ClearBank, a UK-based provider of payment, current account and transactional processing to banks and fintechs, has become a member of Bacs Payment Schemes to gain access to direct debit and Bacs direct credit.

With the latest move, Bacs Payment Schemes has a membership of nearly 17 financial institutions.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Last year, Bacs processed more than six billion transaction of approximately £4.8 trillion.

Bacs CEO Michael Chambers said: “We are very pleased to welcome ClearBank on board as our newest member. ClearBank will provide access to our payment schemes to many organisations who can benefit from using our products.

“And, with the record six billion-plus transactions we processed last year, it is evident that our payments are still in great demand. As the first new clearing bank in the UK for more than two centuries, becoming a full member of Bacs is a natural step, and one we’re happy to facilitate.”

ClearBank executive chairman Nick Ogden said: “We started talking to Bacs in 2015, as a key component of our strategy to open access and create competition.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“As the first bank to connect to all the UK payment schemes concurrently, Bacs worked with us to agree an ambitious timetable which I’m delighted to say we have met.

“In early 2016 we jointly agreed a process and timetable which has been followed and delivered, exactly to the day. ClearBank is the first UK bank ever to concurrently connect to all the UK payment schemes. The support and commitment from the Bacs team ensured that we achieved this key business goal.”