BACS
Business & Finance abbreviation · Banking
| Stands for | Bankers' Automated Clearing Services |
|---|---|
| Categories | Business & Finance |
BACS stands for Bankers' Automated Clearing Services, a banking abbreviation.
UK electronic payment system for direct debits and direct credits, such as salaries, pensions, utility bills and supplier payments, processed on a three-working-day cycle. It is run by Bacs Payment Schemes Limited, now part of Pay.UK.
Example: Salaries are paid by BACS, so payroll must submit the file three working days before payday.
Usage notes
The scheme now styles its name "Bacs." It processes billions of payments a year and is the system behind most UK direct debits. The three-day cycle means a payment submitted on Monday arrives on Wednesday. Faster Payments handles most one-off transfers instead.
Related abbreviations
More banking abbreviations
- ABA – American Bankers Association (routing number)
- ACH – Automated Clearing House
- ALLL – Allowance for loan and lease losses
- ALM – Asset-liability management
- AML – Anti-money laundering
- ATM – Automated teller machine
- BG – Bank guarantee
- BHC – Bank holding company
- BIC – Business Identifier Code
- BIN – Bank identification number
- BSA – Bank Secrecy Act
- BSB – Bank-State-Branch