APACS, established by UK banks in 1985, managed payment clearing and money transmission in the UK through its Interest Groups focused on card payments, cash services, electronic commerce, and liquidity management. It was succeeded by the UK Payments Administration in 2009.
A correspondent bank in a foreign country offers banking facilities to the customers of a bank in another country. These arrangements are usually the result of agreements, often reciprocal, between the two banks. The most frequent correspondent banking facilities used are those of money transmission.
