BACS Payment Schemes Ltd

A company that provides an automated service for interbank payment clearing and settlements in the UK. It was established under the aegis of the Association for Payment Clearing Services as the Bankers Automated Clearing System in 1985. In 2003 it split into two companies, BACS Ltd, which physically processes direct debit and direct credit payments, and BACS Payment Schemes Ltd, which has a more general responsibility for promoting, developing, and maintaining the integrity of these processes. BACS Ltd was renamed Voca Ltd in October 2004.

Accounting dictionary. 2014.

Look at other dictionaries:

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