BACS

Glossary - BACS

Bankers Automated Clearing System. BACS is the UK version of EFT and is used for the Euro and British Pound currencies.

BACS (originally an acronym for Bankers' Automated Clearing Services) is a United Kingdom scheme for the electronic processing of financial transactions. Direct Debits and BACS Direct Credits are made using the BACS system. BACS payments take three working days to clear: they are entered into the system on the first day, processed on the second day, and cleared on the third day.

Perpetual Payments Limited is part of the Voice Commerce Group. | Voice Commerce Limited (company number 5428358) is authorised by the Financial Services Authority under the Payment Service Regulations 2009 (register reference 504312) for the provision of payment services and holds a consumer credit licence (number 624404/1). VoicePay Limited (company number 5042556) has been issued with a small e-money issuers certificate and is regulated for the provision of payment services by the Financial Services Authority. Voice Commerce Group is registered as an ISO/MSP under Visa & MasterCard rules.