An impressive 103.7 million payments were processed in just one day in April by Bacs Payment Schemes Limited (Bacs), the organisation behind Direct Debit and Bacs Direct Credit in the UK – a new record for the number of transactions in a single day.
Depending on which side of the fence you sit, business compliance, as a point of discussion, may not be the sexiest of subjects in the world. The simple fact is, however, that business compliance, understanding what it is, and implementing it correctly, is incredibly important. So how do you make sure you do what's required without being strangled by red tape? Luisa Grey, a Director at Eazipay Ltd, the UK’s largest and fastest growing Direct Debit bureau, comes at the problem with some sharp scissors (but doesn't run with them, because that wouldn't comply with her company's health and safety rules).
The global internet community is set to introduce a new and more sophisticated level of internet security – and if UK businesses don’t act now to accommodate the changes, they could find themselves locked out of secure websites.
That could have serious implications for UK businesses that want to use Bacs Payment Schemes Limited (Bacs) to make salary or supplier payments or to collect by Direct Debit.
Bacs Payment Schemes Limited (Bacs), the organisation behind Direct Debit and Bacs Direct Credit in the UK, is calling on Payment Service Providers (PSPs) to review and respond to a white paper it has produced highlighting new ways of accessing and using all of its services.
2015 was yet another record breaking year for Bacs Payment Schemes Limited (Bacs). The company behind Direct Debit in the UK shattered previous highs for payments passing through its system, processing more than six billion transactions throughout the year.
On one day alone, in July, Bacs processed a massive 103 million Direct Debits and Bacs Direct Credits – that’s 6.7 million every hour the system was open, or 111,000 transactions each minute.
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