Bacs was founded in 1968, and has been at the heart of the payments industry ever since. We are a membership based company limited by Guarantee.
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 100 billion transactions have been debited or credited to British bank accounts via Bacs. In 2014 5.8 billion UK payments were made this way. A new record was also set in February 2015, with 99.3 million transactions processed in a single day, while the value of transactions processed reached £52.3 billion on one day in April, another record.
Over 3.6 billion Direct Debit payments were processed in 2014 and 8 out of 10 UK adults now have at least one Direct Debit commitment.
Bacs Direct Credit is used chiefly for paying wages and salaries. In fact nearly 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. One billion benefit payments are made via Bacs Direct Credit - it is also the payment method of choice for a range of other applications such as pension payments, employee expenses, insurance settlements, dividends and refunds. If you are interested in finding out more about using Bacs Direct Credit.
For more information about Bacs visit www.bacs.co.uk.