Bottomline Technologies (NASDAQ: EPAY), a leading provider of payments and invoice automation software and services, today announced that more than 4,000 UK-based organisations have selected the companyâs BACSTEL-IP solutions to support the new BACS electronic payments standard.
"Since the start of this year, we have seen significant acceleration in the number of companies migrating to the new BACS payments standard, and are pleased with the response to our BACSTEL-IP solutions and services," said Peter Fortune, President of Bottomline Technologies Europe Ltd. "Organisations across all industries are realising the broader potential for long-term payments processing efficiency gains that BACSTEL-IP represents."
A new payments delivery channel for UK-based businesses, BACSTEL-IP allows users to automate traditional paper-based payment processes. Users of the current BACSTEL system are expected to complete migration to the new standard before it goes into effect on 1 January 2006.
Through its breadth of BACSTEL-IP solutions and strategic partnerships with software vendors serving specific UK vertical markets, Bottomline has emerged at the forefront of helping organisations comply with the new standard.
"The success of our BACSTEL-IP program is a testament to our ability to deliver software and services that offer organisations the fastest, most cost-effective route to compliance," said Ian Armstrong, Head of BACSTEL-IP Migration, Bottomline Technologies Europe. "With the migration window approaching its final five months, we are well positioned to assist those businesses that have yet to migrate to complete the process before the deadline."