Notes to Editors:
Founded in 1968, Bacs has processed over 125 billion payments in the last five decades. In 2017, a record 6.34 billion UK payments were made this way with a total value of £4.9 trillion, including over 4.2 billion Direct Debits. A new record was also set on 30 June 2017, with 111.7 million transactions processed in a single day.
On 1 May 2018, Bacs Payment Schemes Limited became a wholly owned subsidiary of the new home for UK retail payments, the NPSO. The responsibility for the operations of Direct Debit, Bacs Direct Credit, the Current Account Switch Service, Cash ISA Transfer Service and the Industry Sort Code Directory were handed over to the NPSO.
The Bacs payment systems are recognised as systemically important infrastructure under the Banking Act 2009. This means that, as the owner and operator of Direct Debit and Bacs Direct Credit, the NPSO is regulated by the Financial Markets Infrastructure Directorate at the Bank of England.
For further information visit www.bacs.co.uk.
About the New Payment System Operator
NPSO Limited is the holding name for the company that has been set up to consolidate Bacs Payment Schemes Limited (Bacs), Faster Payments Scheme Limited (FPSL), and the Cheque & Credit Clearing Company Limited (C&CCC) which incorporates the Image Clearing System (ICS) that will replace the paper processing system for cheques currently managed by C&CCC. These retail payment systems, which process over £6.4 trillion worth of payments every year between them, will be joined by UK Payments Administration Ltd (UKPA), which provides people, facilities and business services expertise to support the systems behind the payment system operations.
Bringing all of these retail payment services together will reduce complexity and risk, providing a platform for innovation. The company will support a vibrant UK economy by enabling a globally competitive payments industry in the UK.
For further information visit www.newpso.uk.
About ipagoo / Orwell Group
Orwell is a financial services group based in London that offers financial services and core banking technology to the banking industry. Orwell owns ipagoo LLP, an electronic money institution in the UK, authorised and regulated by the FCA. It holds branches in France, Spain, Italy, Germany, Poland and Portugal. ipagoo offers cash management and payment services, with the distinctive capability of being able to offer IBANs in multiple countries and currencies along with a long list of basic and advanced payment services including PSD2 merchant services. ipagoo offers its services in white label to other banks so that they can expand to other countries without the need to open branches or subsidiaries.
For further information visit www.orwellg.com and www.ipagoo.com.