BACS
Sign in to saveAlso known as Bankers' Automated Clearing Services
thumb|Official opening of BACS with Dennis Gladwell, Chairman of BACS (right) Bacs Payment Schemes Limited (Bacs), previously known as '''Bankers' Automated Clearing System''', is responsible for the clearing and settlement of UK automated direct debit and Bacs Direct Credit and the provision of third-party services. Bacs became a subsidiary of Pay.UK (formerly known as New Payment System Operator (NPSO)) on 1 May 2018, and responsibility for direct debit, Bacs Direct Credit, the Current Account Switch Service, Cash ISA Transfer Service and the Industry Sort Code Directory was given to Pay.UK.
Official website
Bacs
Bacs is responsible for the schemes behind the clearing and settlement of UK automated payment methods, Direct Debit and Bacs Direct Credit.
bacs.co.uk →Link to the official site · 3,938 chars · not written by Vinony
~9 min read
Encyclopedic overview
10 sectionsContents
- History
- Products and services
- Direct debit
- Bacs Direct Credit
- Current Account Switch Service
- Other services
- Further developments
- See also
- References
- External links
thumb|Official opening of BACS with Dennis Gladwell, Chairman of BACS (right) Bacs Payment Schemes Limited (Bacs), previously known as '''Bankers' Automated Clearing System''', is responsible for the clearing and settlement of UK automated direct debit and Bacs Direct Credit and the provision of third-party services. Bacs became a subsidiary of Pay.UK (formerly known as New Payment System Operator (NPSO)) on 1 May 2018, and responsibility for direct debit, Bacs Direct Credit, the Current Account Switch Service, Cash ISA Transfer Service and the Industry Sort Code Directory was given to Pay.UK.
More than 140 billion transactions have been debited or credited to British bank accounts via Bacs since its inception; in 2019, 6.5 billion UK payments, worth £5 trillion, were made. At the end of November 2019, the number of single-day transactions processed by Bacs reached a high of 124 million; a monthly record was set in August 2018, when 580 million payments were processed.
Excerpted from Wikipedia’s “BACS” article, available under the CC BY-SA 4.0 licence.