During May 2019 and into July, we’ll be publishing a series of communications via email to our SIMS Pay customers detailing some small but significant changes.
These changes are required to comply with industry regulations laid down by the Financial Conduct Authority (FCA) and while they will require some work from both Capita and our customers and partners, there will be no service disruption to parents or their payments.
Pay360 by Capita
From 1 May, payment services provided to schools as SIMS Pay will transfer from Capita Business Services Limited to Pay360 Limited, trading as Pay360 by Capita.
Both Pay360 and Capita Business Services are wholly owned subsidiaries of Capita PLC therefore existing contracts, terms and conditions and the payment services themselves remain unchanged.
In terms of how this impacts your SIMS Pay payment service, the actual software and services themselves will remain unchanged, meaning that schools and their parents will still receive the same functions and features of SIMS Pay. However, online payment pages will be updated to include Pay360 Limited’s company details alongside the Pay360 by Capita logo. From the parents’ perspective, payments will change and appear on cardholder bank statements as “PAY360 [your school name]”.
Who are Pay360 by Capita?
Pay360 by Capita has been providing secure payment services for over 18 years. Trusted by brands big and small, we help our clients to offer seamless payment experiences across all payment channels – you can find out more about Pay360 here.
Looking ahead at the coming months
We’ll be communicating directly with customers over the coming months about a number of other requirements that will ensure schools and Capita comply with the FCA regulations as specified in the European Union’s (EU) Payment Services Directives 2016 (PSD2).
These are regulations that are industry-wide and not solely for Capita businesses – and they will remain in UK law regardless of the outcome of Brexit. As an example these include Know your Customer (KYC) checks
Know Your Customer
To comply with the FCA regulations, Capita has a legal obligation to perform customer due-diligence, known as ‘Know Your Customer’ (KYC).
Our communications to schools will provide the exact details of the documents needed to complete these checks to the satisfaction of the regulator and the timescales involved.
We’ll be working closely with our customers and partners to complete this process as smoothly as possible, but it really is important that any requirements are completed as a priority.
Questions and Answers
In addition to the communications outlining this process, we’re also publishing an FAQ document, which should provide answers to the main questions schools may have – they’ll be sent out with the emails.
However, if any of our schools or customers do come across any unforeseen issues or require any support on any element of the process, our helpdesk team will be more than capable of assisting – they can be contacted via email: firstname.lastname@example.org
In the meantime, if you’re a SIMS Pay customer, look out for the incoming communications providing more detail on this process and be rest assured that we will be working closely with schools and service partners to complete the required work efficiently and as quickly as possible.