BACS


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Related to BACS: BCAS

Bank Automated Credit System

Also called BACS. An electronic system in the United Kingdom by which business-to-business transactions can be processed. That is, the BACS can transfer funds between banks in a more efficient fashion. Individual companies also use BACS to pay recurring bills. For example, they may use the system for large payments like dividends and wages/salaries for employees.

BACS (Bank Automated Credit System)

a money transmission system whereby a payer instructs their commercial bank to debit a specified sum of money from their account and transfer it to a named payee's bank account. This obviates the need for the payer to issue and post a cheque to the payee and for the payee then to bank it, thus saving on time and expense. Many employers now use BACs to pay their employees' monthly salaries, and many companies use the system to transfer dividend payments to shareholders.

BACS (Bank Automated Credit System)

a money transmission system whereby a payer instructs a COMMERCIAL BANK to debit a specified sum of money from his or her account and transfer it to a named payee's bank account. This obviates the need for the payer to issue and post a cheque to the payee and for the payee then to bank it, thus saving on time and expense. Many employers now use BACS to pay their employees’ monthly salaries, and many companies use the system to transfer dividend payments to shareholders.
References in periodicals archive ?
Established in 1968, BACS Limited (formerly Bankers Automated Clearing Services) is one of the world's largest automated payment clearing houses.
In September 2002 BACS announced its technology renewal program in order to meet the rapidly growing demand for its electronic payment services.
BACS is delighted to approve Bottomline Technologies' WebSeries as the first solution to support four HSM manufacturers.
More than 60,000 companies use BACS to process payments, and will need to migrate to BACSTEL-IP by December 31, 2005.
Between 2003 and 2005 all 50,000 businesses who connect directly to UK BACS will need to upgrade from the current dial up service to the new BACS service.
Research among BACS customers has shown that three quarters of existing BACSTEL users would switch to BACSTEL-IP as soon they are able to," said Martin Wilson, NewBACS programme director.
Tim Lambertstock, Technology Strategy Manager at BACS, added, "We selected AssureTransaction because it is a proven product, which can verify the various types of digital identities used in the UK banking system.
Phil Naybour, managing director of Thales e-Security, commented: "We are delighted to have been chosen by BACS for this critical UK infrastructure project.
Borland is enabling BACS to move into the future without abandoning its past," said Nigel Brown, vice president and general manager for Borland EMEA.
Fitch considered the potential, yet remote risk of a government sponsored borrower relief measures in assigning the BHN IV and BACS I ratings.
Price Lowenstein, Sovereign's President & CEO commented, "We are pleased to have been able to assist BACS in achieving an investment grade rating on this transaction.