21st Sep 2021

AccessPay Goes Beyond Bacs

It may seem like lightyears ago since you first came into contact with AccessPay.

Chances are you know us as a provider of Bacs, or a useful tool for automatically processing direct debits.

But like many growing software businesses in 2021, things have evolved. Far from being deterred by the challenges posed by COVID-19, the team at AccessPay is constantly expanding in both numbers and ambition.

Now, we’re so much more than a Bacs provider.

Put simply, we’ve gone Beyond Bacs.


Pioneers in Payments

Since 2012, AccessPay has been on a mission: to revolutionise how corporate businesses connect their back-office systems to their banks.

With ‘one portal for all payments’, the platform now handles countless CHAPS, Faster Payments, SWIFT and cross-border transactions every month for as many as 1,000 companies all over the world.

This includes direct connections (known as Host2Host) with some of the biggest global banks such as: HSBC, Barclays, NatWest, BNP Paribas, Bank of America, Citi, Deutsch Bank, Standard Bank and more.

As ever, the secure platform takes the everyday pains out of manual uploads and processes, freeing up finance and treasury teams for more meaningful work.

But the scope of our capability has grown exponentially.

And because we are back-office/bank agnostic, the sky’s the limit when it comes to payment integrations through AccessPay.

“AccessPay has evolved at an unprecedented rate in the last few years” explains Robart Hughes, Payments and Cash Management Automation Specialist at AccessPay.

“Not only are we experts when it comes to everything Bacs related, but we are now also industry leaders in all payments types, regardless of type, currency or destination”.

But it isn’t simply payments that we streamline.


Cash Management

Connect anything, integrate everything.

It’s more than just a mantra – it defines AccessPay’s cash management offering.

By seamlessly connecting your banking estate with any ERP System, our cash management solution offers real-time, multi-bank cash visibility no matter how many banks, accounts or countries you work in.

Not only does this allow your team to ditch the painful processes, sprawling spreadsheets and backwards banking portals, but it also offers:

  • Intra-day updates for real-time analysis
  • Oversight and control for rapid reaction to changes in FX, credit, interest rates
  • Liquidity forecasting to enable short-term investment decisions

Work in Progress? No Problem

Naturally, providing a more diverse and beneficial offering in the PayTech sector – such as our bespoke cash management solution – has meant that the Manchester team has had to expand.

The growth of the team and the expansion of our services are mutually reinforcing, though. Adopting new practices requires new skillsets in the team, and boasting a talented workforce enables us to further chase new ventures.

However, some of AccessPay’s changes can also be attributed to an ever-changing payments landscape that requires adaptability.

For example, your finance and treasury teams are likely aware of the upcoming switch to ISO 20022, the new global standard for exchanging electronic messages between financial institutions.

For many businesses, a change such as this might seem like a dramatic upheaval.

However, when partnering with AccessPay, there’s no need for this to signify worry.

Our aforementioned agnosticism applies to file types, too – in other words, you only need one connection: us.

We’re here to provide both our services and a constant helping hand during industry-wide transitionary periods such as this.


Expanding our Expertise 

As we’re showcasing, the AccessPay of today is technically advanced and global in its outlook.

We can now grow alongside our customers as their payment needs evolve and they go through periods of digital transformation, such as implementing a new ERP system.

Being a fast-growing fintech, AccessPay works alongside hundreds of businesses to transform their finance and treasury functions, including Imperial College London, ITV, NSG and the AA.

Let’s look at a couple of examples.


Imperial College London

This esteemed university brought AccessPay on board for a simple Bacs solution in 2019.

However, with international supplier payments going to accounts in 150 countries – in a mix of currencies, too – it soon became apparent we could widen the scope of our collaboration.

The journey so far has led to a direct link into RBS as well as a cost saving of roughly £50,000 a year thanks to AccessPay’s direct integration with Citizen’s Bank in America.

Rob Leech, Financial Systems Manager at Imperial College London said: “The direct connections were music to our ears – it meant not only could we get the UK Bacs working but we could also become more efficient with our foreign payments.

“AccessPay add more value to our proposition and we are building up a global footprint together.”

Sainsbury’s Bank

This well-established supermarket bank appeared on the AccessPay radar in 2015  after we were recommended as a corporate cash management solution.

The Sainsbury’s Bank team made high value cross-border payments every day via SWIFT, but found the manual nature of the work too time consuming.

AccessPay eliminated this problem by integrating their TMS with the SWIFT network.

Treasury Operations Manager Warren Hyde said: “Without AccessPay we’d have to revert to old manual processes, and we wouldn’t have the oversight of our cash we enjoy now.

“The platform has transformed the way we work for the better.”

To Summarise…

We’re still very much the AccessPay you originally partnered with: we spearhead world-class, innovative technology, provide a working solution in 12 weeks or less, and offer industry-leading customer service.

We’ve simply expanded our scope, meaning between our payment automation and cash management services, there are more ways than ever for us to help your business thrive.

To find out more about our capabilities ‘Beyond Bacs’, contact Robart today: [email protected]