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 ?
Editors Note: Bottomline will be discussing the BACS payments gateway and its relationship with Omikron in booth B129 at Sibos 2005 Conference and Exhibition, September 5-9, Bella Center, Copenhagen.
The BACS migration deadline is clearly driving the evolution of electronic payments, and our success to date is a testament to our strategy to provide customers with a simple, efficient path to compliance," said Peter Fortune, President of Bottomline Technologies Europe.
Assuming that both the cost of energy and regulatory pressure continue to grow, the success of BACS solutions will be increasingly linked to their energy performance.
This new service for QuickBooks extends the benefits of BACS to a broader segment of business users, seeking to replace traditional check or fax pay services with electronic payments.
David Sanderson, director, will lead this division reporting to the BACS chief executive.
BACSTEL-IP is the UK's new technology platform which allows companies to send electronic payments directly to BACS and receive reports from the Internet.
In September 2002 BACS announced its technology renewal programme in order to meet the rapidly growing demand for its electronic payment services.
It was important to have our HSM solution released early, since high-volume BACS payment submitters are on an accelerated program to upgrade to BACSTEL-IP by March 2005," said Peter Fortune, president of Bottomline Technologies Europe.
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.
Phil Naybour, managing director of Thales e-Security, commented: "We are delighted to have been chosen by BACS for this critical UK infrastructure project.
The use of BACS products and services has revolutionized the payments industry and enables more companies than ever to realise the benefits of making automated payments, including: cost effectiveness, reliability, convenience, ease of use.
31, 2001) on the individual transactions are as follows: BHN III: 30%, BHN IV: 26% and BACS I: 18%.