What Does BACS Stand For?
BACS stands for Banker Automated Clearing System
BACS, or Banker Automated Clearing System, is a widely used electronic payment processing system in the UK that facilitates the automated transfer of funds between bank accounts. Primarily utilized for direct debits and direct credits, BACS enables businesses and individuals to efficiently manage recurring payments, payroll disbursements, and other financial transactions. The system ensures secure and reliable processing, typically completing transactions within three business days, and plays a crucial role in the UK’s banking and payment infrastructure.
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Added on 23rd May 2008 | Last edited on 17th June 2025 | Edit Acronym