Businesses must, of course, decide which of the two services provides the optimum payment method, something traditional payment gateways which merely link the outside world and internal back office systems are not designed to assist with.
Addressing the need to choose the optimum payments route UK payments technology developer Albany Software has launched ePAY, a solution which is at present unique in the market, Georgia Leybourne, Albany’s sales and marketing director, told EPI.
While other vendors have added features to existing products to meet FPS service requirements, ePAY is the only product that has been developed from scratch, stressed Leybourne. ePAY is also designed to meet Single European Payments Area requirements.
Fundamental to ePAY, and a major advance that differentiates it from traditional payments gateways, is its ability to analyse data, she explained.
This is achieved by what Albany terms an “intelligent processing engine” which analyses payments data flow and generates recommended optimum payment methods.
Other ePAY features include an ability to warn of payments outside preset limits and stop them if required, notify of any account changes and reconcile data back to core applications.
Also of significance, ePAY is compatible with virtually all accounting and payroll applications.
In addition, noted Leybourne, as a platform on which all payments are consolidated ePAY represents an important tool for finance departments by providing them with a real-time perspective on cash flow.
Consolidating Albany’s first-to-market position, in March 2009 ePAY became the first Faster Payments Secure-IP (internet-based) software product to achieve Bacs Approved Software Service (BASS) status.
The BASS approval process includes testing of the software by payments processor VocaLink on behalf of Bacs and also involves feedback from payments industry body APACS and CHAPS Clearing Company, operator of the UK’s real-time gross settlements system.
The first ePAY Secure-IP service for the submission and immediate payment of a file of direct credits such as payroll and supplier payments via the FPS is due to be launched by Barclays Bank in June 2009.