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April 18, 1988


By CBR Staff Writer

Bushey, Hertfordshire based Flexitran Ltd has produced Cashbacs, a system designed to give the business user access to electronic funds transfer from an MS-DOS micro. The company, which was formed in May of last year, claims that the system reduces banking charges and can cut administration time and costs. Cashbacs connects the user into the Bankers’ Automated Clearing Service, BACS, enabling one to direct the route and timing of all monetary transactions. BACS was set up in 1971 by the major banks as an automated clearing house for their own use but now caters for 33,000 users. The system can also handle credit card transactions leading to potentially lower tariff rates with the credit card companies and automatic checking of unacceptable or stolen cards, via updated information which is passed down-line on a weekly basis. The system comprises communications and operational software, a modem, an Amstrad PCW8512 word processor and is also available as an addition to MS-DOS micros. Data is collated and sorted into transmittable formats and then transmitted either to Flexitran, which acts as a bureau to reduce costs if the number of transactions is small, or direct to BACS itself. It is estimated that the cost per transaction will be 13 pence at the top end and 8p at the bottom end. The system, including the Amstrad PCW8512 and modem, costs UKP1,700 and is available immediately. The firm says it expects sales to be in the hundreds and will officially launch the product in June with a number of, as yet unidentified, systems.

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