Companies Slow to Migrate Risk Short- and Long-term Benefits
READING, ENGLAND – 29th March 2005 - Bottomline Technologies (NASDAQ: EPAY), a leading global technology provider of financial Business Process Management (fBPM) software and managed services, today responded to the results of an independent survey by Quocirca Limited on the progress of the industry’s migration to the new BACSTEL-IP electronic payments standard. The survey was compiled from responses by senior influencers and decision makers representing financial departments and companies with a turnover of £20M and above.
The new survey revealed that over 95% of those questioned were aware of the 31 December 2005 migration deadline, yet only one quarter of these respondents had either already begun or completed their migrations. Another 47% reported that they will begin their roll outs over the next three months. Conversely, 20% revealed they have no budgeted funds presently identified to meet the industry requirement, and the same percentage believes they will migrate at a later date with a small proportion opting to rely on banks and third-party providers to meet the requirement. Companies that had completed their migrations – mostly larger firms – indicated they have achieved more benefit from the transition than previously expected.
“While there has been positive progress toward meeting the BACSTEL-IP deadline, it is equally clear that many firms are behind schedule. While the switch-off to BACSTEL is still achievable in theory by end of year, good intentions now need to be matched by concrete action and commitment,” said Peter Fortune, President, Bottomline Technologies Europe. “The danger is that companies will leave things too late and there will not be enough migration resources as the deadline looms.”
“With findings that show over 40% of these respondents have little confidence they will meet the deadline, the industry as a whole needs to pay attention,” said Jon Collins, Principal Analyst, Quocirca. “It is no surprise that the larger companies have their migration programmes in hand, but attention must be paid to smaller ventures who may need more support through this time of regulation, compliance and change,” added Collins. “There is also the growing issue of ‘orphaned’ customers who may affect the migration rate and influence the success of the roll-out overall. There are sufficient certified BACSTEL-IP providers to service the market and they need to concentrate their efforts on delivering timely and well managed solutions.”
“As a company that has serviced the financial operations of corporations for 15 years, we are comfortable with our ability to meet industry demand at all levels – indeed, we have already received over 3,000 BACSTEL-IP orders,” said Ian Armstrong , Head of BACSTEL-IP Migration, Bottomline Technologies. “We have strengthened our implementation capacity to manage the roll-out and ongoing support of our existing clients, and are prepared to assist companies who need to start the move to BACSTEL-IP through rapid deployment of our Paybase® and WebSeries® payments products – either on site and via convenient subscription services.”
Full results of the survey entitled “BACSTEL-IP: Steady Progress or Wishful Thinking,” can be downloaded free of charge at http://www.quocirca.com/report_bacstel.htm.
Quocirca is a research and analysis company with a focus on the European market for information technology and communications (ITC). Quocirca has a proactive primary research programme, regularly polling users, purchasers and resellers of ITC products and services on the issues of the day. Over time, Quocirca has built a picture of long-term investment trends, providing invaluable information for the whole of the ITC community.
Quocirca’s analyst team is made up of real-world ITC practitioners who continuously research and track the industry in the areas of Business Process Evolution and Enablement; Enterprise Applications and Integration; Communications, Collaboration and Mobility; Infrastructure and IT Systems Management; Utility Computing and Delivery of IT as a Service; IT Delivery Channels and Practices; and IT Investment Activity, Behaviour and Planning. Quocirca’s clients include Oracle, Microsoft, IBM, CA and Cisco.
To receive free Quocirca business reports, visit http://www.quocirca.com/report_signup.htm. Copies of past reports from Quocirca’s research library may be requested at www.quocirca.com.
About Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY) is a leading global technology provider of financial Business Process Management (fBPM) solutions. Bottomline's comprehensive set of fBPM offerings enables businesses and financial institutions to more effectively manage their critical financial transactions, cash decisions and trading partner relationships, leveraging the Web. Applications include Electronic Payments and Cash Management, Electronic Invoice Receipt Management, Electronic Invoice Presentment and Payment (EIPP), Electronic Banking, Information Reporting, and Document Output Management. Founded in 1989, Bottomline maintains its corporate headquarters in Portsmouth, NH and international headquarters in Reading, England. For more information, visit Bottomline on the Web at www.bottomline.co.uk, or dial +1.603.436.0700 or +441189258250.
Bottomline Technologies, the BT logo, PayBase and WebSeries are registered trademarks of Bottomline Technologies, Inc. which may be registered in certain jurisdictions. All other brand/product names are trademarks of their respective holders.
This press release may contain forward-looking statements that involve risks and uncertainties, including statements regarding expected benefits of use of the Company's products and future growth or results. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are competition, market demand, technological change, strategic relationships, recent acquisitions, international operations and general economic conditions. For additional discussion of factors that could impact Bottomline Technologies' financial results, refer to the Company's Form 10K filed September 2004, Form 10Q filed February 2005 and any recently filed Form 8K’s.
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