Why become a member
Members of Bacs have a number of roles:
- they settle at the Bank of England
- underwrite the Direct Debit Guarantee
- guarantee Bacs (Bacs Payment Services Limited is a company limited by guarantee)
- fund Bacs
- underwrite all risks incurred via Bacs
- direct Bacs and determine its plans
- use Bacs to support their customer propositions.
The benefits of full membership of Bacs include the right to nominate a Board representative, to attend and vote at Board meetings. It also includes provision of information and early consultation about matters affecting the payments marketplace. Additionally members have the opportunity to network with other players in the payments industry.
Members and non members may also be interested in participating in the Electronic Payments Affiliates Interest Group (AIG), a communication forum for payment scheme users and stakeholders. Established in 2005, membership continues to grow.
Its chief aim is to provide interested parties with the opportunity to receive updates and provide feedback to developments within Bacs, including regulatory changes and their implications.