Paying through BACS (Banker’s Automated Clearing Services) will no longer be an option from the end of this year as it is being replaced by the new, more secure method BACSTEL-IP. Those businesses that have not already switched should do so as a matter of urgency.
‘Banks simply will not process the transaction if the firm has not converted to BACSTEL-IP,’ says Rex Garratt, national spokesman for the Forum of Private Business, whose payroll partner Ceridian has issued the warning.
‘Firms will find their staff do not get paid unless they have converted to BACSTEL-IP and provided their bank with the necessary security information for payments to be processed,’ warned Doug Sawers, managing director of Ceridian. ‘Firms which have not discussed converting to BACSTEL-IP should contact their bank without delay to avoid disruption.’
To find out more and to switch to BACSTEL-IP, click here.