The Bank of London: Becomes DCSP of Bacs

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