Notes to Editors:
ClearBank® is the UK’s first new clearing bank in more than 250 years. It delivers a new level of open
competition and transparency to the UK financial services marketplace.
Only the fifth UK clearing bank today, ClearBank® is neutral, independent and is not constrained by
Our state-of- the-art technology transforms the ability for financial services providers, FCA-regulated
businesses and Fintechs to provide Current Accounts to their customers, resulting in faster and more
efficient payments, whilst delivering financial inclusion.
For further information, please go to: https://Clear.Bank
Bacs has been maintaining the integrity of payment related services since 1968, with responsibility for
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 120 billion
transactions have been debited or credited to British bank accounts via
Bacs since its inception; in 2016, nearly 6.25 billion UK payments were
made this way, while a new record was also set in September 2016 with
the number of transactions processed by Bacs in a single day reaching a
high of 109.3million.
A not-for- profit entity which has maintained carbon neutral status since 2012, Bacs is a membership
company limited by Guarantee.
For further information please visit www.bacs.co.uk.
More about Direct Debit:
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
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 billion Direct Debits were processed in 2016, and Direct
Debit payments are protected by the Direct Debit Guarantee, a money back
For more information about Direct Debit, visit www.directdebit.co.uk.
More about Bacs Direct Credit:
Bacs Direct Credit is a simple, secure and reliable service, which enables organisations of all sizes to
make payments direct into a bank or building society account - unlike cash or cheques, Bacs Direct
payments cannot be lost, stolen or delayed in the post. There are more
than 150,000 organisations in the UK using Bacs Direct Credit; while it
has been widely adopted to pay benefits, wages and salaries – nearly 90
per cent of the country’s workforce is paid this way and one billion
benefit payments are made via Bacs Direct Credit – it is also the
payment method of choice for a range of other applications such as
pension payments, employee expenses, insurance settlements, dividends
Bacs also owns and manages the Current Account Switch Service
, as well as operating the Cash ISA Transfer Service
and the Biller Update Service
. Find out more here