The UK’s Automated Clearing House BACS Limited, has processed the 50 billionth transaction since the company was formed in 1968. According to BACS, the landmark figure has been accomplished due to the popularity of direct debit and direct credit in the UK, which, last year – along with standing orders – totalled four billion transactions. At present, BACS processes an average of 16 million transactions every day compared to 9.7 million in its entire first year of operation. The total annual value of payments processed has leapt from £95m in 1968 to nearly £2.6 trillion in 2003. Commenting on the news, Mike Chambers of BACS Payment Schemes Limited, said: ‘We have seen a rapid growth in the use of direct debit, direct credit and standing orders to pay bills, benefits and salaries. This will continue and our current forecasts predict that over five billion payments will be made using our products in 2007 alone.’
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more