Bacs sets new payments record
Written by Michelle Stevens
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.”