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Press releases

Our latest press releases can be found below. They are listed in date order with the most recent release at the top of the page, filtered so only articles from the last 12 months are displayed.

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Plan ahead to avoid delays to Easter payments1.4.2020
A long bank holiday weekend is fast approaching, and planning around the available processing days is important to avoid missing vital payments to suppliers and staff.
Pay.UK processes record payment volumes and values in 201918.2.2020
Payments made through the three retail payment systems managed by Pay.UK reached an all-time high in 2019, with businesses and individuals making 9.2 billion transactions with a combined value of £7.4 trillion.
Pay.UK consults on next generation standard for UK retail payments5.2.2020
Pay.UK has published an industry consultation regarding its recommended approach for the use of the global standard ISO 20022 within the clearing and settlement capability of the New Payments Architecture (NPA).
Mental health cost of late payments20.1.2020
Late payments are hitting the mental health of small business owners, according to research published by Pay.UK, which runs the Bacs Direct Credit and Direct Debit payment services.
Don’t leave Christmas payments until the last minute9.12.2019
Businesses across the country are being urged to plan ahead if they have essential payments to make over the Christmas and New Year holiday periods.
Automated payments hit new high4.12.2019
A new record of over 124 million payments were processed in just one day last week through Pay.UK’s Direct Debit and Bacs Direct Credit systems, a million more than the previous high set in 2018.
UK SMEs face debt burden of £23.4 billion21.11.2019
The UK SME late payment debt has risen to a staggering £23.4 billion, up £10.4 billion on the £13 billion owed in 2018 - according to figures released by Pay.UK, which runs the Bacs Direct Credit and Direct Debit payment services.
Essential dates for planning 2020 automated payments published11.11.2019
Businesses can now easily plan ahead to avoid missing important payments in 2020, thanks to a new processing calendar published by Pay.UK, the home for Bacs Direct Credit and Direct Debit.
Businesses urged to plan ahead to avoid Bank Holiday payment problems1.8.2019
The August Bank Holiday is fast approaching and Pay.UK, the home of Direct Debit and Bacs Direct Credit in the UK, is reminding businesses to plan ahead to avoid missing important payment commitments.
Businesses urged to plan ahead to avoid delays to Easter payments12.4.2019
With Easter 2019 just around the corner, Pay.UK is urging business owners to plan ahead if they are to avoid missing payments to staff and suppliers over the long Easter Bank Holiday weekend.
Second phase of new access model for non-bank PSPs now live22.3.2019
The new model allows non-bank PSPs to utilise client funds to support payments made via the Faster Payments system. Bacs is due to go live with this model later this year.
Industry teams join Pay.UK1.3.2019
Pay.UK is the new home for Bacs, Faster Payments, and Cheque and Credit Clearing and, as of today (1 March) it is also the formal home of their people, a skilled team with a wealth of experience across the UK’s complex payments industry.
Latest Current Account Switch Service figures published30.1.2019
The latest figures for the Current Account Switch Service are published today (30 January), showing that over 5.3 million (5,381,216) successful switches have taken place since the service launched in 2013.
Pay.UK posts record volumes and values as industry revamp ramps up22.1.2019
Automated payments hit an all-time high in 2018 with brand new annual, monthly, and daily records set – one of them, twice.
Digital disruptor signs up to Direct Debit7.1.2019
The UK’s first bank built exclusively for tablet and smartphone users has turned to popular payment method Direct Debit to boost its offering – challenger brand Atom bank has joined Pay.UK-owned Bacs.
Cost of collecting late payments rockets10.12.2018
The UK’s smallest businesses are facing a bill of £6.7 billion, up from £2.6 billion in 2017 – just to collect money they’re already owed, according to research by Bacs, part of leading UK retail payments authority Pay.UK.
Time for businesses to get their Christmas payments all wrapped up6.12.2018
Businesses across the country are being urged to plan ahead if they have essential payments to make over the Christmas and New Year periods.
Bacs sets new daily processing record for the second time this year4.12.2018
A new record of 123 million transactions was set on Thursday 29 November, surpassing the previous high of 114 million, which was recorded just three months earlier, and represents an increase of nearly 8 per cent.
Latest figures reveal over five million accounts have been switched since launch of Current Account Switch Service24.10.2018
The latest figures for the Current Account Switch Service show that over 5.1 million (5,145,568) successful switches have taken place since the service launched in 2013.
‘Pay.UK’ announced as the new name for the UK’s leading retail payments authority18.10.2018
The leading retail payments authority in the UK – formerly known as the New Payment System Operator / NPSO – is pleased to announce it now has a new name and brand: Pay.UK.
New name check safeguard for payments revealed18.10.2018
The workings of a new ‘Confirmation of Payee’ service which can reduce the risk of payments being sent to the wrong account have been revealed by Pay.UK (formerly the New Payment System Operator), the UK’s leading retail payment authority.
Pay.UK seeks a strategic partner to deliver the retail payments infrastructure of the future18.10.2018
