Payments industry structure

In March 2007 the new Payments Council was formed. It acts as the organisation setting strategy for UK payments and has been established to ensure UK payment systems and services meet the needs of users, payment service providers and the wider economy.

Bacs is one of the payment scheme management companies that has entered into a contractual relationship with the Payments Council. The contract sets out each company’s respective rights and duties towards each other. Under the contract, Bacs is required to report to the Board of the Payments Council. The Payments Council Board is able to make decisions that are binding on scheme members, in order to implement its strategy.

VocaLink is contracted by Bacs to run and maintain the Bacs related payments processing infrastructure and communications network.