Tuesday, 14:50, 06 October 2015

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Press release - New record as Bacs processes over 100 million payments in a single day 

Pre-funding initiative

Bacs is pleased to announce that a pre-funding initiative – which changes the way that banks and building societies manage settlement and credit risk – has been successfully implemented.

Michael Chambers, Chief Executive Officer of Bacs, said: “The new settlement pre-funding model underpins the net flows of payments between each participant and removes any residual settlement and credit risk that previously existed. We’re pleased to confirm that this change has now been successfully implemented and supports our adherence to CPMI-IOSCO Principles for Financial Market Infrastructures.”

What's new?
Link to Current Account Switch Service facts and figures 
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