AccessPay
The Bankers' Automated Clearing Services (known as Bacs) was designed by UK banks to allow the electronic processing of financial transactions including
Corporate-to-Bank Integration
www.accesspay.com. The Challenge systems directly to your banks using the AccessPay Corporate-to-Bank ... Bacs Payments Scheme to make.
Bottomline/EPG initial submission
Nov 11 2019 to appreciate that the supply of payments software for Bacs ... are high and ignores that other software suppliers
Final reoprt: Bottomline Experian Payments Gateway
Mar 17 2020 submissions to the UK's Bacs and FPS DCA payments systems (such software is hereinafter referred ... 92 AccessPay website
BACS PAYMENT SYSTEM PROCESSING CALENDAR 2022
BACS PAYMENT SYSTEM PROCESSING CALENDAR 2022. PROCESSING ARRANGEMENTS fOR BANk / PuBLIC HOLIDAYS 2022. eaSTer 2022. payMenT arrival DaTe. proceSSing DaTe.
ISO 20022 Standard 18 Translation Guide
Jan 4 2017 The input into Bacs via a translation from ISO 20022 of: o Bacs Direct Credits with a transaction code of 99 (Direct Credit). o Direct Debits ...
Access to UK Payment Schemes for Non-Bank Payment Service
CHAPS settles each transaction individually in gross and in real-time across settlement accounts. In the. Deferred Net Settlement (DNS) payment schemes (Bacs
BACS PROCESSING CALENDAR 2021
Ensure all staff involved in processing your Bacs payments have access to a copy of the Bacs 2021 processing calendar. • For more information contact your
Guide to setting up Internet Explorer 11 Compatibility Mode in Edge
payment schemes Bacs Faster Payments
1 ACCESS PAYSUITE PAYMENT PRODUCTS STANDARD TERMS
Jul 2 2021 means the Service User's Guide and Rules to the Direct Debit Scheme provided by BACS;. Business Days means Monday to Friday excluding bank ...
Completed acquisition by
Bottomline Technologies
(de), Inc. of ExperianLimited's Experian Payments
Gateway business and
related assetsFinal report
17March 2020
© Crown copyright 2020
You may reuse this information (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence, visit www.nationalarchives.gov.uk/doc/open-government- licence/ or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: psi@nationalarchives.gsi.gov.uk.Website: www.gov.uk/cma
Members of the Competition and Markets Authority
who conducted this inquiryKirstin Baker
(Chair of the Group)Karthik Subramanya
Paul Hughes
Robin Cohen
Chief Executive of the Competition and Markets AuthorityAndrea Coscelli
The Competition and Markets Authority has excluded from this published version of the report information which the Inquiry Group considers should be excluded having regard to the three considerations set out in section 244 of the Enterprise Act 2002 (specified information: considerations relevant to disclosure). The omissions are indicated by []. Some numbers have been replaced by a range.These are shown in square brackets.
1Contents
Page Contents ........................................................................ ............................................. 1 Summary ........................................................................ ............................................ 3The parties and transaction .................................................................................. 3
The in
dustry ........................................................................ .................................. 4 Jurisdiction ........................................................................ .................................... 5 ............................... 5 Market definition........................................................................ ............................ 5Competitive effects ............................................................................................... 6
Conclusion on
the substantial lessening of competition test ................................. 7 Findings ........................................................................ .............................................. 81. The reference ........................................................................
............................... 82. The parties ........................................................................
.................................... 8Acquirer: Bottomline .............................................................................................. 8
Financial metrics: Bottomline ........................................................................... 9
Financial metrics: Bottomline UK ................................................................... 10
Financial metrics: Bottomline's payments business unit ................................ 10 Bottomline acquisitions ........................................................................ .......... 10Target: EPG (business and assets) .................................................................... 11
Assets acquired ........................................................................ ..................... 11 The Experian Payments Gateway software ................................................... 12 Customer list ........................................................................ .......................... 12 Marketing of and investment in Experian Payments Gateway software ........ 13 Financial metrics: Experian Payments Gateway software ............................. 13 Seller: Experian........................................................................ ........................... 13 Financial metrics: Experian........................................................................ .... 14 Pre-merger areas of overlap ........................................................................ ....... 14 Payments software ........................................................................ ................ 143. The merger and merger rationale ....................................................................... 16
Key sales process milestones ........................................................................
..... 16 Consideration ........................................................................ .............................. 17 Valuation model ........................................................................ .......................... 17Bottomline's rationale for acquiring EPG ............................................................ 18
Experian's rationale for selling EPG .................................................................... 19
4. The industry ........................................................................
................................ 20 Payment systems ........................................................................ ........................ 20 Bacs ........................................................................ ...................................... 21Faster Payment Service
........ 23Bacs and FPS payment channels ....................................................................... 25
Bacstel-IP and Secure-IP ........................................................................ ...... 26Regulatory background
............... 29 Relevant bodies ........................................................................ ..................... 29Recent industry developments ........................................................................
.... 31 Improving security ........................................................................ ................. 31Hosted payment software
...... 32Anticipated industry developments ................................................................ 32
5. Relevant merger situation ........................................................................
........... 35Enterprises ceasing to be distinct ....................................................................... 35
2Statutory period for reference ........................................................................
