Bacs, the UK's automated clearing house, has appointed M&A specialist Richard Parker as chief financial officer.
Parker joins bank-owned Bacs from IBM where he led and directed a series of merger and acquisition projects for leading UK and European banks.
Bacs says Parker's core strengths are his experience in managing finance and business transformation programmes and increasing company profitability.
These form a major component of Bacs' business strategy as it proceeds with plans to move away from not-for-profit status.