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Bacs Focus - July 17

 

​Please see below our latest edition of Focus, a new regular email communication from Bacs covering our activities across the payments landscape.

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Revealing the results of our Direct Debit consultation

Direct Debit use is at an all-time high, with a huge 4 billion payments processed in 2016 – but that doesn’t mean we’re prepared to rest on our laurels!

We’re committed to ensuring our flagship payment method continues to be relevant to all people and businesses that use it, and that’s why we carried out a full review in the latter part of 2016.

The results reveal potential areas for product enhancements, such as increasing flexibility and improving access to our payment schemes. We’ve identified a series of concepts to test that we’re planning to investigate through 2017, and we’ll be seeking input and feedback on our initial ideas publicly at the end of July.


Naturally we want to work closely with our stakeholders, the payments industry and our regulators before changing anything. We’re committed to keeping all that works well with Direct Debit, and only adopting changes when we are confident they will improve the product.

Find out more about the concepts we’re testing with our Direct Debit Consultation Outcomes



Turkish Bank becomes first bank to implement Bacs’ new low cost access solution

A pioneering approach to access has seen Turkish Bank become our latest member, after we simplified connectivity to Direct Debit and Bacs Direct Credit.

Our new access solution is available to other smaller payment service providers (PSPs), allowing those with low transaction volumes simplified connectivity to these major payment schemes.

Michael Chambers, Chief Executive Officer of Bacs, said: "We’re very pleased to have developed a solution to help smaller PSPs in the UK access our schemes. We worked closely with Turkish Bank to get this right, and it’s great to now have them on board as the newest member of Bacs, adding to the diversity of our participants.”

Turkish Bank operates primarily in London as well as in Turkey and Northern Cyprus. The bank was established in London in 1974 and provides retail and commercial banking services to the Turkish speaking community.

Read more on our website



Bacs is central to payments ecosystem

Established payment systems such as Bacs will continue to be central to the payments ecosystem here in the UK, according to a debate at the seventh annual Payments Innovation Conference.

Bacs’ Chief Executive Officer Michael Chambers took part in the panel discussion looking at the future of payments in the UK against the backdrop of unprecedented levels of change taking place in the industry.

Attendees learned that our flagship product Direct Debit continues to grow in usage - in 2016, over four billion payments were made this way for the first time, a year-on- year increase of 4.9%. And we continue to strive for improvement, as shown in the report into our Direct Debit consultation which highlighted areas where there may be scope to investigate potential product enhancements to shape the future.

Direct Debit transactions processed


We are confident that, while the industry changes at an ever-increasing rate, Bacs will continue to play a central role at the heart of payments in the UK.

Read more from Michael Chambers about the discussion



ClearBank - The UK’s newest clearing bank joins Bacs

The UK’s newest clearing bank ClearBank has become a member of Bacs, further increasing our membership.

ClearBank provides access to payment, current account, and transactional processing to financial services organisations, such as banks and fintechs, rather than to consumers.

Michael Chambers, our Chief Executive Officer, said: “ClearBank will provide access to our payment schemes to many organisations who can benefit from using our products. And, with the record six billion-plus transactions we processed last year, it is evident that our payments are still in great demand.”

Nick Ogden, ClearBank Executive Chairman, said: “ClearBank® is the first new clearing bank in more than 250 years, delivering full and direct access to all of the UK payments infrastructure.”

Read more on our website


 
 
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