BPSL (Bacs) has been maintaining the integrity of payment related services since 1968, with responsibility for the 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 Current Account Switch Service.
On 1 May 2018, Bacs became a wholly owned subsidiary of the new home for UK retail payments, the NPSO. This became Pay.UK on 18 October 2018.
The Government acknowledges that the Bacs payment system is of critical importance to the UK financial system and has confirmed that it meets the recognition criteria set out in the Banking Act 2009
See new entry - 'Pay.UK' (formerly NPSO)