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Bank Automated Credit System
(redirected from Bankers Automated Clearing System)

   Also found in: Acronyms 0.01 sec.
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.


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The Bankers Automated Clearing System (BACS) has introduced a new system which will transfer details of the new account electronically to companies who receive payments by direct debit and standing order.
The blunder was traced to the Bankers Automated Clearing System, which crashed on Tuesday night.
 
 
 
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