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Official opening of BACS with Dennis Gladwell, Chairman of BACS (right)
Bacs Payment Schemes Limited (Bacs), previously known as Bankers' Automated Clearing System, is responsible for the clearing and settlement of UK automated direct debit and Bacs Direct Credit and the provision of third-party services.[1] Bacs became a subsidiary of Pay.UK (formerly known as New Payment System Operator (NPSO)) on 1 May 2018,[2] and responsibility for direct debit, Bacs Direct Credit, the Current Account Switch Service, Cash ISA Transfer Service and the Industry Sort Code Directory was given to Pay.UK.[3]
More than 140 billion transactions have been debited or credited to British bank accounts via Bacs since its inception; in 2019, 6.5 billion UK payments, worth £5 trillion, were made. At the end of November 2019, the number of single-day transactions processed by Bacs reached a high of 124 million; a monthly record was set in August 2018, when 580 million payments were processed.[4]
^"Bacs services". bacs.co.uk. Archived from the original on 24 February 2016. Retrieved 16 February 2016.
^"News – NPSO". newpso.uk. Retrieved 1 May 2018.
^"New Payment System Operator takes on responsibility for the Bacs and Faster Payments systems". bacs.co.uk. Retrieved 1 May 2018.
^"Pay.UK reports record volumes for 2019". 17 February 2020.
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