Direct participants of Bacs have a number of roles. They:
- Settle at the Bank of England
- Underwrite the Direct Debit Guarantee
- Guarantee Bacs (Bacs Payment Schemes Limited is a company limited by guarantee)
- Fund Bacs
- Underwrite all risks incurred via Bacs
- Direct Bacs and determine its plans
- Use Bacs to support their customer propositions.
To become a direct participant of Bacs a number of criteria need to be met. Each member must:
- Have a settlement account at the Bank of England
- Carry out business and operate an office in the EEA
- Meet
agreed technical and operational requirements, including having an
agreement in place with VocaLink (or another provider of approved
clearing services), and having an approved trust service
- Be a bank, building society, authorised payment institution or electronic money institution
- Sign a legal document in respect of participation, and of the settlement arrangements
- Pay a share of Bacs costs.
Bacs
participants operate in a clear and transparent governance structure,
supported by key legal agreements, rules and procedures. Key documents
are listed below, some are immediately available, and some are available
under Non-Disclosure Agreement (NDA) as participation application
progresses.
Available now
The following documents can be found in the Information Hub to the right of your screen:
Bacs Membership Costs
Bacs Settlement Agreement
Memorandum and Articles of Association
Payment System Rules
Available under NDA
Bacs Participant on-boarding process
Bacstel-IP rules
Payment System Membership Agreement
Bacs Scheme Rules
Bacs Functional Specification
Bacs Codes of Conduct – Systems, Sponsorship, Channels, and Trust Service
Bacs Security Policy
Bank Reference Data - Member's Guide
Deed of Charge / Deeds of Funding
Settlement Service Provider Agreement
Key Supplier contracts and Service Level Agreements
Managed Services (Current Account Switching and Cash ISA Transfer services) legal agreements
Budget and Financial reports
Prospective
direct participants of Bacs are required to sign a Non-Disclosure
Agreement with Bacs before being provided access to these documents.
This is required to protect the security and intellectual property of
Bacs Payment Schemes Limited.
Enquire about participation of Bacs or the participation criteria.