Records broken as BACS sets new processing highs

Last month proved to be a record-breaking one for New Payment System Operator (NPSO) subsidiary, Bacs Payment Schemes Limited (Bacs), the organisation behind Direct Debit and Bacs Direct Credit in the UK.

Across August, a huge 580 million payments were processed, smashing the existing record of 573 million, set in December 2015.

A new daily high was also set at the end of last month, with 114 million transactions processed in a single day, over 2 million more than the previous record, registered in June 2017.

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The news underlines the continued appeal of automated payments to UK businesses and consumers alike, and comes on the back of a memorable 2017 in which Bacs processed over 6.34 billion payments, worth a total in excess of £4.9 Trillion.

This included over 4.2 billion Direct Debits – a year-on-year increase of 3.8 per cent, or 155 million payments – while Bacs Direct Credit saw values increase to £3.6 trillion, up 3 per cent on the previous 12 months.

Paul Horlock, chief executive of the New Payment System Operator, said: “These latest records again illustrate the importance of Bacs’ products to consumers and businesses across the nation, and their vital role within UK plc. 

“Crucially, this also highlights the continued trust in what are established payment products, reflecting the expertise of the Bacs team. It is this knowledge which will be hugely valuable as the NPSO works to create the future of retail payments in the UK, driving value for people and businesses and enabling a vibrant UK economy.”

Andy Hollingdale, general manager of Bacs, said: “Following what was a record year in 2017, it’s particularly pleasing to be able to celebrate the setting of these new daily and monthly processing records. 

“As we mark our 50th year, it’s clear that our products continue to be the payment methods of choice for the millions of consumers and businesses which rely on them each day.”

 

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