CCR Magazine

It has been announced that, from Monday 15th March, the Faster Payments Service (FPS) is extending its Direct Corporate Access (DCA) submissions from its current 6am – 2pm window to 3am – 11pm, Monday to Friday.

The vision of the Faster Payments Direct Corporate Access system was both clear and compelling: to provide organisations of every size, with low cost access to a mechanism that enables same day payments. Organisations have since embraced this new Faster Payments Service providing flexibility, speed and the ability to manage finances in real-time.

Marcus Bateman, Senior Product Manager, Barclays Bank, comments, “FPS DCA has got off to a great start. Customer feedback is that a longer payment submission window would enable them to make even more use of Faster Payments. I am delighted that in consultation with CHAPS Company [which manages the Faster Payments Service] and VocaLink [who operate the FPS Central Infrastructure] it has been agreed that from Monday 15th March the DCA window will be extended on Monday to Friday 3am to 11pm each day.”

Investing in sophisticated e-transaction technology allows businesses to manage all payment methods including: Bacs, as well as take advantage of same day Faster Payments via Direct Corporate Access in one solution. Albany Software, the first business to provide FPS approved software, supports the submission window extension and will facilitate the move to 3am – 11pm submissions for its Albany ePAY customers who are already processing payments via DCA.

Adrian Stafford-Jones, managing director of Albany Software comments, “Missing Bacs deadlines will soon be a thing of the past as the service availability and ease in which to make emergency payments to staff or suppliers allows payments to be made in near real-time at almost any time of the day, five days a week. The continued development of the FPS DCA service, coupled with an e-payment software solution, can arm businesses with a powerful set of tools to improve efficiency levels, provide greater cash flow management and reduce late payment costs.”

(Source - Albany Software Media Alert)