BACS Name Changes to Voca
Voca has unveiled its new company name and corporate identity, having been known as BACS for 36 Years. And Voca, the international Automated Clearing House (ACH), plans to fight for leadership in the electronic payments race with a £185 billion (US$332 billion) prize at stake. “As the largest ACH in the EU, the world’s largest payments market after the US, Voca is well positioned to take on this challenge,” said a statement. Voca’s international ambitions are set in the context of research from Boston Consulting Group that predicts the global electronic payments market will generate revenues of US$332 billion and over 400 billion electronic transactions by 20102. This represents growth of 31 per cent in revenues and 85 per cent in the volume of transactions compared to 2000. As BACS, the organisation was responsible for clearing all automated, low-value payments in the UK.