ALBACS
ALBACS is the market-leading solution for businesses to transfer funds electronically via BACSŪ - the UK's Electronic Funds Transfer clearing house. ALBACS replaces the traditional paper-based methods (such as cheques, giros and cash) with fast and accurate transactions, reducing both time and bank charges.
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Supported Technologies
DEC OpenVMS,
Windows 95/98/ME,
Windows XP/2000/NT ,
AIX,
HP/UX,
SCO UNIX/PC UNIX,
Solaris/Sun OS
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Pricing
Users (# of seats), Server, System, Module
sales@albany.co.uk
+44 (0) 1420 547650
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Resources
Additional Product Information
ALBACS - The UK's Leading BACS Software
Product Overview
Electronic Funds Transfer
ALBACS is the fast and effortless market-leading solution for businesses to
transfer funds electronically via BACSŪ - the Electronic
Funds Transfer clearing house in the UK.
ALBACS replaces the traditional paper-based methods of payment and collection
such as cheques, giros and cash, with fast and accurate transactions at the
touch of a button, reducing both time and bank charges.
ALBACS can be used for many applications and is flexible for organisations
large and small. Currently, some 10,000 customers have taken advantage of the
savings which can be made by integrating ALBACS into their business.
Direct Credit Uses
To Pay:
Monthly salaries
Weekly wages
NI and PAYE contributions
Pensions
Suppliers
VAT
etc.
Direct Debit Uses
To Collect:
Credit card payments
Mortgages and rent
Lease payments
Subscription payments
etc.
The 3-Day BACS Process
BACS processes more than 3 billion payments per year. More than 40,000 companies
take advantage of the service which operates on a 3 day payment cycle.
Day 1 (input day)
Information is gathered and submitted to BACS electronically up to 9.00pm.
Transactions are accepted and confirmed by BACS.
Day 2 (processing day)
BACS forwards the information to the relevant bank. The bank processes the
information.
Day 3 (entry day)
A simultaneous debit/credit is applied to relevant accounts by 9.30am.
Features and Benefits
ALBACS features include
Account and sort code detail validation
Euro currency support
Multi-level password protection to prevent unauthorised system access
Immediate acceptance confirmation
Full audit trail
Reports archive
Ease of installation and use
Full support available
Benefits:
By combining a powerful application with functionality and flexibility, ALBACS
will deliver many benefits, including:
Dramatically reduced bank charges with savings of up to 80% over cash
or cheque
Saving valuable time and money - the need for signing volume cheques
is eliminated
An increase in the efficiency of any accounts department
Fast, convenient and secure
Euro enabled
Already the official currency of 11 EU Member States, the Euro is changing
the face of business across the continent. As organisations face an increasing
demand to make Euro payments, ALBACS is the first BACS software solution enabled
to deal with Euro payments.
ALBACS notifies the user of the currency being used, Euro or Sterling, with
visual currency symbols at key points throughout the submission. Different currencies
can be selected on an application basis. ALBACS provides a full audit trail,
defining the currency for every transaction.