BACS

BACS (acronym for Banker's Automated Clearing Service) is a type of UK electronic payment processing system. BACS payments take 3 working days to clear; they are entered into the system on the first day, processed on the second day, and cleared on the third day.

BACS payments are traditionally the most widely available and cost effective way of making a domestic transfer within the UK; but following widespread consumer criticism of the perceived 'archaic' nature of the system, a new quicker payment - FPS (Faster Payments Service) has been introduced by the UK banking system.

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