Nov. 21, 2024
Understanding BACS payments: a comprehensive guide
A BACS payment is an electronic transfer of money made between banks in the UK. As one of the most popular and efficient methods of moving cash, it’s become a hugely important aspect of the financial world, with over 140 billion transactions carried out since it was established. BACS stands for Bacs Payment Schemes Limited now but was originally known as the Bankers’ Automated Clearing System. This process was introduced in the late 1960s to avoid the delays and paperwork involved in using cheques as a bank payment system. Read on to find out how BACS transfers work, the BACS