Bacs, the UK clearing house, has renamed itself Voca as
part of a plan to target the global payments market following a
£75m overhaul of its technology.
The clearing house, which processes the nation’s direct debits
and wages, is keen to capitalise on its new IP-based network by
offering payment services to clearing houses and businesses
worldwide.
It believes that the European payment clearing market is ripe
for consolidation. That could pave the way for a handful of
organisations to offer regional payment services within the euro
zone.
David Sear, chief marketing officer at Voca said, "[The new
name] is about how we are attacking the global payments market for
electronic payments. We have a new name and a new remit."
Earlier this year, in partnership with a US software supplier,
Voca launched an online bill presentation and payment service for
UK banks. So far HSBC and Lloyds TSB have signed up for the
service.
Meanwhile, Voca is currently migrating 50,000 corporate
customers on to its IP network. Users have until the end of 2005 to
upgrade their Bacs connection software before the old network is
switched off.
Voca’s customers will also have to ensure that their payroll
suppliers have updated their software so that payroll details can
be transferred in a suitable format to Bacs' IP network.
The new IP network, which will be secured by Public Key
Infrastructure (PKI) technology, is central to a £75m update of
Voca’s IT systems.
In 2001, Computer Weekly revealed that the multibillion-pound
clearing network was vulnerable to hacking attacks because the Voca
board, then known as Bacs, had failed to implement recommendations
from its IT department to introduce a PKI security system and
services. Bacs denied that the network was vulnerable and insisted
that its security was first class.
The new IP network will allow companies to receive electronic
conformation that a payment has been received by Voca rather than
by post, as occured under the old system.