Eiger Systems claims BACSTEL-IP can reduce cost and risk of payment processing

Rugby, UK: 9th November 2004: Eiger Systems, Europe’s leading developer of validation and payment solutions for automated banking and e-commerce, has launched a nationwide campaign - "BACSTEL-IP: planning your migration strategy" - to raise awareness of BACSTEL-IP, the new BACS payment submission platform that replaces the existing BACSTEL service on 31st December 2005. As well as highlighting the need for every organisation that submits Direct Debits and Direct Credits to BACS to migrate to BACSTEL-IP by this deadline, the campaign is emphasising the value of BACSTEL-IP in reducing the costs and risks associated with payment processing. Aimed at the country’s top two thousand Finance Directors, "BACSTEL-IP: planning your migration strategy" emphasises the importance that Eiger Systems places on securing senior management commitment and support for BACSTEL-IP.

Although the final deadline for migration to BACSTEL-IP is only 12 months away, Eiger Systems believes that there is sufficient time for organisations to plan their migration strategy in such a way that they derive maximum benefit from the new technology. Jonathan Williams, Product Marketing Manager for Eiger Systems explains:

"Implemented strategically, BACSTEL-IP offers users the opportunity to reduce the cost of payment processing and reduce the inherent risk of submitting erroneous payments. This is because BACSTEL-IP offers users potential benefits in terms of improved efficiency, automation and security. But it does require thoughtful implementation to achieve these benefits, and, as every project manager knows, effective planning takes time. The larger the organisation or the more complex their existing submission procedures, the longer it will take for an organisation to migrate to BACSTEL-IP and take full advantage of the benefits the new system offers.

The withdrawal of the existing BACSTEL service is happening in several distinct phases with many companies affected by the 31st March 2005 deadline when BACS’ electronic messaging service ceases. Effective project management is key to a successful implementation and is at the heart of Eiger Systems’ campaign explains Jonathan Williams:

"Users must recognise the reality of the BACS deadlines and work backwards to ensure they have sufficient time to understand how BACSTEL-IP could benefit their organisation. With many other projects - internal and external - competing for attention, IT and finance departments must ensure that BACSTEL-IP has the priority it deserves, and secure the co-operation of all stakeholders involved to avoid a resource bottleneck. The business applications affected by BACSTEL-IP are key to the payment of millions of staff salaries and in many instances are a key mechanism by which companies receive revenue too. There is still time for organisations to migrate strategically, but action now is needed if users are to enjoy the maximum benefit that the new technology offers."

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