Danske Bank joins Bacs

Danske Bank joins Bacs

Danish Financial services group Danske Bank has become the first non-UK bank member of Bacs Payment Schemes, Britain's automated payments industry body.

Bacs is a membership-based, industry body responsible for the processing of electronic payments in the UK. Current Members include 13 of the UK's leading banks and building societies

Danske Bank, the largest bank in Denmark and a leading player in the Scandinavian financial markets, will join the existing members in overseeing the running of Bacs payment services, including direct debit and direct credit.

Michael Chambers, managing director of Bacs says: "Since the creation of Bacs Payment Schemes at the end of 2003, we have been working towards making Membership of Bacs more accessible. This latest news shows that we are already some way to achieving this objective."

Bacs says the membership also furthers Danske Banks interests in the UK after acquiring Northern Bank at the end of 2004.

Earlier this month the Office of Fair Trading called for changes to the access and governance of Bacs to give consumers and businesses more say in decision-making at the bank-owned utility.

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