We are delighted to announce that The Access Bank UK has joined Bacs Payments Schemes Limited (Bacs). The Bank becomes the latest participant to offer access to systematically important payment methods, Direct Debit and Bacs Direct Credit to its customers.
The Access Bank UK is the third brand to join Bacs since the start of the year and the sixth new participant in just over 12 months.
The Access Bank UK’s Managing Director and Chief Executive Officer, Jamie Simmonds commented “Today marks another key development for The Access Bank UK as we join Bacs, a move which follows a year of significant all-round growth for us in 2017. Our ethos is based on building the trust and loyalty of our customers and we have a clear commitment to strong customer service. Joining Bacs is yet another example of this approach, as we further improve and increase the services we offer.”
Bacs’ General Manager, Andy Hollingdale said: “It’s perhaps fitting that, in a year in which we celebrate our 50th anniversary, we have already seen three new participants join Bacs. This sends a clear message that the products we manage are as important as they have ever been to both consumers and businesses, highlighted by the processing records we continue to set. I’m pleased to welcome The Access Bank UK on board and it’s great that their customers will be able to enjoy easy access to our payment products.”
Founded in 1968, Bacs has processed over 125 billion payments in the last five decades. In 2017, a record 6.34 billion UK payments were made this way with a total value of £4.9 trillion, including over 4.2 billion Direct Debits. A new record was also set on 30 June 2017, with 111.7 million transactions processed in a single day. On 1 May 2018, Bacs Payment Schemes Limited became a wholly owned subsidiary of the new home for UK retail payments, the NPSO. The responsibility for the operations of Direct Debit, Bacs Direct Credit, the Current Account Switch Service, Cash ISA Transfer Service and the Industry Sort Code Directory were handed over to the NPSO.
The Bacs payment systems are recognised as systemically important infrastructure under the Banking Act 2009. This means that, as the owner and operator of Direct Debit and Bacs Direct Credit, the NPSO is regulated by the Financial Markets Infrastructure Directorate at the Bank of England.
For further information please visit www.bacs.co.uk
About the New Payment System Operator:
NPSO Limited is the holding name for the company that has been set up to consolidate Bacs Payment Schemes Limited (Bacs), Faster Payments Scheme Limited (FPSL), and the Cheque & Credit Clearing Company Limited (C&CCC) which incorporates the Image Clearing System (ICS) that will replace the paper processing system for cheques currently managed by C&CCC. These retail payment systems, which process over £6.4 trillion pounds of payments every year between them, will be joined by UK Payments Administration Ltd (UKPA), which provides people, facilities and business services expertise to support the systems behind the payment system operations.
Bringing all of these retail payment services together will reduce complexity and risk, providing a platform for innovation. The company will support a vibrant UK economy by enabling a globally competitive payments industry in the UK.