Bacs Payment Schemes Limited (Bacs)

founded in 1968, bacs is a membership company limited by guarantee. responsible for the schemes behind the clearing and settlement of automated payments in the uk including direct debit and bacs direct credit, bacs has been maintaining the integrity of payment related services for over 40 years. 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 2014 5.8 billion uk payments were made this way with a total value of £4.4 trillion.