BACS (Bankers' Automated Clearing Services)

BACS, or Bankers' Automated Clearing Services, is a system in the UK that facilitates the electronic transfer of payments and direct debits between banks. It allows businesses and individuals to make regular payments, like salaries or bills, directly from one bank account to another without using cheques. Transactions usually take three working days to process. BACS is a reliable and efficient way to handle payments, reducing the need for physical cash and paper-based transactions, and is commonly used for bulk transactions, like payroll for businesses.