Business Terms and Jargon Explained

What is BACS

1) BACS Is an abbreviation for "banks automatic payment system". A bacs payment usually take about 3-4 working days to clear from one bank account to another.

2) BACS Ltd runs a payment scheme and provides central infrastructure for bulk electronic clearing and the management and provision of related payment services in the UK. It processes a number of different payment services direct credits, direct debits and standing orders. It currently has 15 direct members. Crown Copyright. Material taken from HM-Treasury. Reproduced under the terms and conditions of the Click-Use Licence.

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Term created / updated 2007-04-05 18:02:10

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