Bacs is a not for profit, membership based, industry body, which in 2008 was responsible for processing more than 5.6 billion UK payments with a total value of £3.85 trillion GBP. It is owned by 15 of the leading banks and building societies in the UK and Europe. It has been at the heart of the payments industry for over 40 years and is responsible for the schemes behind the clearing and settlement of automated payments in the UK and maintaining the integrity of payment related services.
Bacs provides two principal electronic payment schemes; Direct Debit and Bacs Direct Credit. To receive the latest press releases and news from Bacs sign up with our press office.