Saturday, 11:32, 01 November 2014

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Bacs services

Since its inception, over 100 billion transactions have been debited or credited to British bank accounts via Bacs. In 2013 over 5.7 billion UK payments were made this way with a total value of almost £4.2 trillion. A new record was also set in 2013, with 98 million items worth £26 billion processed in a single day.

Over 3.5 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 2013 more than 2.14 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. 

 

© Bacs Payment Schemes Limited 2014