Pay.UK officially brings payment brands under one roof
Pay.UK is now the official home for retail payment services Bacs, Faster Payments, and Cheque and Credit Clearing.
This is the final stage of bringing these payment brands together under the Pay.UK roof, and follows on from the announcement of the company’s name in 2018.
According to Pay.UK, there will be no discernible difference for participants, service users, and end users.
“While teams from across the brands have already been working together for some time, we’re really pleased to formally welcome these people to our Pay.UK family,” says Paul Horlock, CEO of Pay.UK.
He adds: “For those we work with, rest assured it is very much business as usual across all areas of the organisation and our stakeholders should continue to reach out to their contacts as normal.”
Bacs, owned by retail payments authority Pay.UK, says it has processed 6.4 billion transactions worth just shy of £5 trillion across the year.
The firm says that every day, individuals and businesses use the services provided by Pay.UK to receive or pay salaries, settle bills, and make online and mobile banking payments – more than £7 trillion moved through Bacs Direct Credit, Direct Debit, Faster Payments, Paym, and cheques in 2018.