We’re really pleased to welcome our newest participant - Starling Bank, a mobile-only challenger bank, became the latest to offer access to Direct Debit and Bacs Direct Credit to its commercial customers on 19 February.
Starling’s participation means we’ve added four new banks in the last year, something we’re very proud of, particularly given we’re fast approaching our 50th birthday! It just goes to show that our payment methods remain as popular as ever, something also demonstrated by the fact that we continue to break our own processing records; in 2017, Direct Debit and Bacs Direct Credit payments totalled 6.35 billion in number, a new record, and we hit a high of 111.7 million transactions processed on a single day in June.
I think it’s great that new entrants to the industry, like Starling, still see our proven and established products as being relevant to their commercial customers in the 21 st century. And they’re clearly not a one-off as proven by our other newest participants TSB, ClearBank, and Turkish Bank UK.
In fact, with Turkish Bank’s smaller transactional volumes (compared with the larger banks), we developed an entirely new access solution to accommodate their needs. That has proved so effective that we’ve made this pioneering solution available to other smaller payment service providers (PSPs), allowing others with low transaction volumes simplified connectivity to our major payment schemes.
Our team is always working hard to open up access, and this new solution is just one element of this, but it will make a big difference to smaller PSPs, removing a barrier to their participation, and that’s something we’ve been very keen to achieve. As a result, we’re looking forward to working with PSPs of all sizes that want to offer Direct Debit and Bacs Direct Credit to their customers.