The Bank of London: Becomes DCSP of Bacs
- The Bank of London launched 30th November 2021 as the sixth principal clearing bank of the United Kingdom
- Announced it has become a Directly Connected Settling Participant (DCSP) of Bacs, which is owned and operated by Pay.UK
- Pay.UK, the recognized operator and standards body for the United Kingdom’s (UK’s) retail interbank payment systems
- The Bacs Payment System is mainly used for account-to-account payments and processes Bacs Direct Credits
- It also processes Direct Debits, which automate the collection of regular payments
- The UK is a global leader in retail interbank payments, and as the recognized operator and standards body
