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Structural banking reform, AWACS notices and how Dataplan’s got it covered

Structural banking reform, AWACS notices and how Dataplan’s got it covered
Jack Simpson
Written by Jack Simpson
Wednesday, 09 August 2017 07:11

Since the financial crisis of 2008, the issue of banking has featured heavily in British – and global – political discourse. In particular, the debate concerning structural reform/’breaking up the banks’ has raged.

The legislative changes stemming from this debate have had wide-ranging consequences. One of these has been an increase in the number of AWACS advices received by Dataplan on behalf of our customers.

Indeed, the fact that UK legislation mandates banks to separate smaller, simpler banking products – such as savings accounts and current accounts – from more complex, ‘high-risk’ investment banking activity means that restructuring of banks is a reality. A knock-on effect of this is changes in account details for many bank customers – for instance, different sort codes and, in some cases, even new account numbers.

Through the generation of AWACS advices, BACS gives notice of these changes. The volume of these changes is seeing a drastic increase in the number of AWACS reports being produced. The table below helps to illustrate a likely impact of structural reform:

AVERAGE BEFORE STRUCTURAL REFORM PEAK BEFORE STRUCTURAL REFORM AVERAGE AFTER STRUCTURAL REFORM PEAK AFTER STRUCTURAL REFORM
50
advices
500
advices
73
advices
573
advices
500
advices
5000
advices
725
advices
5725
advices
5000
advices
50000
advices
7250
advices
57250
advices

At Dataplan, we have robust procedures in place to ensure that we action these notices in a way that is both fast and reliable. AWACS is quite simply no match for the DP band of payroll superheroes; our automated systems ensure that employee bank account changes are actioned in a way that is highly resistant to human error.

With the risk of fines and rejected payments if AWACS notices are left unaddressed, it is imperative for your business that these are handled appropriately. With Dataplan, you can have the peace of mind of knowing you’re in safe hands. As a BACS Payments Team member, I am proud of how we are ensuring our customers adapt to the demands of structural banking change.

If you would like to chat to a Payments Team superhero about AWACS notices today – please contact us on 03331 123456 .

Jack Simpson

After completing his studies at the University of Warwick, Jack joined Dataplan in September 2015 as a Graduate Trainee Payroll Professional. Prior to this, he performed a holiday job at FB Wealth Management Limited, Dataplan’s sister company, on four separate occasions.

Outside of work, Jack is a follower of Nottingham Forest Football Club and takes a keen interest in politics and current affairs.

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