Archive for August, 2017

Here at MIDAS, we accept a wide variety of payment methods – including payment by credit/debit card, PayPal account, or via Electronic Bank/Wire Transfer.

From October 21st 2017 our BIC (Bank Identifier Code) and IBAN (International Bank Account Number) – required for electronic bank/wire transfer payments made to us from outside the UK – are changing.

Why are BIC and IBAN changing?

After the global economic crisis, the UK Government put new rules in place to protect the economy and taxpayers in case something similar happens again. The new rules state that banks will have to keep their high street arms separate from their wholesale and investment banking divisions (sometimes called “ring-fencing”)

These new UK banking rules require all large UK banks to change their structure in the UK. Consequently, our bank is restructuring its operations to ensure it meets these new rules.

When do these changes come into effect?

The BIC and IBAN changes come into effect on 21st October 2017, and we’ll be writing to all potentially affected customers in advance of this date.

Does this impact on electronic payments originating from outside the UK?

Yes – if you reside outside of the UK and make electronic payments to us, these are international payments which require BIC/SWIFT/IBAN numbers.
These numbers are changing and so any electronic payments made from 21st October 2017 will need to use the new numbers.
The new numbers will be present on all subsequent quotations, invoices, and on our website from 21st October 2017.
Until then, please continue to use our existing BIC/SWIFT/IBAN numbers.

Does this impact on electronic payments made from UK bank accounts?

No – our Sort Code and Account Number for making electronic payments from other UK bank accounts will not be changing. The changes being made only affect electronic payments originating from outside the UK that require BIC/SWIFT/IBAN numbers in order to make an international payment.

Is anything else changing?

To coincide with these changes, we’ll also be taking the opportunity to update the postal address of our bank.
Our current bank branch recently closed, and accounts were transferred to a neighboring branch of the same bank.
No account numbers/codes or transactions were affected by this branch transition, and the old branch address continues to be accepted, however given the upcoming BIC/IBAN changes, from 21st October we’ll also be listing the new branch address of our bank.

For the avoidance of any doubt, our Bank, Sort Code and Account Numbers remain the same going forward, but from 21st October 2017, new BIC/SWIFT/IBAN numbers and a different branch postal address will be in effect.

What if I mistaking make an international electronic payment after 21st October using the previous BIC/SWIFT/IBAN numbers?

Our bank inform us that they’ll do all they can to ensure that payments made after 21st October using old BIC/SWIFT/IBAN numbers will still reach us, however this is not guaranteed.
We would therefore encourage our international customers that any electronic payments made to us from 21st October onward should only use the new BIC/SWIFT/IBAN numbers.

What if I have further questions?

Please contact our sales team who will be happy to advise

MIDAS v4.16 Out Now!

We love bringing new and improved features to MIDAS throughout the course of the year, and our latest update v4.16 is no exception!

If you frequent our website, blog, or social media channels, you’ll likely already be aware of some of the exciting improvements we’ve been busy working on for this update, but we’re now excited to announce the release of MIDAS v4.16!

Here’s What’s New & Improved in v4.16:

How To Get MIDAS v4.16…


We are committed to fair and accessible pricing for all organizations regardless of size. We’re totally upfront and transparent about our pricing structure, and you can purchase MIDAS v4.16 securely through our website and be up and running in no time!

“Self Hosted” Customers:

Self-Hosted customers with ongoing Annual Support Subscriptions will be able to update to v4.16 in the next few days. It only takes a couple of clicks – simply log in to your MIDAS system and go to MIDAS Admin Options → Manage MIDAS → Update

“Cloud Hosted” Customers:

Cloud-Hosted customers don’t need to do anything! – All our active Cloud-Hosted MIDAS customers have now been automatically updated to the latest version of MIDAS!

We love hearing from our customers, so let us know what features you’d like to see in future updates to our software by voting on our feature request page!