BACS

BACS (Bankers' Automated Clearing Services) is a system used in the UK to transfer money electronically between bank accounts. It handles a variety of payments, including direct debits, direct credits (like salaries), and standing orders. BACS transactions are processed in batches, typically taking three business days to complete, making it a reliable method for regular payments. It provides a secure way for individuals and businesses to move funds efficiently without the need for physical cash or cheques. Overall, BACS helps facilitate smooth, automated financial transactions within the banking system.