Bank of Cyprus UK has purchased an automated payments solution from Albany Software. The solution integrates with the bank’s existing systems and applications, streamlining payments, collections and administration processes; a critical requirement for Bank of Cyprus UK which processes an average of £1 million worth of Bacs transactions every day.

Kyri Voskou, Systems Supervisor at Bank of Cyprus UK, comments: “In today’s economy it is vital that organisations invest in innovative technology to drive the business forward. We strongly believe that purchasing the right technology, like the Albany Software automated payments and collections solution, offers us long-term benefits and delivers real return on investment. The solution fits well with our other recent initiatives including desktop video conferencing, digipass access to online services, SMS alerts to customers, as well as being one of the first banks in the UK to adopt IP telephony.”

Voskou continues: “It is important that our processes payments reliably and efficiently to ensure continued delivery of a high quality service to new and existing customers. Whilst we recognise that there are many electronic payment methods available, like SWIFT, these types of payments incur high costs and are not suitable for regular submissions. Conversely, the Albany Software solution is straightforward and cost-effective, ideal for the bank’s daily electronic funds transfer requirements.”

He adds: “The Albany Software solution makes the entire funds submission and collection process more efficient and can deal effectively with the bank’s high volume of funds transactions. In addition, the solution will provide us with a comprehensive reporting facility, multi-user access and hierarchical permissions structure delivering excellent levels of control, security and visibility to the bank.”

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