The core system at the heart of the UK's 5.5 billion, GBP3 trillion automated payments system has been completely replaced without problem, the system provider Voca has reported.
The new Voca Payments Engine was designed in consultation with client banks to provide state-of-the-art payment processing for the UK banking industry in anticipation of 12% growth in traffic year on year.
The innovative system was built on behalf of operating company BACS Payment Schemes (BPS) and its 13 member banks. It will handle the growth in UK electronic transactions, enable banks and Voca to deliver new payments services and support the wider industry as it migrates to the single European payments area (Sepa).
Voca has replaced its old mainframe system with a scalable, flexible and resilient open standards technology stack based on BEA Systems, Sun and Oracle.
The Voca Payments Engine is one of the largest J2EE business applications in the world. In addition to supporting increased transaction volumes, the technology provides improved security, flexible clearing cycles, 24×7 capabilities and IP based submission channels.