Bacs key facts and information

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Bacs (Bankers Automated Clearing
Services) Key facts and
information
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Who is Bacs?

• Bacs is a not-for-profit membership based body.
• Created by Dennis Gladwell in 1968 as the
  Inter-bank Computer Bureau.
• Owned by 16 of the UK and Europes leading banks
  and building societies.
• Runs the UKs Direct Debit and Direct Credit
  schemes.
• Summer 2013 saw the 100 billionth transaction
  processed by Bacs.

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Bacs The Numbers

• 100 billion transactions processed through Bacs
  since 1968
• 97.6 million transactions are processed through
  Bacs on a single day.
• 23 billion was processed on the record setting
  peak day.
• 6.3 million transactions made per hour on a peak
  day.
• 150,000 UK organisations use Bacs Direct Credit
  to pay salaries, wages
• benefits.
• 8 out of 10 people in the UK have at least one
  Direct Debit.
•  

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Bacs member banks

• Bacs is wholly owned by some of the UK and
  Europe's leading banks and building
• societies 

• Allied Irish Bank
• Bank of England
• Barclays Bank
• Citibank NA
• Clydesdale Bank Plc 
• Coutts Co
• Danske Bank
• HBOS (Halifax and Bank of Scotland)

• HSBC Bank Plc
• Lloyds Banking Group
• Nationwide Building Society
• NatWest
• Santander 
• The Co-operative Bank
• The Royal Bank of Scotland
• Virgin Money 

Note Coutts, NatWest and The Royal Bank of
Scotland are all part of The Royal Group.
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How does Bacs work? The 3 day process

  Day 1 Input Day Input day is the latest day
that users can submit a payment file to Bacs for
a processing cycle. Files should be transmitted
to Bacs between 7am and 1030pm.   Day 2
Processing Day Files are delivered to the
recipient banks, who then process each
payment. Day 3 Entry Day Payments are
simultaneously credited to the recipients
accounts and debited from the senders account.
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Bacs Direct Debits

• An instruction from a customer to their bank or
  building society authorising an organisation to
  collect varying amounts from their account.
• Cheaper than cheques.
• Safer than cash.
• Control the date of receipt into your account.
• Get cleared funds in your account on a known
  date.
• Collect variable amounts on regular or irregular
  dates.
• Eliminate time-consuming reconciliation.
• 8 out of 10 of the UK population have one!

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Bacs Direct Credits
A simple, secure and reliable service, which
enables organisations of all sizes to make
payments by electronic transfer directly into a
bank or building society account. Commonly used
for Employee salaries and expenses. Vendor
bills. Pensions and dividends. Refunds.
Insurance settlements.
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AccessPay Bacs Approved Software Supplier
To connect with Bacstel-IP and make payments,
Bacs requires that businesses use software
provided by a Bacs Approved Software Supplier.
AccessPay is one of those suppliers Our
solution meets Bacstel-IP software and customer
service standards for quality, passing their
rigorous testing and approval procedures
including Ensuring easy-to-use and secure
connections. Providing validation routines to
validate correct bank account data prior to
submission of a file, using the latest version of
the Industry Sorting Code Directory. Assuring
compliance to the Bacstel-IP interface for
digital signing and Secure Socket Layer (SSL)
standards.  
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How AccessPay can help your business

• AccessPay can provide businesses like your access
  to all the features and services that Bacs
  supports.
•  Automated processing offers time and money
  saving benefits
• Funds clear more rapidly than cheques.
• Electronic payments dont get lost in the post.
  
• High-grade security is provided with secure
  sockets layer (SSL), PKI and Public Key
  Cryptography (PKC) to protect data transmitted.
• Access to online payment information and
  electronic reporting.

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Any Questions?
     
AccessPayCEC Winchester - Crawford
Place,259-269 Old Marylebone Rd,LondonNW1
5RA
Tel [phone] Email
info_at_accesspay.com Website www.accesspay.com
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