BACS Bids to Strengthen Position in UK Payments Industry
BACS, the UK’s automated clearing house, has announced completion of a wide-ranging business review intended to strengthen its position as a driving force behind the growth and transformation of the UK payments industry. As a consequence of the review, BACS aims to bolster the operational efficiency of its core payments business whilst creating a platform for service innovation and future growth. To create a more responsive customer driven company, a number of significant changes have been made to the organisation. Notably, BACS has recruited David Sear as scheme director. This role, reporting to the BACS chief executive, heads up a new division of BACS which is responsible for the standards and processes governing 3.7 billion direct debit and direct credit transactions per annum. In addition, BACS has created a new Corporate Programmes function that will be led by BACS director, Derek Barnby. Barnby will be responsible for overseeing the efficient and timely completion of all corporate programmes and initiatives.