Bacs Key facts and information


Presentation Description

AccessPay is a Bacs Approved Solution Supplier (BASS), giving you access to all the Direct Debit and payment capabilities of Bacs from one central, easy-to-manage dashboard.


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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 Europe’s leading banks and building societies. Runs the UK’s Direct Debit and Direct Credit schemes. Summer 2013 saw the 100 billionth transaction processed by Bacs.

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Bacs – The Numbers 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. 100 billion transactions processed through Bacs since 1968…

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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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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 10:30pm.   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. How does Bacs work? The 3 day process

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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! Bacs Direct Debits

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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. Bacs Direct Credits

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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. AccessPay – Bacs Approved Software Supplier

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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 don’t 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. How AccessPay can help your business

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Any Questions? AccessPayCEC Winchester - Crawford Place,259-269 Old Marylebone Rd,LondonNW1 5RA Tel: +44 (0) 203 282 7152 Email: Website: www.accesspay.comBlog: Connect with us:

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