Products

BACS IP - Automated Supplier Account Payments (ASAP)

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Automated Supplier Account Payments (ASAP) is a unique software package that offers a practical, low-cost alternative to processing payments of any kind via BACS and BACS IP. The system provides an alternative interface between your organisation’s host financial accounting system (operating via any PC financial package such as SAGE, SAGE LINE 50 etc. or any AS/400 ERP systems such as JBA System 21, JDE etc.) and the facilities provided by the bank for Electronic Funds Transfer (EFT).

What's Happening
BACS is currently undergoing a technology renewal programme, which includes an upgrade of the existing telecomm based customer delivery channel BACSTEL to the latest Internet-based technologies or ‘BACS IP’.

The system you are currently using will cease to function after December 2005. By this time, all businesses that send payments to BACS must have upgraded their systems to BACS IP or made alternative arrangements to send their payments to BACS. The major banks are already strongly recommending that businesses do this as soon as the 2nd quarter of 2005.

Why ASAP?
ASAP is a reliable, effective software solution to process any payments quickly and efficiently and provides companies with a cost-effective and alternative solution to BACS and BACS IP, without the hassle and high cost of implementing BACS IPcompliant software. ASAP has already been implemented by a number of organisations in Europe and across the UK.

ASAP effectively plugs a gap in the market for a reliable software package that can upload the equivalent of BACS payments efficiently, and is not affected by the New BACS renewal scheme.

ASAP also replaces the traditional paper-based methods of fund transfer, such as cheques and cash, saving substantial effort and resources when making payments of any kind (to suppliers, trading partners or employees etc.) for any organisation that is not currently using an electronic means of payment transfer. Payment types supported include payroll (monthly or weekly salaries or wages, bonuses, expenses etc.), direct debit payments (e.g. for utilities, subscriptions), supplier payments, ad-hoc payments (e.g. settlements, refunds, fund transfers), as well as pension and insurance payments.
ASAP can provide your business with the vital link it needs to ensure a smooth and trouble free transition and the uninterrupted uploading of payments.

The Main Benefits

• A significant reduction in costs, through ensuring all payments are done electronically and not by cheque, ensuring suppliers are paid on time.
• Better control of cash flow.
• Increased efficiency in accounts.
• Payment transactions processed exactly when you want, via your in-house financial application.
• No re-keying transactions into the banking system
• The ability to configure additional authorisation mechanisms for any payment amounts over a specified threshold.

Which Banks are Supported?
The following bank systems are currently supported by the ASAP product.

• Natwest
• Barclays
• Royal Bank of Scotland
• HSBC
• DeutcheBank
• Lloyds TSB

We will continue to add more banks as demand requires. If your bank is not listed, an easy-to-use configuration wizard ensures that the output format your bank requires can be supported with minimum effort, and no additional cost. ASAP also supports electronic payments in EDIFACT format, which is a universal standard.

How ASAP Works
ASAP provides an interface between your host financial accounting system (operating on either a Windows based environment or on the IBM iSeries or AS/400 platform) and the facilities that are provided by your bank for Electronic Funds Transfer (EFT).

ASAP first ensures that all payments sent from the host system pass a series of stringent validation tests. Any errors highlighted can either be corrected by the user within ASAP or within your existing financial system, for subsequent reprocessing at a later date.

All payment data is held in ASAP until the file to be submitted to the bank is ready to be produced. However, the way in which data is organised in the file for individual banks differs greatly from bank to bank. ASAP ensures that the file that it produces is in the correct format required by your bank, prior to import to the incumbent PC-based banking system. Hence, the security and integrity of payment information during the upload of data to the bank itself, is provided within the banking system itself.

The Main Features
ASAP provides the ability to ensure that any payments over a specified threshold need to be authorised by a senior member of staff, before being processed.

For organisations with more than one production facility, office or depot (and potentially more than one bank account), ASAP can export multiple file-formats for each site according to the bank associated with them.

• The automatic detection of payments with incorrect, invalid or missing information, with the functionality to add or change information so that the message becomes valid, for subsequent processing.
• The ability to view full details of all outstanding payments (including authorised), user-authorised payments and payments in error … by supplier, site (e.g. plant) and payment due date.
• Access permissions are set by assigning each user of the system with a username and password. Each user can either be a general user, with rights to view data and submit payments, or an administrator, with rights to do all of the above, plus the ability to authorise payments and edit system settings.
• An activity log of all user activity within the system (including authorisations) is maintained, and this can only be purged by an administrator for all activity before a given date on request.
• The functionality to maintain application settings and company site information
• A wizard function is provided that allows new or revised banking format information to be easily specified.
• Ready configured with the file formats for a number of the UK’s leading banks.

Why not try out the FREE ASAP Demo. Or Contact us now for a free, no-obligation demonstration of ASAP at your own offices on 01924 290999 or use our online enquiry form.