Bacs record - 120,000 transactions in one minute
11 July 2017
Bacs has set a new record with an impressive 120,000 transactions in a single minute.
More than 111 million payments were processed in just one day at the end of June, outdistancing the previous high recorded just nine months earlier by 2.4 million.
The news underlines the appeal of automated payments to UK businesses and consumers alike, and comes on the heels of a year of landmarks in 2016.
Last year, almost six and a quarter billion payments worth a total of £4.8 trillion were processed; Direct Debit grew by 4.9 per cent across the year, breaking the 4 billion barrier for the first time, with a total value of £1.3 trillion, while Bacs Direct Credit saw values increase by almost five per cent, to £3.5 trillion. A new daily processing record was set in April and broken in September, with that, too has now fallen.
Michael Chambers, chief executive officer of Bacs, said:
“At a time when the UK payments industry is evolving at a tremendous pace, with more ways to pay than ever before, our tried and tested products clearly still play a hugely important role for bill payers and billers, for salary payments, benefits, and pensions. On the eve of our 50th anniversary, I am pleased our payment options are still proving so popular.”
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