ClearBank joins Bacs
31 May 2017 | 2600 views | 0
The first new UK clearing bank in more than 250 years, ClearBank, has become a member of Bacs Payment Schemes Ltd (Bacs), the company behind Direct Debit and Bacs Direct Credit, taking membership up to 17 leading financial institutions.
ClearBank provides access to payment, current account, and transactional processing to financial services organisations, such as banks and fintechs, rather than to consumers.
Michael Chambers, chief executive officer of Bacs, said: "We are very pleased to welcome ClearBank on board as our newest member. ClearBank will provide access to our payment schemes to many organisations who can benefit from using our products. And, with the record six billion-plus transactions we processed last year, it is evident that our payments are still in great demand.”
“ As the first new clearing bank in the UK for more than two centuries, becoming a full member of Bacs is a natural step, and one we're happy to facilitate."
Bacs processed almost six and a quarter billion payments worth a total of £4.8 trillion in 2016, and set another record for 109.3 million Direct Debits and Bacs Direct Credits transactions in a single day - that’s the equivalent of more than seven million payments each hour the processing window was open (15.5 hours), or in excess of 117,000 per minute.
Nick Ogden, ClearBank Executive Chairman, said: “ClearBank® is the first new clearing bank in more than 250 years, delivering full and direct access to all of the UK payments infrastructure.
“We started talking to Bacs in 2015, as a key component of our strategy to open access and create competition. As the first bank to connect to all the UK payment schemes concurrently, Bacs worked with us to agree an ambitious timetable which I’m delighted to say we have met.
“In early 2016 we jointly agreed a process and timetable which has been followed and delivered, exactly to the day. ClearBank® is the first UK bank ever to concurrently connect to all the UK payment schemes. The support and commitment from the Bacs team ensured that we achieved this key business goal.”