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Bacs Key facts and information

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 Key facts and information

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  1. Bacs(Bankers’ Automated Clearing Services) Key facts and information

  2. 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. www.accesspay.com

  3. Bacs– The Numbers • 100 billion transactions processed through Bacs since 1968… • 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. www.accesspay.com

  4. Bacs member banks • Bacsis 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. www.accesspay.com

  5. How does Bacs work? The 3 day process 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. www.accesspay.com

  6. BacsDirect Debits • 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! www.accesspay.com

  7. BacsDirect Credits 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. www.accesspay.com

  8. AccessPay – Bacs Approved Software Supplier 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. www.accesspay.com

  9. How AccessPay can help your business • AccessPaycan 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. www.accesspay.com

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

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