measures at the end of this year. At that stage, all organisations needing to communicate securely with users across the internet and via extranets will be impacted. Bacs is making the change early to avoid any last minute issues when the existing SHA-1 certificates are switched off. At the same time, the company is withdrawing support for older connection protocols to provide even more protection, with only TLS 1.1 and 1.2 supported after the deadline.

Businesses choosing not to adopt compatible software upgrades, and an operating system that will support the changes, will have to make alternative arrangements to pay staff and suppliers after 19 September. They will not be able to access Bacs after that final deadline, and there will be no further extension to the date.

For further information or media enquires contact BACS Press Office.

If you wish to speak to a member of the AccessPay team,
please get in touch on 0203 282 7152


About Bacs:

Bacs has been maintaining the integrity of payment related services since 1968, with responsibility for the schemes behind the clearing and settlement of UK automated payment methods, Direct Debit and Bacs Direct Credit, as well as the provision of managed services for third parties, such as the Cash ISA Transfer Service, and the development, management and subsequent ownership of the Current Account Switch Service. More than 110 billion transactions have been debited or credited to British bank accounts via Bacs since its inception; in 2015, 6 billion UK payments were made this way, while a new record was also set in July 2015 with the number of transactions processed by Bacs in a single day exceeding 100 million for the first time (103 million payments).

A not-for-profit entity which has maintained carbon neutral status since 2012, Bacs is a membership company limited by Guarantee.

About AccessPay

AccessPay was formed in 2012 with an ambitious mission – to transform the way payments are sent and received around the world.  By seamlessly connecting an organisations back office systems to its banks and providing a consolidated view of all banking relationships, AccessPay’s mission is to make high volume business payments as easy as possible.

AccessPay’s cloud-based solution provides ease of integration with any ERP, TMS or other back-end system. It handles any file type removing the need to manually rekey information and enables straight-through-processing of domestic and international payments through Bacs, FPS, CHAPS and SWIFT. The operational efficiencies delivered help to support a rapid return on investment.

For more information, visit www.accesspay.com or follow @Access_Pay / LinkedIn

We’d love to hear your comments on this blog post

lets talk!

Be the first to know

If you enjoyed this post, you’ll love our newsletter. Receive the latest updates from AccessPay directly to your inbox, wherever you are.

 

Please follow and like us:

Enjoy this blog? Please spread the word :)