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Latest NewsPay & benefitsPayroll

Electronic payments service gives firms three months to switch over

by Personnel Today 21 Sep 2005
by Personnel Today 21 Sep 2005

About 35,000 employers risk missing a deadline for migrating to an alternative electronic payment system to Bacs.

The Bacs system is being upgraded to cope with increasing demand and will be turned off at the end of the year. However, a large number of employers look like missing the cut-off date for changing their payment.

Companies dragging their heels on the change-over will have to pay their contractors and staff by cheque or cash if they don’t move quickly to change their systems.

Voca (formerly Bacs), which runs the system, said the change was needed because of a massive growth in electronic transactions. There are currently 4.5 million transactions a year using Bacs, but this figure is expected to rise to six million within two years.

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Voca is trying to persuade all companies to adopt the new Bacstel-IP system, but so far only 75,000 of the 110,000 companies affected have moved over.

The deadline to migrate to the new system was set in 2002, but company apathy and resentment at being forced to move has been blamed for the delay by many businesses.

Personnel Today

Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

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Personnel Today
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