More NewsBacs Celebrates 40 Years of Automated Payments

Bacs Celebrates 40 Years of Automated Payments

Bacs, the company behind Direct Debit and Bacs Direct Credit, is celebrating its 40th anniversary and the delivery of over 68 billion automated transactions for UK consumers and businesses since the company was first established in 1968. For the last four decades, Bacs has been processing automated payments on behalf of the UK banking industry, providing individuals and commercial companies with a simple and secure means of transferring money. The payment methods it manages are some of the most popular financial tools available in the UK today and are a benchmark for automated payments everywhere in the world. In 2007, more than 5.5 billion UK payments were made through Bacs – that’s an average of 90 payments for every man, woman and child in the country. Bacs Managing Director, Michael Chambers, said: “Back in 1968, magnetic tapes were the order of the day at Bacs and demand meant we processed just over nine million payments in our first 12 months. Late last year, we were responsible for processing ten times that number in a single day – a growth level which shows just how integral Bacs and its automated payments now are to life in the UK.”

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