Since its inception, over 100 billion transactions have been debited or credited to British bank accounts via Bacs. In 2014, 5.8 billion UK payments were made this way with a total value of £4.4 trillion.
New records were also set in 2014 for both the value and volume of transactions processed in a single day. At the end of November, almost 100 million transactions were processed by Bacs on one day alone, breaking the previous year’s record; on another, the value of payments moving through the two Bacs schemes (Direct Debit and Bacs Direct Credit) shattered previous highs, reaching £52.3 billion.
Over 3.6 billion Direct Debit payments are processed by Bacs a year and 80 per cent of British adults have at least one Direct Debit commitment.
Nearly 90 per cent of the UK workforce is paid via Bacs Direct Credit, while it is also the payment method of choice for a range of other applications such as pension payments, employee expenses, insurance settlements, dividends and refunds.
In 2014, nearly 2.2 billion payments were processed using Bacs Direct Credit.
The success of Bacs is based on its ability to improve upon technology for the benefit of banks, businesses and consumers.