Bacstel-IP: In the room where it happened

Bacstel-IP: In the room where it happened

Summary

In this podcast episode of Payments Unpacked, Mike Chambers reflects on the Bacstel IP migration, a significant technological overhaul in UK banking that took place 20 years ago. He discusses the challenges and successes of migrating over 100,000 organisations to a new internet-based payment system, highlighting the importance of collaboration among banks, software providers, and IT teams. The episode emphasizes the legacy of this migration and its impact on modern payment systems in the UK.

Takeaways

• The Bacstel IP migration was a pivotal moment in UK banking.

• Over 100,000 organizations migrated to a new payment system.

• The project involved extensive planning and collaboration.

• Bacstel IP improved security, speed, and efficiency of payments.

• The migration was largely successful, with high user satisfaction.

• Bacs processes a significant portion of UK salaries and payments.

• The transition was largely unnoticed by the general public.

• The project was part of a £100 million technology renewal program.

• Key individuals played crucial roles in the migration's success.

• The legacy of the migration continues to shape financial technology today.

Sound Bites

• “In the room where it happened”

• "It was one of those pivotal moments."

Chapters

00:00 The Bacstel IP Migration: A Historical Overview

02:59 The Impact of Technology on UK Payments

05:45 Reflections on Success and Legacy

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