The infrastructure that underpins the UK's electronic payment system this week began the transition to Internet-based protocols.
As part of its NewBACS technology renewal programme, the banking industry's automated clearing house service, BACS, opened its new Internet-based BACSTEL-IP service on Wednesday. Currently, banks and their customers use a variety of communication lines to interact with BACS, but the intention is to migrate all users to the new Internet-based environment by 2005.
Announcing the new service, BACS claimed the new IP channel would give users a higher level of functionality, for example by letting them import payment report details back into their office systems, and better security.
The security systems being established for BACSTEL-IP include requiring users to use sma...