45:
199:. The committee set up a New Services Working Party in 1965 to examine the possibility of exchanging data between banks without using paper – specifically, the automated exchange of standing order credits. This led to the creation of the Inter-Bank Computer Bureau (IBCB) within the Bankers Clearing House, which was tasked with setting up a computer facility and led by Dennis Gladwell to steer the creation and development of what would become the Bankers Automated Clearing Services.
156:
102:
293:
seven working days, the account is transferred on the final day; customers use the old account until the agreed switch day, and then use the new account with no loss of service. It is backed by the
Current Account Switch Guarantee, which promises to reimburse account holders if they incur fees or charges as a result of the switchover.
242:
electronically, were required to move to BACSTEL-IP by the end of
December 2005 or return to using cheques. When BACSTEL-IP was introduced, all software used to make a connection to Bacs required approval; it is only possible to connect with software from the list of Bacs Approved Solution Suppliers (BASS) or an approved bureau.
626:
186:
More than 140 billion transactions have been debited or credited to
British bank accounts via Bacs since its inception; in 2019, 6.5 billion UK payments, worth £5 trillion, were made. At the end of November 2019, the number of single-day transactions processed by Bacs reached a high of 124 million; a
321:
At the end of
November 2018, the number of daily transactions processed by Bacs reached a new high of 123 million; a monthly record of 580 million payments was set in August of that year. In January 2019, it was announced that Bacs had processed a record 6.4 billion UK payments, totalling just under
292:
When a current account is opened with a new bank or building society, the
Current Account Switch Service will transfer the old-account activity to the new one: moving incoming and outgoing payments, transferring the account balance, and closing the old account. Although the process takes place over
245:
New service users were required to use AUDDIS, a more efficient system for organizations to send new direct-debit instructions to their customers' bank or building society electronically instead of on paper, in 2008. That year, annual direct-debit volume surpassed three billion; volumee reached 3.5
325:
Bacs' scope has expanded to include third-party services (such as the Cash ISA Transfer
Service) and the development, management and ownership of the Current Account Switch Service, which began in September 2013. The guaranteed service has reduced the time it takes for consumers, small businesses,
275:
Bacs Direct Credit is a service which enables organizations of all sizes to make payments direct into a bank or building society account. There are more than 150,000 organizations in the UK using Bacs Direct Credit and it has been widely adopted to pay benefits, wages and salaries – nearly 90 per
182:
and Bacs Direct Credit and the provision of third-party services. Bacs became a subsidiary of Pay.UK (formerly known as New
Payment System Operator (NPSO)) on 1 May 2018, and responsibility for direct debit, Bacs Direct Credit, the Current Account Switch Service, Cash ISA Transfer Service and the
233:
with members of the banking industry promoting the use of (and setting the rules for) automated-payment schemes and Bacs
Limited owning the infrastructure to operate them. Bacs Limited used that name for one year, becoming Voca Limited on 12 October 2004. Voca Limited merged with the UK national
317:
In 2016, 6.22 billion transactions were processed with a value of £4.8 trillion; the number of direct-debit payments exceeded four billion. Daily processing records were set twice that year: 109.3 million payments on one day at the end of
September, surpassing the April high of 103.7 million. A
310:
Bacs processed a record 5.8 billion transactions in 2014 for a total of £4.4 trillion, including 3.6 billion direct debits. The number of payments passing through the Bacs system topped six billion for the first time the following year, with a value of £4.6 trillion. The number of direct debits
288:
have been switched; the service reported a seven-day switching success rate of 99.4 per cent. It offers consumers, small businesses, trusts and small charities a way of switching current accounts to increase competition and support the entry of new banks in the current-account marketplace. The
241:
Bacs users began moving from the telephone dial-up BACSTEL service (introduced in 1983 to replace magnetic media) to BACSTEL-IP, a faster, more secure
Internet-based service, in 2003. All Bacs users, including businesses that make payments to their suppliers or operate their staff payroll
276:
cent of the country's workforce is paid this way and one billion benefit payments are made via Bacs Direct Credit – it is also the payment method used for a range of other applications such as pension payments, employee expenses, insurance settlements, dividends and refunds.
926:
214:
equipment delivered in July. Full computer service was established after the relocation in October 1972. Dennis Gladwell officially opened the fully operational site alongside E. O. Faulkner on Wednesday, 22nd November 1972.
301:
The Cash ISA Transfer Service, introduced in October 2012, offers a quicker and easier transfer process while reducing paper flow and increasing efficiency. The Biller Update Service was introduced in June 2013.
