CCR Magazine

You are here  :Home arrow News arrow Forum welcomes delay to Prompt Payment Certification, but warns the new deadline is set in stone
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


Forum welcomes delay to Prompt Payment Certification, but warns the new deadline is set in stone PDF Print E-mail
Friday, 10 June 2016
The Forum of Private Business, a champion for Prompt Payment, has welcomed the delay in introducing the certification scheme SHA-256-SSL until 19th September when it became clear that a small number of businesses had not updated their software packages.

The certification scheme was due to be introduced on Monday 13th June but BACS research has indicated that some businesses were not aware of the changes.

Those without this certification would have found it hard to pay suppliers and staff electronically which could have caused severe reputational damage, cashflow issues and staff morale.

According to Ian Cass, Managing Director of the Forum, “The change is needed as SHA-1, its predecessor, is not robust enough and means businesses do not have the secure payments platform they need. BACS is right to delay the introduction of the scheme until full certification is in place. Without this we could see an increase in late payment and additional cashflow issues."

“We would urge businesses to spend a few minutes just checking they are compliant by contacting their software solutions provider. Paying staff and key suppliers on time shows that a company is well run and gives customers the confidence to work with it. There is good evidence of improved productivity and innovation if such people are paid on time.”

The Forum has worked closely with BACS to highlight this issue to business owners and would encourage members and other small firms to check that their customers are also compliant.

“As well as working with BACS to produce a leaflet on the subject, the Forum has also communicated the change to its members through emails and blogs. We are concerned that their customers appear not to be as well prepared” stated Ian Cass.

Bacs' Mike Hutchinson said: "This is the last chance for businesses to become compliant - 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."

Any business yet to make the necessary changes should contact their software solutions provider who will be able to help them in becoming compatible with the new security measures. Further information is provided on the BACS/FPB leaflet.

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197