Changes to internet security in the payments industry
Chartered Institute of Payroll Professionals (CIPP)
The global internet community is set to introduce a new and more sophisticated level of internet security and Bacs is again warning businesses to act now to avoid losing access to vital payment services when internet security changes from 13 June 2016.
The changes could have serious implications for UK businesses that use Bacs Payment Schemes Limited (Bacs) to make salary and supplier payments or to collect by payments by Direct Debit.
Bacs highlight ten things all business should know about the new security and its impact:
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Currently, most secure internet sites are protected by Secure Hash Algorithm-1 SSL, or SHA –1 SSL
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Bacs is also making the internet more secure
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Businesses that use Bacs to make or collect payments will be affected
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Any business that wants to access Bacs via Bacstel-IP will need to make sure they have the right IT in place to support these changes
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Failure to update a company's systems will mean it is unable to access secure services
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Bacs is implementing these changes on 13 June 2016
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Bacs is adopting the new measures before the internet community
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Ask your IT department for assistance
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Companies who use a bureau may be affected
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Banks will support look after companies with smartcards and signing solutions.
See the Bacs website for full details of the 10 things businesses need to know about the changes.
