If your business is using Bacs Payment Schemes Limited (Bacs) to make salary or supplier payments or to collect by Direct Debit, here’s an important piece of news for you.
Bacs has announced it is upgrading its security measures this summer, and if businesses want to continue using its services, they need to update their systems, as well.
Starting June 13 2016, Bacs is adopting new security protocols, called SHA-256 SSL. At the same time, support for older connection protocols will be withdrawn. Bacs says it will enable it to provide even more protection for the communications pipeline between the internet-based service access points, Bacstel-IP and the Payment Services Website, and the service user.
Businesses wanting to access Bacs through Bacstel-IP or the Payment Services Website will need a web browser, operating system and (in case it is being used), a Bacs Approved Software Solution which support the new protocol.
Bacs Direct Credit is a business payment service, allowing companies to make direct payments to a bank or building society account. The Bacs Direct Credit payments cannot be stolen, lost or delayed. Currently, more than 150,000 organisations in the UK are using it, and almost 90 per cent of the country’s workforce is paid this way.
A Direct Debit is an instruction from a customer to their bank or building society authorising an organisation to collect varying amounts from their account, normally for regular payments for everything from household bills to charitable donations.
The company says almost 90 per cent of all UK adults have at least one Direct Debit commitment.