A new daily processing record has been set by Pay.UK subsidiary, Bacs Payment Schemes Limited (Bacs), the organisation behind Direct Debit and Bacs Direct Credit in the UK.

The new record of 123 million transactions was set on Thursday 29 November, surpassing the previous high of 114 million, which was recorded just three months earlier, and represents an increase of nearly 8 per cent.

The news underlines the continued appeal of automated payments to UK businesses and consumers, and comes on the back of a memorable 2017 in which Bacs processed over 6.34 billion payments, worth a total in excess of £4.9 Trillion.

This included over 4.2 billion Direct Debits – a year-on-year increase of 3.8 per cent, or 155 million payments – while Bacs Direct Credit saw values increase to £3.6 trillion, up 3 per cent on the previous 12 months.

Paul Horlock, chief executive of Pay.UK, said:

“Even as we approach the end of 2018, it is pleasing to see Bacs continuing to set new records, again illustrating the importance of these payment services and their vital role within UK plc.

“Since Bacs became part of Pay.UK in May this year we have already seen a new record set for monthly processing volumes, and the daily high broken twice. This only goes to highlight the continued trust in these established payment services, which we can all be proud of, as we work to create the future of retail payments in the UK, driving value for people and businesses and enabling a vibrant UK economy.”

Andy Hollingdale, general manager of Bacs, said:

“This year has been a momentous one for Bacs; not only are we now part of Pay.UK and are playing our part in creating the future of retail payments in the UK, but 2018 has also seen us celebrating our 50th anniversary. So, to be ending the year by setting new records is particularly fitting and is the perfect way to see out our half-century.”