Finastra integrates with Priority Software to enable embedded Bacs payments

Finastra, a global provider of financial software applications and marketplaces and one of the largest providers of Bacs and Faster Payments Service (FPS) solutions for the UK, today announced its partnership with Priority Software, a leading provider of scalable, agile and open cloud – based business management solutions, to enable UK businesses to send Bacs payments from Priority Software’s Enterprise Resource Planning (ERP) products.

Bacs is a UK bulk payment gateway operated by Pay.UK that allows payments to flow from one bank account to another. By using the Open API module in Finastra’s Bacsactive-IP solution, customers can generate transactions within Priority Software’s product, and after authorization the payments are sent to Bacs – all completed in one automated and seamless user journey.

“Making and receiving regular payments directly from one bank account to another, such as initiating vendor payments, can be time-consuming and expensive for businesses,” said Gil Michaeli, Global Alliances & Business Development at Priority Software. “By integrating Finastra’s solution, our customers can facilitate these payments quickly and easily, without leaving our ERP software. Priority’s open technology also allows us to integrate additional modules in the future to help us evolve with changes in the industry.”

Finastra’s Bacsactive-IP is a comprehensive payment processing solution with a wide range of optional modules, including Open API technology, enabling the processing of simple, low-volume payments with user-friendly functionality, up to and including handling mission-critical payment operations. Priority Software’s solutions provide real-time access to data and insights from any desktop or mobile device, enabling organizations to increase operational efficiency, improve customer experience and identify new opportunities.

“Especially larger organizations may have multiple functions for bank-to-bank payments which can cause disjointed processes,” said Amit Agarwal, VP & GM, Financial Messaging Marketplaces at Finastra. “By integrating our open APIs into their solutions, Priority Software can easily roll out the combined offering to all UK customers, enabling them to make Bacs payments through a fast and seamless onboarding process. We look forward to a long-term relationship with Priority Software to support ever-evolving industry and customer requirements.”