TRANSFERRING BACS SPONSORSHIP TO OPG/BANK OF ENGLAND
OPG routinely transfer existing BACS User Numbers sponsored by other banks to the OPG/Bank of England service provided they are already registered as "Grade 3" users.
HOW TO TRANSFER BACS USER NUMBERS TO OPG/BANK OF ENGLAND:
- Obtain form BACS-IP1 from OPG by e-mailing the Account Adviser Team at opgservices@paymaster.co.uk. This form is not currently available for download from this website.
- Complete all sections of form BACS-IP1 excluding the “OPG Use” section (notes to aid completion are at the end of the form). Please do not stipulate a “Registration Date” in Section 4 less than four weeks ahead of the current date.
- Return completed form BACS-IP1 to your OPG Account Adviser.
- OPG will write to you detailing your new Bank of England BACS Returns account with confirmation that BACS User Numbers will operate in conjunction with this account from the date of transfer (a separate Bank of England account will be allocated for each OPG customer account used to make BACS payments).
- As soon as the transfer of sponsorship has been registered at BACS Ltd you (or your IT people) need to change the commercial bank Sort Code and Account Number held in the Originator fields (5 and 6) of each BACS record to reflect the new Bank of England details. These details must replace the commercial bank Sort Code and Account Number previously quoted. Failure to make this change will result in Referral activity.
- All BACS related charges are claimed by OPG direct from your OPG account from the point the sponsorship transfers. Please note that whereas BACS File charges are deducted at the end of the month to which they relate, BACS Item and Referral charges are collected monthly in arrears. Please contact your Account Adviser for details of OPG’s current tariff.
- You may recall individual BACS payments up to 12 Noon on Day 2 of the BACS processing cycle by faxing a standard form direct to the Bank of England. OPG will provide a master personalised copy of the BACS Recall Form (OPG10) to be used. A version of form OPG10 is available e-mailing opgservices@xafinitypaymaster.com. The form will need to quote your name and the Bank of England Returns Account number before it can be used. Credits in respect of returned/unapplied or recalled items are posted back to the designated OPG account on the date the effects are treated as "cleared" (this is usually within 3 days of the end of the original BACS processing cycle).
Please note that under BACSTEL_IP you will need a further site visit from your BACS approved software supplier to load the Bank of England signing software and carry out any necessary testing. New smart cards will be issued by the Bank of England for direct submitters and any old cards should be returned to your former sponsoring bank once the transfer has taken place.
