A survey by Quocirca has revealed that most senior finance managers are aware of the 31 December 2005 deadline for the migration to the new Bacstel-IP electronic payments standard, yet only one quarter of respondents had either already begun or completed their migrations. Quocirca is a European-based IT and communications research company and it polled senior finance managers at companies with a turnover of £20m and above. Another 47 per cent of respondents reported that they will begin their roll outs over the next three months. Conversely, 20 per cent revealed they have no budgeted funds presently identified to meet the industry requirement, and the same percentage believes they will migrate at a later date with a small proportion opting to rely on banks and third-party providers to meet the requirement. Companies that had completed their migrations – mostly larger firms – indicated they have achieved more benefit from the transition than previously expected. Peter Fortune, president at Bottomline Technologies, Europe, responded to this survey by saying: “While there has been positive progress toward meeting the Bacstel-IP deadline, it is equally clear that many firms are behind schedule. While the switch-off to Bacstel is still achievable in theory by the end of the year, good intentions now need to be matched by concrete action and commitment.” He added: “The danger is that companies will leave things too late and there will not be enough migration resources as the deadline looms.”
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