New clearing bank becomes Bacs member

New clearing bank becomes Bacs member

Alex Lynn | 07:24 Friday 9th June 2017 | 9

A new clearing bank has become the latest member of Bacs Payment Schemes Ltd (Bacs).

ClearBank – which launched in February – provides access to payment, current account and transactional processing for financial organisations, such as banks and fintech companies.

The new partnership will see ClearBank gain access to direct debit payments and Bacs Direct Credit.

"We are very pleased to welcome ClearBank on board as our newest member,” said Michael Chambers, chief executive officer of Bacs.

“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.”

Bacs processed transactions worth £4.8 trillion in 2016, setting a record for 109.3 million direct debit and Bacs Direct Credit transactions in a single day.

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

“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 17^th member of Bacs Payment Schemes.

New clearing bank becomes Bacs member

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