Bacs Payment Schemes Limited (Bacs), the organisation behind UK direct debits and Bacs Direct Credit in the UK, is celebrating half a century of operation.

Since launching, Bacs has processed over 125 billion payments.

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In 2017 alone, 6.35 billion transactions passed through the Bacs system, at a value of £4.9trn, including 4.2 billion direct debits.

Nine out of 10 adults in the UK have at least one Direct Debit commitment, while Bacs Direct Credit is used to pay over 90% of the UK workforce, as well as a billion benefit payments, and pensions and dividends.

Between the two payment types, a new combined daily record was set last year with 111.7 million transactions processed in a single 15 hour window.

Bacs also owns and manages the Current Account Switch Service, which has facilitated over 4.5 million account switches since 2013, and continues to be held up as an example of best practice.

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Bacs’ CE0 Michael Chambers said: “We provide access to some of the most important payment methods to an ever-more- demanding consumer, as well as to business, charities, government – almost everyone in the UK is touched by our products and services, which now extend far beyond our two core payment schemes.”

Paul Horlock, chief executive officer of the New Payment System Operator, said: “As Bacs reaches this important milestone, it is fitting that we also look forwards, towards what promises to be an exciting future for Bacs and the NPSO.

“Our new organisation will play an essential part in enabling a vibrant UK economy; facilitating a globally competitive payments infrastructure. We will provide robust, resilient, and collaborative retail payments services which benefit all of our many users, and Bacs will be integral to that.”

Key stats

  • Bacs launched in April 1968, known originally as the Inter Bank Computer Bureau
  • Direct Debit launched in 1970
  • 125 billion payments have been processed over last 50 years, which is greater than the number of people to have ever walked the earth
  • A record 6.34 billion payments were processed by Bacs in 2017
  • The likes of Tom Jones (Delilah), Cliff Richard (Congratulations), The Beatles (Lady Madonna) and Manfred Mann (Mighty Quinn) were all topping the charts when Bacs launched
  • The average cost of a UK house was yet to break the £4,000 barrier (£3,996)