BACS
Business Banking and Factoring
BACS Business Banking and Factoring
Governance
changes to BACS
Following a review of its operations and governance, BACS
has decided to separate into two companies in order to best
meet the needs of its customers. This change came into effect
on 1 December 2003.
BACS
Limited will remain the organisation that physically processes
the payments and maintains the payment network. It will continue
to focus on the delivery of service excellence, which has
been the hallmark of BACS processing for 35 years. A new company,
BACS Payment Schemes Ltd will be a membership based business
dedicated to enhancing the integrity of the payment schemes
- Direct Debit and Direct Credit. On behalf of the members
of the schemes it will govern the rules and legal structures
under which payments are made.
There
is no need for customers to take any action. Indeed, for their
customers and partners, it is 'business as usual'. The separation
of BACS will be seamless and both companies remain committed
to providing secure, reliable and cost effective funds transfer
services. Your payments will be processed as usual and you
should continue to send your files to the same place.
BACS
will of course be updating all their stakeholders on the longer-term
developments of these two companies as they evolve.
For
further information on BACS Business Banking and Factoring
visit the BACS Website.
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