Bacs corporate information
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.
Since its inception, more than 110 billion transactions have been debited or credited to British bank accounts via Bacs and, in 2014, 5.8 billion UK payments were made this way. A new record was also set in July 2015, with 103 million transactions processed in a single day, while the value of transactions processed reached £52.3 billion on one day alone in April, 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.
More about Direct Debit
A Direct Debit is an instruction from a customer to their bank or building society authorising an organisation to collect varying amounts from their account, normally for regular payments for everything from household bills to charitable donations.
Eight out of 10 British adults have at least one Direct Debit commitment, with 71 per cent of household bills paid this way; 68 per cent of people in GB prefer to pay most bills by Direct Debit, and the number of people who feel positively towards Direct Debit reached 85 per cent in 2014.
More than 3.6 billion Direct Debits were processed in 2014, and Direct Debit payments are protected by the Direct Debit Guarantee, a money back consumer safeguard.
For more information about Direct Debit, visit www.directdebit.co.uk
More about Bacs Direct Credit
Bacs Direct Credit is a simple, secure and reliable service, which enables organisations of all sizes to make payments direct into a bank or building society account - unlike cash or cheques, Bacs Direct Credit payments cannot be lost, stolen or delayed in the post. In 2014 there were nearly 2.2 billion Bacs Direct Credit transactions.
There are more than 150,000 organisations in the UK using Bacs Direct Credit; while it has been widely adopted to pay benefits, wages and salaries – nearly 90 per cent of the country’s workforce is paid this way and one billion benefit payments are made via Bacs Direct Credit – 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.