Record breaking day for Bacs

A total of 98.6 million transactions were processed by the Bacs payment scheme in a single day last month, setting a new record.

This was the equivalent of 6.3 million payments an hour, or 106,000 every minute the processing window was open.

The record breaking day – only revealed as being at “the very end of November”, saw almost 76 million direct debits and 22 million Bacs direct credits passing through the system.

The record for the highest value of transactions was also set in April this year, at £52.3 billion; almost £3.4 million an hour or £56,000 for each minute of the processing day.

Bacs managing director, Michael Chambers, commented: "We've already set two records this year, for value and volume, and this is the second year running we’ve broken our own peak day processing record. All of that is a clear indication that our payment methods are still very much in demand.”

In 2013, 5.7 billion UK payments were made via Bacs, with a total combined value of almost £4.2 trillion.

    Share Story:

Recent Stories


The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.