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Home > QFINANCE Dictionary > Definition of BACS

Definition of



UK electronic clearing system for straightforward payments in the United Kingdom, an electronic bulk clearing system generally used by banks and building societies for low-value and/or repetitive items such as standing orders, direct debits, and automated credits such as salary payments. It was formerly known as the Bankers Automated Clearing Service.

Definitions of ’BACS’ and meaning of ’BACS’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’BACS’ and other financial terms with our online QFINANCE Financial Dictionary.

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