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Bacs Overview
It is a common misconception that UK payments are processed by the bank they are sent to. In actuality, they are processed and distributed by a central body called Bacs.
Owned by 15 of the UK’s leading banks and building societies, it is a not for profit organisation responsible for maintaining the integrity of all UK payments and ensuring they are processed in a timely and efficient manner.
Bacs operates 2 primary payment methods, Direct Debit and Direct Credit - the latter of which is used to process the vast majority of UK salaries.
In 2003, Bacs was split into 2 companies in order to operate in the most efficient way.
One of the companies is Bacs Payment Schemes Limited (Bacs), and is responsible for governing scheme rules and making sure they are upheld.
The second company is VocaLink. They ensure the logistics of processing billions of payments annually are met, and are the technical arm of the partnership.
During an average year, Bacs processes in the region of 6 billion payments, totalling nearly £4 trillion GBP.
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