Bacs was founded in 1968, and has been at the heart of the payments industry ever since. We are a not for profit, membership based body owned by 16 of the leading banks and building societies in the UK, Europe and the US.
No one has more authority when it comes to Direct Debit than we do. Indeed, we are responsible for the schemes behind the clearing and settlement of automated payments in the UK, including Bacs Direct Credit as well as Direct Debit. We have a proud record of maintaining the integrity of payment related services throughout four decades.
Since its inception, more than 96 billion transactions have been debited or credited to British bank accounts via Bacs. In 2012 5.66 billion UK payments with a total value of £4.15 trillion were made this way.
Over 3.4 billion Direct Debit payments are processed a year and nearly three quarters of UK adults now have at least one Direct Debit commitment.
Bacs Direct Credit is used chiefly for paying wages and salaries. In fact over 90% of the UK workforce is paid in this way. That’s around four million wages every week and nearly 25 million salaries a month. If you are interested in finding out more about using Bacs Direct Credit.
For more information about Bacs visit www.bacs.co.uk.