Pay.UK also houses their people and skilled team with a wealth of experience across the complex payments industry of the country.
The final stage of bringing the major payment brands together under one roof is following on from the announcement of the company’s name in October 2018.
Pay.UK services can be used by individuals and businesses to to receive or pay salaries, settle bills, and make online and mobile banking payments.
In 2018, more than £7 trillion moved through Bacs Direct Credit, Direct Debit, Faster Payments, Paym, and cheques.
Pay.UK CEO Paul Horlock said: “While teams from across the brands have already been working together for some time, we’re really pleased to formally welcome these driven, enthusiastic, and experienced people to our Pay.UK family.
“With this expert team now officially in place, we’re even better placed to maintain, develop, and guard the payment systems and standards which are the lifeblood of the UK economy.
“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 has handed over the operations of Direct Debit, Bacs Direct Credit, the Current Account Switch Service, Cash ISA Transfer Service and the Industry Sort Code Directory to Pay.UK.
Since its launch, more than 130 billion transactions were debited or credited to British payment service provider (PSP) account via Bacs.
Faster Payments Scheme (FPL) is the company, which allows mobile, internet, telephone and standing order payments to move rapidly and securely, with the click of a button.
The Cheque and Credit Clearing handled the cheque and credit clearing system in England and Wales from 1985 and in Scotland from 1996. The company also managed the Image Clearing System, since its launch in October 2017.
