Anthony Watson/Bank of London
Bank of London joins Bacs
Launched one year ago as the second new clearing bank in the UK in 250 years, the Bank of London has been more on a hiring spree in 2022.
The Bank of London has joined the Bacs payment network, allowing account-to-account payments between UK banks.
Bankers’ Automated Clearing Services (Bacs) is a payment scheme founded in 1968 that allows individual transactions below £20m in the UK and its Crown Dependencies, The Isle of Man, Guernsey, Jersey and Gibraltar.
According to the scheme, it saw 6.5 billion payments, at a value in excess of £5trn. Companies paying salaries, benefits, dividends, and supplier payments use are among its biggest users alongside direct debits.
The Bank of London will now count as a Directly Connected Settling Participant (DCSP) of Bacs, which is owned and operated by Pay.UK.
"The Bank of London is one of only 31 participants of Bacs for the whole of the UK and one of only a handful of DCSPs,” said Felipe Hillard, Chief Customer & Product Officer, UK of The Bank of London.
“Joining allows us to provide a world class experience to our clients and deliver new value, by stepping forwards and opening up access to a broader financial ecosystem as we integrate in the next few months with other rails, including CHAPS, SEPA and many others,” he said.
The UK is a global leader in retail interbank payments, and as the recognised operator and standards body, Pay.UK is also responsible for managing the Faster Payment System, which enables 24/7 instant GBP payments between bank accounts in the UK. In March 2022, The Bank of London joined the Faster Payment System as DCSP.
Launched in November 2021 by Anthony Watson, The Bank of London became the sixth and first new clearing banking in the UK in 250 years.