Sectors: Payment Networks/Associations
Website: bacs.co.uk

BACS Payment Schemes Ltd

Founded in 1968, Bacs is responsible for the schemes behind the clearing and settlement of automated payments in the UK including Direct Debit and Bacs Direct Credit, as well as the provision of managed services for third parties, such as the Cash ISA Transfer Service, and the development, management and subsequent ownership of the Current Account Switch Service.

The Government acknowledges that the Bacs payment system is of critical importance to the UK financial system and has confirmed that it meets the recognition criteria set out in the Banking Act 2009.

Since its inception, over 110 billion transactions have been debited or credited to British bank accounts via Bacs. And, in 2015, 6 billion UK payments were made this way with a total value of over £4.5 trillion.

Bacs is a membership company limited by Guarantee.