356:
983:
314:
A record 103 million transactions were processed in a single July 2015 day. That year, it was announced that the number of payments handled by Bacs since 1968 had exceeded 110 billion.
322:£5 trillion, the previous year. Bacs processed 6.5 billion UK payments totalling £5 trillion in 2019, setting a single-day record of 124 million transactions at the end of November.
202:
The electronic transfer of funds began in 1968 in BCH's (Bankers Clearing House) computer room. A new location was found in 1971: a converted warehouse in Edgware on a site used by
326:
and small charities to switch current accounts to seven working days, and has facilitated over six million switches. On 1 May 2018, Bacs became a wholly-owned subsidiary of
968:
218:
The IBCB was initially controlled by BCH's Systems and Development Committee before it was controlled by its own managing committee. The committee decided that a separate
978:
988:
210:
on their solo flights to Australia. Plans for a purpose-built computer centre were drawn up early that year. The building was completed in June 1972, with
709:
597:
386:
267:) to authorize a third party to collect an amount from an account, often for regular payments. Over 4.5 billion direct debits were processed in 2019.
765:
447:
973:
684:
817:
494:
124:
998:
195:
The Electronics Sub-Committee of the Committee of London Clearing Bankers was formed in the late 1950s to consider the automation of
993:
142:
226:
as its name, the company registered the acronym as a trademark on 1 December 1971. It was renamed BACS Limited on 20 March 1986.
211:
883:
120:
116:
869:
739:
644:
477:
522:
844:
914:
572:
658:
717:
394:
547:
230:
222:
should be created, and Bankers Automated Clearing Services was registered on 10 September 1971. Adopting
31:
44:
238:. Vocalink owns the infrastructure on which payment schemes operate, and BPSL maintains the schemes.
931:
285:
920:
791:
505:
196:
175:
111:
may contain an excessive amount of intricate detail that may interest only a particular audience
448:"New Payment System Operator takes on responsibility for the Bacs and Faster Payments systems"
938:
327:
264:
219:
229:
On 1 December 2003, Bacs Payment Schemes Limited (BPSL) was split from Bacs Limited as a
962:
260:
207:
179:
945:
155:
187:
monthly record was set in August 2018, when 580 million payments were processed.
351:
203:
818:"Bacs heralds 2016 as a "record-breaking" year for payments – IBS Intelligence"
318:
record 6.34 billion payments were processed in 2017, totalling £4.9 trillion.
123:
any relevant information, and removing excessive detail that may be against
740:"UK's Bacs payments network hits new heights – Payments Cards & Mobile"
598:"UK consumers to get redress for mobile and online payments sent in error"
235:
766:"Automated payments at all-time high as Bacs breaks six billion barrier"
365:
159:
Official opening of BACS with Dennis Gladwell, Chairman of BACS (right)
345:
627:"More than 6 million current accounts have been switched since 2013"
234:
switch provider LINK Interchange Network on 2 July 2007, and became
17:
339:
154:
419:
246:
billion by 2013, with 100 billion payments processed since 1968.
311:
processed in 2015 increased by 239 million over the 2014 total.
284:
Since its September 2013 introduction, more than six million UK
659:"Current Account Switching: your guide to the 7-day guarantee"
95:
951:
909:
357:
Society for Worldwide Interbank Financial Telecommunication
71:
902:
685:"Celebrating 10 years of the Cash ISA Transfer Service"
361:
Pages displaying short descriptions of redirect targets
289:
service is offered by 49 banks and building societies.
573:"Bacs is the future as direct debit rules | The Times"
330:(formerly known as the New Payment System Operator).
84:
66:
51:
183:Industry Sort Code Directory was given to Pay.UK.
984:Financial services companies established in 1968
348: – Type of Electronic Funds Transfer system
263:is an instruction from a customer to a bank (or
414:
412:
8:
442:
440:
37:
359: – Financial telecommunication network
915:"Bacs is the future as Direct Debit rules"
43:
36:
27:Bank transfer system in the United Kingdom
969:1968 establishments in the United Kingdom
489:
487:
143:Learn how and when to remove this message
870:"Pay.UK posts record volumes and values"
478:"Pay.UK reports record volumes for 2019"
342: – British real-time payment system
378:
979:British companies established in 1968
621:
619:
368: – UK electronic payment service
7:
989:Retail companies established in 1968
472:
470:
468:
90:Bankers' Automated Clearing Services
845:"Bacs reports record-breaking year"
917:The Times article (26 August 2013)
172:Bankers' Automated Clearing System
125:Knowledge (XXG)'s inclusion policy
25:
946:Banking hitch delays workers' pay
884:"Automated Payments Hit New High"
683:Dentry, John (21 October 2022).