..... 36 Factual background ........................................................................ ............... 36 Bottomline's submissions ........................................................................ ...... 37 Assessment ........................................................................ ........................... 38Turnover and share of supply test....................................................................... 40
Conclusion on the relevant merger situation ....................................................... 41
6. The counterfactual ........................................................................
...................... 41 Framework for assessment of the counterfactual ............................................... 41 Bottomline's submissions ........................................................................ ............ 42 Counterfactual situations ........................................................................ ............ 43 Ownership of EPG absent the merger ........................................................... 43 Competitive strategy of EPG absent the merger ........................................... 51Conclusion on the counterfactual ........................................................................
557. Market definition........................................................................
.......................... 55 Introduction ........................................................................ ................................. 55 Product market........................................................................ ............................ 56 Market segmentation ........................................................................ ............. 57 Bureaux/FM DD providers, and banks which offer white -label software ........ 70 Alternative channels for accessing Bacs and FPS ........................................ 76 Conclusion on product market definition ........................................................ 81 Geographic market ........................................................................ ..................... 81Conclusion on market definition ........................................................................
.. 818. Competitive assessment ........................................................................
............. 81 Theories of harm ........................................................................ ......................... 82 Theory of harm 1: horizontal unilateral effects ............................................... 82Theory of harm 2: loss of potential competition
............................................. 83 Nature of competition ........................................................................ .................. 84 Overview of competitive processes ............................................................... 84 Competitive process in the Bacs Approved Software market ........................ 86 Ongoing competition and 'look-up' moments ................................................. 87Conclusion o
n the nature of competition ....................................................... 94 Competitive effects ........................................................................ ..................... 95 Market shares ........................................................................ ........................ 95 Closeness of competition between the parties ............................................ 100 Competition from other Bacs Approved Software suppliers ........................ 110 Assessment of out of market constraints ..................................................... 1189. Conclusion on the substantial lessening of competition test ............................. 124
Appendices
A: Terms of reference
B: Analysis of customer switching
C: Conduct of the inquiry
Glossary
3Summary
1. The Competition and Markets Authority (CMA) has found that the completed
acquisition by Bottomline Technologies (de), Inc. of Experian Limited's (Experian) Experian Payments Gateway business and related assets (EPG) (the Merger) has not resulted, and may not be expected to result, in a substantial lessening of competition within a market or markets in the UnitedKingdom for goods or services as a result of:
(a)horizontal unilateral effects in the supply of payment software for submissions to Bacs via Bacstel-IP and Faster Payments Direct
Corporate Access (FPS DCA) via Secure
-IP in the United Kingdom; or (b)a loss of potential competition in the supply of a wider range of payment software and solutions in the United Kingdom.
2. On 21 October 2019, in exercise of its duty under section 22(1) of the Enterprise Act 2002 (the Act) the CMA referred the Merger to a group of CMA Panel Members (the Inquiry Group) for further investigation and report to decide the following questions in accordance with section 35(1) of the Act:
(a) whether a relevant merger situation has been created; and (b)if so, whether the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
The parties and transaction
3. The direct acquirer is Bottomline Technologies Limited (Bottomline UK), a company incorporated in England. Bottomline UK's ultimate parent is Bottomline Technologies (de), Inc., a NASDAQ-listed company incorporated
in the United States.4. Bottomline Technologies (de), Inc. and its subsidiaries (including Bottomline UK), hereinafter collectively referred to as 'Bottomline', provide software for banking, payments and document automation solutions.
5. Bottomline supplies payment software that allows customers to make
submissions to the UK's Bacs and FPS DCA payments systems (such software is hereinafter referred to as 'Bacs Approved Software'). In addition to supplying end users directly, Bottomline also supplies its payment software products to banks on a 'white label' basis. 46. The target, EPG, comprises the Experian Payments Gateway software
business and related assets. EPG also supplies Bacs Approved Software.7. Throughout this document we refer to Bottomline and EPG collectively as the
Parties and, as applicable, the Merged Entity.
8. The Merger was implemented by way of an asset purchase agreement between Bottomline and Experian pursuant to which Bottomline agreed to acquire EPG. EPG does not comprise a standalone business and so is now
trading under Bottomline (subject to the terms of an Interim EnforcementOrder made by the CMA on 22 May 2019).
The industry
9. Bacs Approved Software is payment software that allows the submission of batch payments to Bacs via Bacstel-IP and/or FPS DCA via Secure-IP. There
are currently 18 Bacs Approved Software providers, six of whom (including the Parties) are approved to also supply software to connect to FPS DCA.10. Bacs and FPS are the two most widely used systems for making electronic transfers in the UK (although FPS DCA payments specifically are a small
subset of all FPS payments).11. In order to make Bacs and FPS DCA payments directly to the inter-bank
payments scheme via Bacstel-IP (for Bacs) or Secure-IP (for FPS DCA), businesses can purchase (or subscribe to) a software license and submit payments directly. Alternatively, businesses may use a 'bureau' or 'facilitiesquotesdbs_dbs5.pdfusesText_9[PDF] accident de travail ouest france
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