Bacs Payment Schemes Limited Logo Vector (.SVG + .PNG)Updated: / Format: .SVG, .PNG / File Size: 1.66 KB
Bacs has been maintaining the integrity of payment related services since 1968, with responsibility for the schemes behind the clearing and settlement of UK automated payment methods, Direct Debit and Bacs Direct Credit, as well as the provision of managed services for third parties, such as the Cash ISA Transfer Service, and the development, management and subsequent ownership of the Current Account Switch Service.
Since its inception, more than 125 billion transactions have been debited or credited to British bank accounts via Bacs and, in 2017, 6.34 billion UK payments were made this way. A new record was set on 30 June 2017, with 111.7 million transactions processed in a single day, while the value of transactions processed reached £52.3 billion on one day alone in April 2015, another record.
Bacs is a membership company limited by Guarantee and has maintained carbon neutral status since 2012.
The Government acknowledges that the Bacs payment system is of critical importance to the UK financial system and has confirmed that it meets the recognition criteria set out in the Banking Act 2009.
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