The collaboration seeks to enable UK businesses to submit Bacs payments directly through Priority Software's enterprise resource planning (ERP) systems.
Bacs is a UK bulk payments rail run by Pay.UK that allows money to move from one bank account to another. Customers can generate transactions inside Priority Software's product, and upon authorisation, the payments are delivered to Bacs by utilising the Open API module in Finastra's Bacsactive-IP solution.
Bacsactive-IP from Finastra is a payment processing system with a broad range of optional modules, including Open API technology, that enables the processing of basic, low-volume payments with simple functionality, all the way up to and including the handling of mission-critical payment operations. Priority Software's products enable organisations to optimise operational efficiency, improve the customer experience, and find new possibilities by providing real-time access to data and insights from any desktop or mobile device.
Users can utilise Bacs to automate regular payments like wages, supplier bills, or subscriptions, decreasing the need for manual involvement. This automation streamlines financial operations, saving both firms and people time and effort. Furthermore, Bacs payments are handled in batch runs, enabling large amounts of money to be sent in a single transaction.
Furthermore, Bacs payments help to enhance cash flow management. Payment collection and settlement times are often faster using Bacs compared with traditional methods such as cheques. Businesses can benefit from regular and consistent payment cycles, which allow for better financial planning and forecasting. Furthermore, because the transactions are immediately recorded and updated in the necessary financial systems, Bacs payments reduce the need for human reconciliation. This precision and real-time visibility of transactions allows for improved financial control and allows firms to make educated decisions based on up-to-date data.
Finally, by utilising the secure Bacs network, which is regulated and supervised by the UK banking sector, consumers can have peace of mind knowing that their transactions are safeguarded against possible hazards such as fraud or unauthorised access. This degree of protection is especially important when sending large sums of money or making recurring payments.
Finastra partnerships provide technology advantages for fintech firms wanting to strengthen their solutions. Fintechs can tap into Finastra's knowledge base and receive insights into industry best practices, regulatory compliance, and future trends through partnership. Companies may use Finastra's technology expertise to build and deploy new solutions that are scalable, secure, and in line with industry standards.
Finastra also provides a spectrum of software solutions and services to fulfil the different demands of the financial industry. Companies can implement functions such as payment processing, risk management, data analytics, and client interaction by integrating Finastra's solutions into their own technological stack. This connection enables fintechs to improve their product offerings, provide a better customer experience, and acquire a market competitive advantage.
Companies can thus use Finastra's expertise and insights to design compliance solutions while integrating Finastra's software products improves their capabilities and allows them to deliver stronger offers.
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