In January 2019, it was announced that Bacs had processed a record 6.4 billion UK payments, totalling just under £5 trillion, the previous year. Bacs processed 6.5 billion UK payments totalling £5 trillion in 2019, setting a single-day record of 124 million transactions at the end of November. Bacs' scope has expanded to include third-party services (such as the Cash ISA Transfer Service) and the development, management and ownership of the Current Account Switch Service, which began in September 2013. The guaranteed service has reduced the time it takes for consumers, small businesses, and small charities to switch current accounts to seven working days, and has facilitated over six million switches. On 1 May 2018, Bacs became a wholly-owned subsidiary of Pay.UK (formerly known as the New Payment System Operator). Products and services Direct debit A direct debit is an instruction from a customer to a bank (or building society) to authorize a third party to collect an amount from an account, often for regular payments. Over 4.5 billion direct debits were processed in 2019. Bacs Direct Credit Bacs Direct Credit is a service which enables organizations of all sizes to make payments direct into a bank or building society account. There are more than 150,000 organizations in the UK using Bacs Direct Credit and it has been widely adopted to pay benefits, wages and salaries – nearly 90 per cent of the country's workforce is paid this way and one billion benefit payments are made via Bacs Direct Credit – it is also the payment method used for a range of other applications such as pension payments, employee expenses, insurance settlements, dividends and refunds. Current Account Switch Service Since its September 2013 introduction, more than six million UK current accounts have been switched; the service reported a seven-day switching success rate of 99.4 per cent. It offers consumers, small businesses, trusts and small charities a way of switching current accounts to increase competition and support the entry of new banks in the current-account marketplace. The service is offered by 49 banks and building societies. When a current account is opened with a new bank or building society, the Current Account Switch Service will transfer the old-account activity to the new one: moving incoming and outgoing payments, transferring the account balance, and closing the old account. Although the process takes place over seven working days, the account is transferred on