With the new BACS payments standard, BACSTEL-IP, expected to take effect on 1 January 2006, organisations across Europe that conduct business in the UK are faced with a compliance mandate. Designed specifically for customers of MultiCash, Omikronâs cash management software, the new BACS gateway will allow mainland European organisations to quickly and easily send and receive UK-related payments using the BACSTEL-IP payments standard.
"Thousands of businesses across Europe leverage MultiCash to manage their payments functions," said Colin Smith, Manager, International Services at Omikron. "By partnering with the market leader for BACSTEL-IP solutions and services, we are able to extend our coverage to include the UK for BACSTEL-IP compliant direct credits and direct debits in an efficient and cost-effective manner."
Peter Fortune, President of Bottomline Technologies Europe said, "We are excited about our relationship with Omikron and look forward to working with our European partners on this BACS service, as well as other initiatives we are exploring to streamline our customersâ international payments and cash management needs."