BACS
Bankers' Automated Clearing Services
BACS is a UK-based system for processing electronic payments including Direct Debits and Direct Credits. It handles billions of transactions annually for payroll, benefits, and bill payments.
BACS payments take three working days to clear: Day 1 for input, Day 2 for processing, and Day 3 for settlement. It's one of the oldest automated payment systems in the world, established in 1968, and it complements CHAPS for same-day high-value transfers. BACS payments use a sort code and complement the Faster Payments Service.
Related Terms
CHAPS
Clearing House Automated Payment System
CHAPS is a UK RTGS payment system used for high-value, same-day sterling payments. It's typically us...
Direct Debit
Direct debit is an authorized withdrawal from a bank account, typically set up for recurring payment...
Sort Code
A sort code is a 6-digit number used for domestic transfers in the United Kingdom which identifies t...
EFT
Electronic Funds Transfer
EFT is a broad term for any transfer of money from one bank account to another through electronic me...
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