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Challenger brand Starling Bank joins Bacs

19.2.2018

 

​Payment system operator sees four new participants in just 12 months

Starling Bank, one of the new breed of mobile-only challenger banks, has joined Bacs Payment Schemes Limited (Bacs); the bank becomes the latest participant to offer access to systemically important payment methods, Direct Debit and Bacs Direct Credit, to its commercial customers.

In the last 12 months alone, four new banks – including Starling - have joined Bacs, providing even wider access to the nation’s most prolific payment system; last year, Direct Debit and Bacs Direct Credit payments totalled 6.35 billion in number, a new record, with a high of 111.7 million transactions processed on a single day.

Michael Chambers, chief executive officer of Bacs, said: “Bacs has been around for 50 years this year, yet our payment methods clearly still resonate – with bill payers, with billers, and for salary, benefit, and pension payments, demonstrated by the fact that we process more transactions and set new records every year.

“That an exciting challenger brand such as Starling sees merit in being able to provide its commercial customers with a route into our schemes is further endorsement of our payment offering, and I’m thrilled to have this new bank on board.”

Julian Sawyer, Starling Bank’s chief operating officer, commented: “In tandem with Starling joining the SEPA Payments system, our membership of Bacs reduces the barriers for Starling customers facilitating seamless payments transfers for personal and business accounts.

"I'm delighted to say our integration with Bacs is already live and we look forward to building on our platform throughout 2018.”

For further information contact our press office​.​​​


 

​​​Notes to Editors:

About Bacs:

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, as well as the provision of managed services for third parties, such as the Cash ISA Transfer Service, and the development, management and subsequent ownership f the Current Account Switch Service.

More than 125 billion transactions have been debited or credited to British bank accounts via Bacs since its inception; in 2017, nearly 6.35 billion UK payments were made this way, while a new record was set on 30 June 2017 with the number of transactions processed by Bacs in a single day reaching a high of 111.7million.

A not-for-profit entity which has maintained carbon neutral status since 2012, and became carbon positive in 2017, Bacs is a membership company limited by Guarantee.

For further information please visit www.bacs.co.uk.

About Starling Bank

Starling Bank built the UK's first mobile-only current account from scratch. We believe everyone should be able to enjoy a healthy financial life — that means giving our customers access to a mobile market of products and services that best fit their financial needs, giving them the tools to make mindful money decisions.

We're a fintech business with a banking licence, fully regulated by the FCA and PRA, and were granted a banking licence by the Bank of England in July 2016. Our app, available for Android and iOS, was launched to the public in May 2017. Starling Bank is directly connected to major payment schemes, including Faster Payments, and MasterCard.

For more information please visit: www.starlingbank.com or contact media@starlingbank.com.