Bacs software can help alleviate many financial snags, and we will discuss 3 of them in the course of this article. First, however, it is important to know what Bacs is, what it does, and who it is for. Bacs stands for Bankers Automated Clearing Services, and it is the infrastructure under which many banking services are conducted in the UK. Bacs is a system that has been in place since 1968, though it initially went by the name Inter Bank Computer Bureau. It is for businesses, charities, and people who want to transfer money to one another easily and effectively.
It is Secure
One of the greatest hassles with online banking, for many people and businesses, are the worries about security. When you use Bacs approved software for your payments, that means that it has undergone a rigorous process in order to bear that distinction. Bacs uses two different methods for security and these are: PKI and ASM. PKI is a way to ensure that the digital signature and that the proper certificates are in place before information is transmitted. ASM stands for Alternative Security Method, and this allows users to be able to view and to change vital information in a safe way. The user will have access to certain data as well.
Bacs has a built-in system that will even accommodate customers if they are using an internet connection that is not protected. An example of this would be if a user wants to transfer money while they are at home. Bacs approved software has a function that will encrypt the information sent once they have verified their password information. An SSL session, or Secure Socket Layer, will be opened, and this will provide a session that is secure between the user’s computer and the Bacs system. This will create the way for the customer to access the information they need via an ASM encrypted session. This means that you can use software approved by Bacs without worrying about whether or not the system is safe.
It is Convenient
Using a software system approved by Bacs means that you will be using a system that has been designed to be convenient. Part of this convenience is achieved through saving a customer the time it would normally have taken to step into a traditional bank in order to transfer money. You will also save time because you will not have to make payments through the mail.
One of the greatest time-saving aspects of using Bacs approved software is that it does not have to pass through human hands to be completed. The process is automated, and as a result, it is much quicker than other banking methods.
Using Bacs approved software also means that you do not have to work around the hours when a traditional bank would be open. You can get the information that you need at any time of day and on any day of the week. In addition, you can do so from anywhere that you can get an internet connection. You can skip the hassle of needing to get into your vehicle and drive to a bank, and your processes can be more efficient as a result.
It is Less Prone to Error
One of the greatest hassles with managing finances is the proclivity to error. This requires that time and energy be required to fix the mistake and also means that money may bounce because of these errors. It is well known that the factor most likely to cause this are the people involved in any given transaction. Because the system is automated, you do not need to worry about human error once a transaction has been keyed in by you. In addition, there is a function built into Bacs software that allows you to validate the data for your records.
The Bacs system is used and trusted by millions, with 150,000 organisations using it for their daily business needs. 90% of payroll and millions of benefit checks are processed using Bacs as well. It is a trusted company that has been established for over 50 years, and it has a reputation for excellence. If you are looking to reduce the errors in your system, enjoy a greater level of security and convenience, Bacs approved software can provide all of the above.