what does bacs stand for in banking terms
BACS Bacs Payment Schemes Limited (Bacs), formerly known as Bankers' Automated Clearing Services, is the organisation with responsibility for the schemes behind the clearing and settlement of UK automated payment methods Direct Debit and Bacs Direct Credit, as well as the provision of managed services for third parties.[1] These include the Cash ISA Transfer Service,[2] Biller Update Service[3] and the development, management and subsequent ownership of the Current Account Switch Service.[4]