Notes to Editors:
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 of 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.
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. Almost nine out of 10 British adults have at least one Direct Debit commitment, with 73 per cent of household bills paid this way; 62 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 77 per cent in 2016. Over 4.2 billion Direct Debits were processed in 2017, 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.