BACs is the payment clearing system in the UK used for direct debits and B2B transactions. Known for its efficiency, BACs supports high-volume, reliable money transfers within the financial infrastructure.
A clearing house is a centralized and computerized system for settling indebtedness between members, enabling efficient offsetting of claims for direct debits and credits.
A credit transfer is a system that enables the transfer of money from one bank account to another, based on instructions given by the payer, detailing the receiver’s sort code and account number.
An entity established in 2009 as the successor to the Association for Payment Clearing Services (APACS). UKPA manages payment clearing and overseas money transmission in the UK, providing services and facilities to four main operating companies.
VocaLink is the company responsible for owning and operating the UK's national bank payments infrastructure. It works closely with Bacs, the automated payments scheme used by British banks, and LINK, the national network of cash machines.