Pay.UK, the leading retail payments authority (formerly known as the New Payment System Operator / NPSO), has today published a ‘Strategic Partner Procurement Prospectus’ with the aim of collaboratively delivering the future of payments in the UK.
NPSO widens scope of procurement for New Payments Architecture24.9.2018
Initial details of a new procurement process for the clearing and settlement layer that will form the backbone of the New Payments Architecture (NPA) have been announced by the New Payment System Operator (NPSO).
High fives for UK’s flagship account switching service17.9.2018
There’s a double high five for the Current Account Switch Service this month as it celebrates its fifth anniversary alongside a new high for current account switching volumes.
New paper takes a look into the future of account switching13.9.2018
The future of account switching, and the challenges and opportunities arising from the Competition and Market Authority’s (CMA) retail banking package of reforms, is the theme of a new discussion paper released by the Current Account Switch Service.
Advisory groups for New Payments Architecture start recruitment12.9.2018
Applications to join specialist advisory groups that will influence the future development of the UK’s shared retail payment infrastructure are now (Wednesday 12 September 2018) being welcomed by the New Payment System Operator (NPSO).
Records broken as Bacs sets new processing highs11.9.2018
A new daily high was also set at the end of last month, with 114 million transactions processed in a single day, over 2 million more than the previous record, registered in June 2017.
Request to Pay developer portal launched6.9.2018
Payment Service Providers and billers are invited to register to play their part in developing ‘Request to Pay’ – a new way to improve the control, flexibility and transparency of bill payments.
Businesses urged to plan ahead to avoid Bank Holiday headaches14.8.2018
August Bank Holiday is fast approaching and Bacs Payment Schemes Limited (Bacs), the company behind Direct Debit and Bacs Direct Credit in the UK, is reminding businesses to plan ahead to avoid missing important payment commitments.
Latest Current Account Switch Service figures published25.7.2018
The latest figures for the Current Account Switch Service (CASS) show that over 4.9 million (4,951,947) successful switches have taken place since the service launched in 2013.
The Access Bank UK becomes latest to join Bacs17.7.2018
Access to systemically important payment systems has become even easier, as another new participant joins the organisation responsible for processing almost six and a half billion UK transactions every year.
New General Manager for Bacs5.7.2018
The company responsible for billions of UK payments worth trillions of pounds has appointed experienced executive Andy Hollingdale as its first general manager.
New Payment System Operator takes on regulatory responsibility for the Cheque and Credit Clearings and acquires UK Payments Administration2.7.2018
The oversight for running and managing the cheque paper and cheque image clearing systems was handed over to the board of NPSO as the System Operator on 1st July 2018.
ipagoo is first non-bank payment service provider to join Bacs29.5.2018
For the first time, a non-bank payment service provider has joined Bacs, as Orwell Group’s ipagoo secures direct access to systemically important payment options Direct Debit and Bacs Direct Credit for its customers.
New Payment System Operator takes on responsibility for the Bacs and Faster Payments systems1.5.2018
Operational responsibility for the Bacs and Faster Payments systems, which process a combined £6.3 trillion worth of payments annually, has today transferred to the New Payment System Operator (NPSO).
Moving to Monzo just got easier - challenger bank signs up to Current Account Switch Service30.4.2018
The pioneering service designed to make moving between banking providers simple and stress-free gives current account customers even more choice today, as challenger bank Monzo becomes the 47th brand to sign up to the Current Account Switch Service.
Latest Current Account Switch Service figures published25.4.2018
The latest figures for the Current Account Switch Service are published today (25 April), showing that over 4.7 million successful switches have taken place since the service launched in 2013.
Half a century of Bacs payments – household name marks major milestone17.4.2018
A household name that launched before man walked on the moon, when mobile communicators only existed on sci-fi shows, and as Apple’s Steve Jobs was just entering his teens, marks its 50 th anniversary this month.
New campaign aims to raise awareness of account switching among SMEs28.3.2018
Small to medium size businesses (SMEs) are at the heart of a new multi-media advertising campaign launched by the Current Account Switch Service, which highlights the ease with which SMEs can switch their business bank accounts.
Easter is fast approaching and businesses are urged to plan ahead to avoid payment delays12.3.2018
With Easter well on its way, Bacs Payment Schemes Limited (Bacs), the people behind Direct Debit and Bacs Direct Credit in the UK, is reminding businesses to plan ahead to avoid missing important payments.
Challenger brand Starling Bank joins Bacs19.2.2018
Starling Bank, one of the new breed of mobile-only challenger banks, has joined Bacs.
Bacs welcomes latest move to simplify account opening process for small businesses2.2.2018
The organisation behind the Current Account Switch Service, Bacs, has welcomed today’s announcement by industry body, UK Finance, that the account opening process has been made simpler for small business owners.

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