News Article

IT & Internet

Bacs joins Emerging Payments Association

By CreditMan Friday, July 15, 2016

Bacs Payment Schemes Limited (Bacs), the organisation behind Direct Debit and Bacs Direct Credit in the UK, as well as the Current Account Switch Service, has become the latest member of the Emerging Payments Association (EPA).

The EPA is a community for the world’s most progressive payments companies and has a mission to establish the UK as a global hotspot for payments innovation. The organisation works with its members to shape the future of the payments landscape by raising the profile of the industry, helping members grow their business and addressing the barriers that stifle innovation.

The new partnership once more underlines Bacs’ commitment to work strategically and collaboratively across the payments industry to deliver the best outcomes for all users of payment services.

Bacs’ CEO, Michael Chambers, said: “Bacs sits at the centre of the UK payments landscape and, in 2015, we saw record growth in the use of our payments products, processing six billion transactions, at a value of £4.6 trillion.

“We are working hard to enhance our wide range of services still further – we are improving access to our offering, consulting on Direct Debit so that we can keep pace with the needs of both billers and end customers, and working with the wider industry to make sure the Current Account Switch service continues to stimulate effective competition in the market.

“Becoming a member of the EPA is a natural extension of that work, and we look forward to collaborating with fellow members and with payment innovators to bring more new services to consumers and businesses.”

Tony Craddock, Director General at the Emerging Payments Association, said: “It’s great to see a company which carries such weight in the UK financial infrastructure join our community. Even though it has been established for almost 50 years, it’s clear from our discussions that Bacs has the will and the expertise to drive innovation, and meet the future head on. They bring huge experience to our membership and we look forward to working with them to the benefit of the UK payments industry.”

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