VocaLink technology powers the Bacs Direct Credit and Direct Debit schemes on behalf of Bacs Payment Schemes Ltd. Bacs Payment Schemes Limited is a membership company limited by Guarantee. For over 40 years, Bacs has been responsible for maintaining the clearing and settlement of automated payments in the UK.
The UK Government acknowledges that the Bacs payment system is of critical importance to the UK financial system and has confirmed that it meets the recognition criteria set out in the Banking Act 2009.
Bacs is chiefly responsible for two payment products:
Bacs Direct Credits are payer-initiated interbank transfers
There are over 2 billion of these every year, including over 95% of monthly salaries with 85% of the total workforce paid by Bacs Direct Credit
Direct Debits are transfers initiated by authorised payees
Three-quarters of UK adults have at least one direct debit commitment; the average person has at least eight.
VocaLink runs, maintains and services the technical infrastructure that processes automated payments on behalf of Bacs and on a peak day 100 million transactions were securely processed through our data centres.
Maintaining a world-class payments infrastructure for the UK is a high priority for VocaLink. Bacs and VocaLink work closely together to ensure that the services and technology meet emerging customer needs.