Record tumbles as Bacs sets new processing high
06 July 2017 | 2224 views | 0
An impressive 120,000 transactions in a single minute – that’s the new record set by Bacs Payment Schemes Limited (Bacs), the organisation behind Direct Debit and Bacs Direct Credit in the UK.
More than 111 million payments were processed in just one day at the end of June, outdistancing the previous high recorded just nine months earlier by 2.4 million.
The news underlines the appeal of automated payments to UK businesses and consumers alike, and comes on the heels of a year of landmarks in 2016.
Last year, almost six and a quarter billion payments worth a total of £4.8 trillion were processed; Direct Debit grew by 4.9 per cent across the year, breaking the 4 billion barrier for the first time, with a total value of £1.3 trillion, while Bacs Direct Credit saw values increase by almost five per cent, to £3.5 trillion. A new daily processing record was set in April and broken in September, with that, too has now fallen.
Michael Chambers, chief executive officer of Bacs, said: “At a time when the UK payments industry is evolving at a tremendous pace, with more ways to pay than ever before, our tried and tested products clearly still play a hugely important role for bill payers and billers, for salary payments, benefits, and pensions. On the eve of our 50th anniversary, I am pleased our payment options are still proving so popular.”
As well as its core payment methods, Bacs also owns and manages the Current Account Switch Service, which was developed to remove barriers to switching for consumers, small businesses and small charities. With 47 participants covering almost 100% of the UK current account market, the service has been used 3.7 million times since launch.
Bacs is also responsible for the Cash ISA Transfer Service, Biller Update Service, and the Extended Industry Sort Code Directory, as well as the new Bulk Redirection Service which is used by banks, government departments, and large corporates for moving substantial numbers of accounts and regular payments between banking providers.