Bankers Automated Clearing Service
former name for BACS the former name for and origin of BACS, the electronic bulk clearing system generally used in the United Kingdom
Many senior bankers argue that as companies operate in an increasingly global world, they need the spread of services and geographies that only the biggest banks can provide, and that unitary banks, which combine investment and deposit-taking activities, are best placed to provide that full range
As consumer debts increase, competition grows, and interest rates rise, companies are looking at new ways to improve collection rates. Technology is increasingly playing a role in this. Many companies now expect customers to settle debts electronically via BACS (bankers’ automated clearing service
SEPA credit transfers are already in use and SEPA direct debits will be gradually introduced to the market by the banking industry. In the medium term, both payment instruments will replace the current domestic payment formats such as DTAUS (Datentraegeraustauschverfahren) in Germany and BACS (Bankers’ Automated Clearing Services) in the United Kingdom.
By Juergen Bernd Weiss
An invoice is a document issued by a seller to a purchaser that formally requests payment for goods or services supplied. The issuing of an invoice indicates that the buyer must now settle their account with the seller according to the agreed payment terms.
Definitions of ’Bankers Automated Clearing Service’ and meaning of ’Bankers Automated Clearing Service’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’Bankers Automated Clearing Service’ and other financial terms with our online QFINANCE Financial Dictionary.