Businesses at risk of missing salary payments given final chance
 

Businesses at risk of missing salary payments given final chance to meet new security requirements

June 13, 2016

A deadline for businesses to make sure they were compatible with new payment security measures has been extended after around 1,000 companies failed to take the necessary action.

These businesses risked being unable to pay staff and suppliers , forcing Bacs Payment Schemes Limited (Bacs) to step in and give them a grace period in order to make sure they can meet their payment commitments. The new deadline has been set as 19 September 2016.

Bacs’ Mike Hutchinson said: “We have been telling businesses about these changes for well over a year, and we’re really disappointed that some haven’t taken us seriously. This is the last chance for them to do so – if they don’t make the necessary upgrades by the new deadline, they won’t be able to use Bacs to pay staff or their suppliers; they’ll have to make other arrangements.”

The security changes - called SHA-256-SSL - are driven by the global internet community, which will adopt these improved security measures at the end of this year. At that stage, all organisations needing to communicate securely with users across the internet and via extranets will be impacted. Bacs is making the change early to avoid any last minute issues when the existing SHA-1 certificates are switched off. At the same time, the company is withdrawing support for older connection protocols to provide even more protection, with only TLS 1.1 and 1.2 supported after the deadline.

Businesses choosing not to adopt compatible software upgrades, and an operating system that will support the changes, will have to make alternative arrangements to pay staff and suppliers after 19 September. They will not be able to access Bacs after that final deadline, and there will be no further extension to the date.

For further press information, please contact:

Damion Clark at Real PR (Consultants) LLP. Tel: 01353 667934 or 07789 911314 Email:  damion@realpublicrelations.com

Eazipay Limited are authorised and regulated by the Financial Conduct Authority, number 615816 under the Payment Services Regulations 2009 for the provision of payment services. www.fca.org.uk
The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk

© eazipay 2015 | sitemap

site by prussian blue + tIMC

cookie policy

our website uses cookies and similar technologies to help make this website better Read More

happy to accept?

 

 

Cookie Policy

Our Cookies Policy explains what cookies are, how we use cookies, how third-parties we may partner with may use cookies on the Service, your choices regarding cookies and further

What are cookies

Cookies are small pieces of text sent by your web browser by a website you visit. A cookie file is stored in your web browser and allows the Service or a third-party to recognize you and make your next visit easier and the Service more useful to you.

How Eazipay Ltd uses cookies

When you use and access the Service, we may place a number of cookies files in your web browser.

We use cookies for the following purposes: to enable certain functions of the Service, to provide analytics, to store your preferences, to enable advertisements delivery, including behavioural advertising.

We use both session and persistent cookies on the Service and we use different types of cookies to run the Service:
- Essential cookies. We may use essential cookies to authenticate users and prevent fraudulent use of user accounts.

For the full disclosure section, including all types of cookies, please click here.

Third-party cookies

In addition to our own cookies, we may also use various third-parties cookies to report usage statistics of the Service, deliver advertisements on and through the Service, and so on.

What are your choices regarding cookies

If you'd like to delete cookies or instruct your web browser to delete or refuse cookies, please visit the help pages of your web browser.

Please note, however, that if you delete cookies or refuse to accept them, you might not be able to use all of the features we offer, you may not be able to store your preferences, and some of our pages might not display properly.

More information about cookies

If you would like more information regarding Cookies please visit the below site:
ICO (Information Commissioner’s Office) - https://ico.org.uk/for-the-public/online/cookies/