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New General Manager for Bacs

5.7.2018

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The company responsible for billions of UK payments worth trillions of pounds has appointed experienced executive Andy Hollingdale as its first general manager.

Andy has worked at Bacs Payment Schemes Limited (Bacs) for a decade, most recently as director of change management, responsible for driving the delivery of key projects like the high profile
Current Account Switch Service (CASS).

The appointment comes on the heels of recent industry changes as operational responsibility for the Bacs system transferred to the New Payment System Operator (NPSO) in May of this year. Bringing the UK’s retail payment systems together – including Faster Payments and, later this year, Cheque and Credit Clearing, as well as Bacs - is key to establishing a single voice for retail payments in the NPSO. The aim is to enable a vibrant economy, reduce complexity and risk, and provide a platform for future competition and innovation.

Andy said: “The payments industry in the UK is moving apace, and it’s both a challenge and a
privilege to be in a position to drive Bacs’ role in that. The company and its Direct Debit and Bacs
Direct Credit payments, as well as all of the other services we offer, have become part and parcel of everyday life for people and businesses over the last 50 years, and we have an important part to play in the future, too.”

Bacs has processed more than 125 billion payments since its 1968 launch, and has a history of
breaking its own records on a regular basis. In 2017 alone, a new high of 6.35 billion transactions
passed through the Bacs system, at a value of £4.9 trillion, including 4.2 billion Direct Debits.

Nine out of 10 adults in Great Britain have at least one Direct Debit commitment, while Bacs Direct Credit is used to pay over 90 per cent of the UK workforce, as well as a billion benefit payments, and pensions and dividends. Between the two payment types, a new combined daily record was set last year, too, with 111.7 million transactions processed in a single 15 hour window.

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 worth of payments every year between them, are 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.