More NewsAlbany Software Submits First Faster Payment via Direct Corporate Access System

Albany Software Submits First Faster Payment via Direct Corporate Access System

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.”

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

3w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

5m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

5m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha