BACS


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Related to BACS: BCAS

BACS

(bæks)
n acronym for
(Banking & Finance) Bankers' Automated Clearing System; a method of making payments direct to a creditor's bank without using a cheque
References in periodicals archive ?
UK businesses will be able,to save time by downloading report data electronically and importing it straight into back office systems to increase efficiency with faster payment confirmation Businesses currently interact with BACS through a variety of channels but this process has been consolidated so that all future interaction is via one channel--BACSTEL-IP.
With the new BACS payments standard, BACSTEL-IP, expected to take effect on 1 January 2006, organisations across Europe that conduct business in the UK are faced with a compliance mandate.
Clearly, complying with the new BACS standard was of primary importance in re-thinking how our organisation approaches electronic payments.
Since implementing PayBase, Cheshire County Council is now able to send multiple BACS payments files in one transmission, rather than on an individual basis, saving them time and bank file charges.
With more than 3,000 BACSTEL-IP customers, Bottomline continues to be the UK's leading provider of BACS solutions and services.
QuickBooks 2005 users will be able to make payroll, supplier and expense payments through BACS using Bottomline's market-leading subscription service.
Bottomline will also work very closely with HSBC to migrate all its BACS direct-submitter customers smoothly to BACSTEL-IP in advance of the industry deadline on December 31, 2005.
Mike Hutchinson, BACSTEL-IP marketing manager at BACS comments, "We are delighted with this result and believe that by offering BACS users greater choice on how to pay for the BACSTEL-IP software has to be good for our customers, and will help accelerate the migration.
Mike Hutchinson, marketing manager at BACS stated, "We would encourage all direct BACS users and Bottomline customers to accelerate their plans to move to BACSTEL-IP enterprise-wide and avoid the inevitable rush to migrate in 2005.
HSMs allow businesses to make transmissions to BACS without local smart card authorization, which is very important for high-volume payers and collectors.
Addressing the requirements for the new BACSTEL-IP service, PayBase also includes support for concatenation of files from multiple locations and/or systems with validation and authentication with the BACS network.