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 blank bill refers to a bill of exchange where the name of the payee is left blank. It allows the holder of the bill to fill in the name of the payee at a later date or upon presenting the bill for payment.
A cashier is a person in a business who accepts payment in money and credit sales, provides change as needed, and records the transaction, generally assisted by a cash register.
The clearing cycle is the process by which a payment made by cheque or other methods through the banking system is transferred from the payer's to the payee's account. Different stages of clearance determine when the funds are available for use.
The term 'Collecting Bank,' also known as the remitting bank, refers to the bank to which a person who requires payment of a cheque (or similar financial document) has presented it for payment.
To insert a date on a document that is later than the date on which it is signed, making it effective only from the later date. A post-dated (or forward-dated) cheque cannot be negotiated before the date written on it, irrespective of when it was signed.
Presentment refers to the process of presenting a financial instrument for payment. It's commonly used in online billing where invoices are sent to customers digitally after their orders have been fulfilled.
