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Sunday 18 November 2018

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Bacs sets new payments record

Written by Michelle Stevens
03/08/2015

Over 100 million payments have been processed by Bacs in a single day for the first time, the clearing and settlement service has revealed.

Some 103 million payments – the equivalent of 6.65 million payments an hour, or nearly 111,000 each minute the processing window was open – were made on 31 July.

The not-for-profit company processed 91 million direct debits and 12 million Bacs direct credits, surpassing the previous record of 99.3 million transactions made in a single day back in February. Overall, Bacs has processed 110 billion transactions since its inception in 1968.

Bacs CEO Michael Chambers said: β€œIt is a testament to the continuing popularity of our products with consumers and businesses alike that, yet again, we are seeing processing records being broken. These two new milestones come after a record 2014, in which we processed almost six billion payments, representing the highest level of growth since 2007.”



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