100:
923:FS Tech article (3 August 2015)
921:"Bacs sets new payments record"
792:"Bacs sets new payments record"
178:and settlement of UK automated
645:"Banks and Building Socieites"
280:Current Account Switch Service
1:
974:Banking in the United Kingdom
843:Finextra (10 January 2017).
164:Bacs Payment Schemes Limited
744:Payments Cards & Mobile
1015:
948:" BBC News (29 March 2007)
29:
999:Retail financial services
174:, is responsible for the
42:
994:Payment clearing systems
952:Official Pay.UK website
548:"Bacs approved bureaux"
170:), previously known as
927:OFT on money transfers
231:nonprofit organisation
160:
250:Products and services
158:
32:Bacs (disambiguation)
511:on 24 February 2016.
306:Further developments
30:For other uses, see
941:in BBC News article
932:The Daily Telegraph
720:on 24 February 2016
480:. 17 February 2020.
397:on 24 February 2016
39:
872:. 22 January 2019.
633:. 24 October 2019.
271:Bacs Direct Credit
161:
849:Finextra Research
824:. 10 January 2017
772:. 19 January 2016
770:Finextra Research
746:. 15 January 2015
604:. 26 January 2016
602:Finextra Research
495:"History of Bacs"
153:
152:
145:
94:
93:
16:(Redirected from
1006:
906:
905:
903:Official website
888:
887:
886:(Press release).
880:
874:
873:
866:
860:
859:
857:
855:
840:
834:
833:
831:
829:
822:IBS Intelligence
814:
808:
807:
805:
803:
788:
782:
781:
779:
777:
762:
756:
755:
753:
751:
736:
730:
729:
727:
725:
716:. Archived from
706:
700:
699:
697:
695:
680:
674:
673:
671:
669:
655:
649:
648:
641:
635:
634:
623:
614:
613:
611:
609:
594:
588:
587:
585:
583:
569:
563:
562:
560:
558:
544:
538:
537:
535:
533:
519:
513:
512:
510:
504:. Archived from
499:
491:
482:
481:
474:
463:
462:
460:
458:
444:
435:
434:
432:
430:
416:
407:
406:
404:
402:
393:. Archived from
383:
362:
286:current accounts
265:building society
148:
141:
137:
134:
128:
104:
103:
96:
80:
77:
75:
73:
62:
60:
47:
40:
21:
1014:
1013:
1009:
1008:
1007:
1005:
1004:
1003:
959:
958:
901:
900:
897:
892:
891:
882:
881:
877:
868:
867:
863:
853:
851:
842:
841:
837:
827:
825:
816:
815:
811:
801:
799:
790:
789:
785:
775:
773:
764:
763:
759:
749:
747:
738:
737:
733:
723:
721:
710:"Bacs services"
708:
707:
703:
693:
691:
682:
681:
677:
667:
665:
657:
656:
652:
643:
642:
638:
625:
624:
617:
607:
605:
596:
595:
591:
581:
579:
571:
570:
566:
556:
554:
546:
545:
541:
531:
529:
521:
520:
516:
508:
497:
493:
492:
485:
476:
475:
466:
456:
454:
446:
445:
438:
428:
426:
418:
417:
410:
400:
398:
387:"Bacs services"
385:
384:
380:
375:
360:
336:
308:
299:
282:
273:
257:
252:
220:limited company
197:cheque-clearing
193:
149:
138:
132:
129:
115:Please help by
114:
105:
101:
87:
86:Formerly called
70:
58:
56:
35:
28:
23:
22:
15:
12:
11:
5:
1012:
1010:
1002:
1001:
996:
991:
986:
981:
976:
971:
961:
960:
955:
954:
949:
942:
939:Clearing times
936:
924:
918:
912:
907:
896:
895:External links
893:
890:
889:
875:
861:
835:
809:
798:. 8 March 2015
783:
757:
731:
701:
675:
650:
636:
615:
589:
564:
539:
514:
483:
464:
436:
408:
377:
376:
374:
371:
370:
369:
363:
354:
349:
343:
335:
332:
307:
304:
298:
297:Other services
295:
281:
278:
272:
269:
256:
253:
251:
248:
192:
189:
151:
150:
108:
106:
99:
92:
91:
88:
85:
82:
81:
68:
64:
63:
53:
49:
48:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
1011:
1000:
997:
995:
992:
990:
987:
985:
982:
980:
977:
975:
972:
970:
967:
966:
964:
957:
953:
950:
947:
943:
940:
937:
934:
933:
928:
925:
922:
919:
916:
913:
911:
908:
904:
899:
898:
894:
885:
879:
876:
871:
865:
862:
850:
846:
839:
836:
823:
819:
813:
810:
797:
793:
787:
784:
771:
767:
761:
758:
745:
741:
735:
732:
719:
715:
711:
705:
702:
690:
686:
679:
676:
664:
660:
654:
651:
646:
640:
637:
632:
628:
622:
620:
616:
603:
599:
593:
590:
578:
574:
568:
565:
553:
549:
543:
540:
528:
524:
518:
515:
507:
503:
496:
490:
488:
484:
479:
473:
471:
469:
465:
453:
449:
443:
441:
437:
425:
421:
420:"News – NPSO"
415:
413:
409:
396:
392:
388:
382:
379:
372:
367:
364:
358:
355:
353:
350:
347:
344:
341:
338:
337:
333:
331:
329:
323:
319:
315:
312:
305:
303:
296:
294:
290:
287:
279:
277:
270:
268:
266:
262:
254:
249:
247:
243:
239:
237:
232:
227:
225:
221:
216:
213:
209:
205:
200:
198:
190:
188:
184:
181:
177:
173:
169:
165:
157:
147:
144:
136:
126:
122:
118:
112:
109:This article
107:
98:
97:
89:
83:
79:
69:
65:
54:
50:
46:
41:
33:
19:
956:
930:
878:
864:
852:. Retrieved
848:
838:
826:. Retrieved
821:
812:
800:. Retrieved
796:fstech.co.uk
795:
786:
774:. Retrieved
769:
760:
748:. Retrieved
743:
734:
722:. Retrieved
718:the original
713:
704:
692:. Retrieved
688:
678:
666:. Retrieved
662:
653:
639:
630:
606:. Retrieved
601:
592:
580:. Retrieved
576:
567:
555:. Retrieved
551:
542:
530:. Retrieved
526:
517:
506:the original
501:
455:. Retrieved
451:
427:. Retrieved
423:
399:. Retrieved
395:the original
390:
381:
324:
320:
316:
313:
309:
300:
291:
283:
274:
261:direct debit
258:
255:Direct debit
244:
240:
228:
223:
217:
208:Jim Mollison
201:
194:
185:
180:direct debit
171:
167:
163:
162:
139:
130:
117:spinning off
110:
802:18 February
776:18 February
750:18 February
724:22 February
668:22 February
608:22 February
582:16 February
557:16 February
532:16 February
401:16 February
352:Payments UK
204:Amy Johnson
963:Categories
854:10 January
828:10 January
714:bacs.co.uk
631:Your Money
552:bacs.co.uk
527:bacs.co.uk
502:bacs.co.uk
452:bacs.co.uk
391:bacs.co.uk
373:References
133:March 2024
121:relocating
577:The Times
424:newpso.uk
910:Vocalink
694:11 April
334:See also
236:Vocalink
176:clearing
935:article
663:uSwitch
523:"Index"
366:ToDDaSO
191:History
67:Website
57: (
52:Founded
689:Pay.UK
346:EFTPOS
328:Pay.UK
509:(PDF)
498:(PDF)
457:1 May
429:1 May
340:CHAPS
74:.bacs
856:2017
830:2017
804:2016
778:2016
752:2016
726:2016
696:2024
670:2016
610:2016
584:2016
559:2016
534:2016
459:2018
431:2018
403:2016
224:BACS
206:and
168:Bacs
59:1968
55:1968
38:Bacs
18:BACS
929:in
212:ICL
119:or
78:.uk
76:.co
72:www
965::
847:.
820:.
794:.
768:.
742:.
712:.
687:.
661:.
629:.
618:^
600:.
575:.
550:.
525:.
500:.
486:^
467:^
450:.
439:^
422:.
411:^
389:.
259:A
944:"
858:.
832:.
806:.
780:.
754:.
728:.
698:.
672:.
647:.
612:.
586:.
561:.
536:.
461:.
433:.
405:.
166:(
146:)
140:(
135:)
131:(
127:.
113:.
61:)
34:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.