Hi I’m Ryan, and I’m a Backend Engineer here at Monzo.
This blog tells the story of how Monzo became a Direct Participant of the Bacs payment scheme, and what this means. Receiving your salary and paying Direct Debits are crucial parts of banking, and our customers expect them to just work. We had to perform a series of changes to how we receive these payments and how money moves between us and other banks, all without affecting a single one!
Only software solutions that have passed a number of rigorous testing and approval processes are enabled to connect to Bacstel-IP for the Bacs Payment System and / or Secure-IP for the Faster Payment System.
Bacstel-IP is the delivery channel which gives corporate users secure online access to Bacs. Bacstel-IP is a multi-layered, highly advanced, online submission channel and the largest Public Key Infrastructure (PKI) community in the world.
Bacstel-IP is an online submission channel which is safe and resistant to data tampering. Direct submitters use the service to submit their payment files to Bacs. They can also track payments and view payment reports using the service.