Established in 1968, BACS
Limited (formerly Bankers Automated Clearing Services) is one of the world's largest automated payment clearing houses.
In September 2002 BACS
announced its technology renewal program in order to meet the rapidly growing demand for its electronic payment services.
BACS is delighted to approve Bottomline Technologies' WebSeries as the first solution to support four HSM manufacturers.
More than 60,000 companies use BACS to process payments, and will need to migrate to BACSTEL-IP by December 31, 2005.
Between 2003 and 2005 all 50,000 businesses who connect directly to UK BACS will need to upgrade from the current dial up service to the new BACS service.
Research among BACS customers has shown that three quarters of existing BACSTEL users would switch to BACSTEL-IP as soon they are able to," said Martin Wilson, NewBACS programme director.
Tim Lambertstock, Technology Strategy Manager at BACS, added, "We selected AssureTransaction because it is a proven product, which can verify the various types of digital identities used in the UK banking system.
Phil Naybour, managing director of Thales e-Security, commented: "We are delighted to have been chosen by BACS for this critical UK infrastructure project.
Borland is enabling BACS
to move into the future without abandoning its past," said Nigel Brown, vice president and general manager for Borland EMEA.
Fitch considered the potential, yet remote risk of a government sponsored borrower relief measures in assigning the BHN IV and BACS
Price Lowenstein, Sovereign's President & CEO commented, "We are pleased to have been able to assist BACS
in achieving an investment grade rating on this transaction.