Advice of Wrong Account for Automated Credits Service
AWACS is a fast and efficient service which speeds up the process and improves accuracy for notification of incorrect account details for Bacs Direct Credit payments. It provides organisations with the information they require to help maintain their payments database.
Manual notification of incorrect account destination details can result in amendments not being received in time to ensure payment accuracy, or insufficient or inaccurate data due to manual completion of paper based advices.
AWACS is the automated system used by the banks to advise organisations of the correct account details in a consolidated and consistent way and is available to all Bacstel-IP submitters.
Improved service delivery
AWACS improves the speed and quality of service for handling misdirected credits. This in turn helps maintain customer loyalty, even when they change their bank details and forget to tell you. It also assists improvement of your relationship with your suppliers and staff.
AWACS dramatically cuts the time it takes to notify you of corrections to account details which reduces the problem of multiple incorrect credits to the same beneficiary. This is particularly important where weekly payments are involved.
If you switch to electronic messaging for AWACS the speed at which you receive and can process these amendments will be even greater, making it easier for you to rectify an error before it is repeated.
Faster data inputting
All advices are generated in a consistent format and produced as a consolidated list, facilitating speedier data input.
Greater accuracy of data
A reduction in the number of times data is re-keyed means the accuracy of amended credit payments improves. If you choose the automated messaging services for AWACS advices the re-keying of data into your own system is also eliminated.
How it works
Sometimes the beneficiary account information contained in a Bacs Direct Credit payment is incorrect. In these cases the receiving bank will make every effort to locate the correct account.
When the correct account is successfully identified the payment is credited to the account and the correct account details are sent electronically to Bacs.
All changes of account details are consolidated from each receiving bank into one AWACS advice which is distributed to you electronically via Bacstel-IP.
This means that not only has your payment reached the correct destination, but also by amending your records, all future payments will automatically reach the correct account.
Getting started with AWACS is easy. With Bacstel-IP you will receive all your AWACS advices electronically.
Electronic delivery of AWACS advices offers the additional benefit of enabling automatic updating of your payment records, resulting in reduced administration costs and increased accuracy.
To receive AWACS data electronically you may require an additional software product from your supplier. Also, to take advantage of automatic updates to your payment system may require you to make some changes to your accounts or payroll systems. Your software supplier will be happy to advise you.