Our client is a major UK banking group with more than 300 years of history and expertise. It incorporates a diverse range of companies, from banks and savings banks to building societies and life assurance.
Parseq has been providing a white labelled BACS Service for more than 25 years to nine UK high street banks. The service is based on standard BACS crediting cycle and is targeted at a customer base of approximately 75,000 SMEs of which 15,000 are served by our client. 90% of all payments processed are payroll payments, the remainder consisting of a growing demand for supplier payments. The service is supported by a help desk that serves clients and their customers alike.
Our client offers a range of payment solutions to its many customers. However, they still have a large segment of SME customers which require a simple, effective, scalable payment solution in order to pay the salaries of their employees and other business by BACS transfer, on both a scheduled and ad-hoc basis.
Through mergers and acquisitions within the banking sector, our client acquired more than 4,000 new customers using a similar product and so they sought a single supplier through a competitive tender to deliver this service to all of their customers. They also required adherence to the FSA (Financial Services Authority) guidelines for treating customers fairly. With our advanced technology and automated processes rated excellent by BACS audit, Parseq was awarded the contract. We immediately embarked upon a seamless migration from the incumbent supplier over a three month period, including all necessary instructions and essential support.
The client was delighted with the outcome, citing the fact that not one single scheduled customer payment instruction was missed during the handover period. The customer service experience was improved by our automated processes and enhanced Ml audit and reporting capability. In particular, the new customers were impressed that, if they failed to submit their instructions according to their pre-defined payment schedule, Parseq would automatically make enquiries within 30 minutes of a missed deadline and provide a timely reminder. By migrating these customers to Parseq, the client made savings on the cost of setup, implementation and processing of more than 25%.