BACS Flashcards
1
Q
BACS current messaging format
2
Q
What are BACS Direct Credits ?
A
used to pay salaries, benefits, dividends and supplier payments directly into bank accounts
3
Q
What are BACS Direct Debits ?
A
automate the collection of regular payments, the preferred payment method for many UK bill payments
4
Q
What are BACS participants ?
A
open to banks, building societies, authorised electronic money institutions and authorised payment institutions
5
Q
How long is the BACS payment cycle ?
A
3 days
