what is bacs payment

A Bacs payment is a bank-to-bank transfer between banks in the UK. It is one of the most common bank-to-bank transfers in the UK and is used for sending Direct Debits and credits. There are two main types of Bacs payment: Direct Debit, where one party has been given permission to pull money from the bank account of another party, and Direct Credit, where another party deposits money into your account. Bacs has been responsible for the clearing and settlement of automated payments in the UK since 1968 and is a membership organization consisting of 16 of the UK's leading banks. Bacs payments take three working days to clear