|
BACS (originally an acronym for Bankers Automated Clearing Services) is a United Kingdom scheme for the electronic processing of financial transactions. Direct Debits and Direct Credits are made using the BACS system. BACS payments take three working days to clear: they are inputted to the system on the first day, processed on the second day, and cleared on the third day. It has been suggested that this article or section be merged with Backronym and Apronym (Discuss) Acronyms and initialisms are abbreviations, such as NATO, laser, and ABC, written as the initial letter or letters of words, and pronounced on the basis of this abbreviated written form. ...
Direct debit is a payment method available in Japan and some European countries which allows an organisation to instruct their bank to collect varying amounts directly from customers accounts. ...
...
BACS was invented by Dennis Gladwell and was started in 1968 as the Inter-Bank Computer Bureau, set up to develop electronic transfer of funds between banks and avoid the need for paper documents as part of the money transfer process. The company operating the service adopted the name "Bankers Automated Clearing Services Limited" in 1971. A telephone service, BACSTEL, was introduced in 1982, reducing the need for magnetic tapes. More banks and building societies joined in 1985, and the company shortened its name to "BACS Limited". For other uses, see Bank (disambiguation). ...
The telephone or phone is a telecommunications device which is used to transmit and receive sound (most commonly voice and speech) across distance. ...
Compact audio cassette Magnetic tape is a non-volatile storage medium consisting of a magnetic coating on a thin plastic strip. ...
A building society is a financial institution, owned by its members, that offers banking and other financial services, especially mortgage lending. ...
On 1 December 2003, BACS Payment Schemes Limited (BPSL) was split from BACS Limited: BPSL is a "not for profit" body with members from the banking industry which promotes the use of automated payment schemes and governs the rules of the BACS scheme; BACS Limited owns the infrasctructure to run the BACS scheme. BACS Limited was permitted to continue to use the BACS name for one year, and became Voca Limited on 12 October 2004. It is based at Rickmansworth in Hertfordshire. December 1 is the 335th (in leap years the 336th) day of the year in the Gregorian calendar. ...
2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...
Voca, formerly BACS Limited is the provider of payments services to banks and corporates in the UK. Responsible for the technology behind the UK’s automated payments, Voca has processed 55 billion transactions in the last 37 years and has invested in an innovative and flexible technology renewal programme in...
October 12 is the 285th day of the year in the Gregorian calendar (286th in leap years). ...
2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...
Rickmansworth is a town in the Three Rivers district of Hertfordshire, England. ...
Hertfordshire (pronounced Hartfordshire and abbreviated as Herts) is an inland county in the United Kingdom and part of the East of England Government Office region. ...
Since 2003, BACS has been moving from the telephone dial-up BACSTEL service to an internet-based service, BACSTEL-IP, which is claimed to be quicker and more secure. All BACS users, including business that make payments to their suppliers or operate their staff payroll electronically, were required to move to BACSTEL-IP by the end of December 2005 or return to using cheques. When the BACSTEL-IP service was introduced all software used to make a connection to BACS required BACS approval. It is now only possible to make a connection with software from the list of BACS Approved Solution Suppliers (BASS). Example of a Canadian cheque. ...
The BACS system, and in particular the time taken for money to move between accounts, has been widely criticised by consumer groups as inefficient and archaic, especially as it is the system used for money transfers made by telephone or internet banking. This compares unfavourably with other developed countries, particularly in Scandinavia, where the "Elle" system ("Early Late / Late Early") allows money transferred before lunchtime to reach a payee's account on the same working day, or money transferred after lunchtime to reach the payee's account the following morning. For other uses, see Scandinavia (disambiguation). ...
In March 2005, the Office of Fair Trading proposed that such a system be introduced in the UK. In December of that year, plans were announced for its introduction in the period from the end of 2006 to 2008, with estimates of the time taken for such payments being between 15 minutes and 3 hours depending on the banks/building societies at each end of the transaction. The Office of Fair Trading or OFT is a UK statutory body established by the Fair Trading Act 1973, which enforces both consumer protection and competition law, acting as the UKs economic regulator. ...
2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ...
2008 (MMVIII) will be a leap year starting on Tuesday of the Gregorian calendar. ...
See also
The Association for Payment Clearing Services (APACS) is the UK trade association for payment systems provided by financial institutions. ...
Chaps are sturdy leather coverings for the legs. ...
EFTPOS (Electronic Funds Transfer at Point of Sale) is a device by which sales transactions can be directly debited to the customers bank account at the point of sale, through the use of a debit card (sometimes the same card used with Automatic Teller Machines). ...
Faster Payments Service (FPS) is a banking initiative in the United Kingdom to improve the speed of low value person to person or business to business payments to near real time, essentially as if the two accounts were in the same bank. ...
Genera Many; see text. ...
External links - BACS website
- Voca website
- APACS - the UK Payments Association
- Criticism of BACS in Daily Telegraph article
- OFT welcomes details on faster clearance on electronic payments
- BBC News - Clearing times
|
Feeds |
Contact