By 2010 the worldwide market in payment transactions will be worth $364bn in revenue to banks worldwide and generate over 400 billion transactions a year.Today, two key players servicing the banking industry have announced a partnership with the aim of providing the technology and services which underpin this massive growth in electronic payments.
BACS is already the powerhouse behind over 3.7 billion payments per annum in both Sterling and Euros, LogicaCMG is the leading information technology services provider to the worldâs premier financial institutions. They will be working together in the provision of infrastructure and technology services to existing and emerging automated payments markets worldwide, based on the award winning NewBACS technology platform. The platform provides unique and highly secure IP-based technology to facilitate bulk payments. The rich functionality it provides also brings the convenience and flexibility of other payment instruments including the Direct Debit service for repeat payments.
Commenting on the announcement, BACS CEO, Marion King, said, "LogicaCMGâs expertise and knowledge of the finance industry combined with its experience in the payment sector globally made them a natural fit to work with. Together, we can serve the banking industry and their customers with a unique combination of skills. This is a significant step for BACS in moving forward with our strategic aim of providing ACH services in new markets. We will build on the extensive services we already offer in the UK by forming partnerships such as this. We will be working closely with LogicaCMG to explore and pursue common goals that serve the interests of our member banks."
Guy Warren, LogicaCMGâs managing director of financial services in the UK, said "Recent changes in legislation have made the payments market highly competitive. We are delighted to be working with a true leader in this industry in the form of BACS and not only having the opportunity to distribute their award winning software globally, but also to be keeping them at the forefront of the marketplace through continuing to help develop their offerings."