At the end of last year we ran a survey, in conjunction with the Chartered Institute of Public Finance and Accountancy’s Public Finance magazine, in a bid to explore and understand the potential
barriers preventing organisations across the sector from changing their banking provider.
What our research suggested was that concerns over payments being lost as the result of moving accounts was a key perceived barrier to fully testing the market, in addition to worries over whether accounts would be set up promptly with a new provider, and payment arrangements migrated in a timely manner.
While this might be unsurprising in many respects, it is clear that those working hard to manage and safeguard an organisation’s finances have enough to think about without the stress of dealing with problems when moving banking provider.
But, what if large organisations were able to migrate accounts secure in the knowledge that these concerns were a thing of the past?
The team here at Bacs - a part of leading retail payments authority, Pay.UK – has developed the Bulk Payment Redirection Service (BPRS) to offer an easy and cost-effective way to ensure payments
continue to be received when a sort code and / or account number is changed, such as in the case of moving bank or building society.
BPRS leverages the proven central redirection facility, developed for the Current Account Switch Service, which has already handled five million account switches, to offer a bespoke solution for
organisations looking to find a more appropriate banking set-up.
The service represents a step-change in increasing the ease with which organisations too large to use the Current Account Switch Service can switch banking provider, reducing stress, cost and,
importantly, improving efficiency.
This means that finance teams can enjoy added confidence when it comes to the process of reviewing their banking arrangements. Ultimately, we believe that BPRS can empower organisations to get the best banking deal possible; just as it should be.
To take advantage of BPRS, or to find out more, organisations should first contact their prospective new bank, building society or Bacs to discuss their requirements in more detail. Alternatively, for
more information contact us.