ClearBank, a UK-based provider of payment, current account and transactional processing to banks and fintechs, has become a member of Bacs Payment Schemes to gain access to direct debit and Bacs direct credit.

With the latest move, Bacs Payment Schemes has a membership of nearly 17 financial institutions.

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Last year, Bacs processed more than six billion transaction of approximately £4.8 trillion.

Bacs CEO Michael Chambers said: “We are very pleased to welcome ClearBank on board as our newest member. ClearBank will provide access to our payment schemes to many organisations who can benefit from using our products.

“And, with the record six billion-plus transactions we processed last year, it is evident that our payments are still in great demand. As the first new clearing bank in the UK for more than two centuries, becoming a full member of Bacs is a natural step, and one we’re happy to facilitate.”

ClearBank executive chairman Nick Ogden said: “We started talking to Bacs in 2015, as a key component of our strategy to open access and create competition.

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“As the first bank to connect to all the UK payment schemes concurrently, Bacs worked with us to agree an ambitious timetable which I’m delighted to say we have met.

“In early 2016 we jointly agreed a process and timetable which has been followed and delivered, exactly to the day. ClearBank is the first UK bank ever to concurrently connect to all the UK payment schemes. The support and commitment from the Bacs team ensured that we achieved this key business goal.”