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ipagoo is first non-bank payment service provider to join Bacs

29.5.2018

 

​For the first time, a non-bank payment service provider has joined Bacs Payment Schemes Limited, as Orwell Group’s ipagoo secures direct access to systemically important payment options Direct Debit and Bacs Direct Credit for its customers.

ipagoo is a multi-country and cross-currency current account service for individuals and corporates, designed with the end customer at its heart – it enables its clients to open and operate current accounts in other countries in Europe with ease and simplicity.

Carlos Sanchez, ipagoo’s chief executive officer, said: “ We’re very excited to blaze this new trail, becoming the first ever non-bank to join Bacs in its lengthy history. It is fundamentally important for us to be able to offer the best possible service to our clients, so being a direct participant to Bacs enables that and also it places us on a level playing field with the largest UK banks.”

The brand is the latest in a raft of new participants joining Bacs over the last 18 months, 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 in a single day.

Bacs’ general manager, Andy Hollingdale, said: “ipagoo is an exciting brand playing to a market of informed, technologically advanced customers – and we’re pleased Direct Debit, the original digital payment, is still relevant to them. Even though Bacs has been around for half a century, we’re still growing, processing more transactions and setting new records every year, a clear indication of how we’re successfully meeting the evolving 21st century needs.”

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

 

Notes to Editors:

About Bacs:

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 pounds 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.