Bacs processes 103 million payments in a single dayNizam Yusuf
Bacs Payment Schemes Limited (Bacs), the UK-based organisation behind the clearing and settlement of Direct Debits and Bacs Direct Credits, announced in August 2015 that they processed 103 million payments in a single day*.
This record-breaking figure, which exceeds their previous 99.3 million transactions high set in February 2015, included; 91 million Direct Debit transactions and 12 million Bacs Direct Credit payments.
When put into context, that’s an astonishing 6.65 million payments
an hour, or almost 111,000 transactions every single minute the
processing window stays open.
In addition to revealing these outstanding figures, the not-for-profit organisation also confirmed that since its inception in 1968 they have processed in excess of 110 billion transactions – which, according to Bacs, is more than “the total number of people to have ever walked the earth!”
With 8 out of 10 adults now having at least one Direct Debit and more than half the UK’s household bills being paid using this settlement structure, making regular payments and spreading costs by Direct Debit has become standard procedure in the UK.
*Bacs reached this major milestone on 31 July 2015.
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