Albany Software has become the first company to submit a payment via the new Faster Payments Direct Corporate Access system by making a donation to the Barclays supported charity, Practical Action.
Faster Payments (FP) was introduced in May 2008, mainly for consumer banking.
Direct corporate access (DCA) facilitates the same speedy and cost effective funds transfers, but this time for the business world allowing it to send a BACS-type file of hundreds of transactions on the same day at a fraction of the cost of the current CHAPS service. Barclays will be the first bank to initiate a full roll-out of the service in the next couple of weeks and other banks may follow suit in the coming months.
Adrian Stafford-Jones, managing director of Albany Software, said: “DCA will enable greater flexibility in payment options. Customers can be refunded immediately and ‘just-in-time’ supplier payments encourage discounts, ensuring that businesses avoid late payment interest charges and strategic relationships remain solid. For the payer, cash flow can be improved by the retention of cash in the business until the last moment possible.”
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