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: “It 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.”
Latest News
-
Deutsche Bank, ING and Santander join Mastercard cyber defence exercise
-
Santander to merge Openbank and Santander Consumer Finance
-
Klarna launches digital wallet in bid to ‘disrupt UK retail banking’
-
Bank of England halves banker bonus deferral to four years
-
Visa launches protocol for agentic commerce
-
FCA boosts blockchain-based fund innovation with new plan
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
Unleashing generative AI: A force multiplier for financial crime teams
This FStech webinar, sponsored by NICE Actimize sees industry experts examine the revolutionary impact of generative AI on financial crime operations, and provides actionable insights to enhance your compliance strategies.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories