The security of the data we submit is of vital concern to all businesses and individuals, especially in the context of payments and bank account information. For this reason, the internet community is due to adopt a new type of security certification, known as SHA-2.
In addition to upgrading to SHA-2, BACS has opted to apply Transport Layer Security (TLS). TLS is an enhanced cryptographic protocol designed to provide secure communication between the user’s computer and the BACS payment system.
This change will take effect from 13 June 2016. Any BACS submitters who have not adopted the updated security requirements by this time will be unable to submit their payments to BACS.
At Alliotts, we submit BACS payments on behalf of many of our clients. To ensure that we are able to continue to provide this service, we have chosen to adopt a new piece of software for BACS submissions which has been created to comply with the SHA-2 and TLS system requirements. This will go live in January 2016, ensuring we are well within the June 2016 deadline and can provide an uninterrupted service to all of our clients.
If you submit BACS payments, it is important that you ensure that the software you use to process these payments will comply with this major industry update. Failure to act in good time before June 2016 may mean that you are unable to process BACS payments.
Should you wish to discuss this update further, or explore the BACS submission services Alliotts can offer you, please do contact me directly.