BACS Insights | Sumble

What is BACS?

BACS (Bankers' Automated Clearing Services) is a UK payment system used for direct debit and direct credit payments. It enables businesses and organizations to make and receive payments directly into and from bank accounts. Common uses include salary payments, bill payments, and supplier payments. It's a widely used, secure, and reliable method for electronic fund transfers in the UK.

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What other technologies are related to BACS?

BACS Competitor Technologies

CHAPS

CHAPS is a same-day payment system in the UK, competing with BACS for high-value and time-critical payments.

mentioned alongside BACS in 41% (305) of relevant job posts

Faster Payments

Faster Payments (FPS) provides near real-time payments, directly competing with BACS for speed and convenience.

mentioned alongside BACS in 48% (159) of relevant job posts

SEPA

SEPA (Single Euro Payments Area) facilitates euro payments across Europe and is a competitor to BACS in regions where both are available.

mentioned alongside BACS in 9% (225) of relevant job posts

FPS

FPS (Faster Payments Service) is a near real-time payment system in the UK, a direct competitor to BACS for faster payments.

mentioned alongside BACS in 18% (98) of relevant job posts

Target2

TARGET2 is a real-time gross settlement system for euro payments, primarily used for large-value transactions between banks and is a competitor for certain types of payments.

mentioned alongside BACS in 14% (58) of relevant job posts

ACH

ACH (Automated Clearing House) is a US electronic funds transfer system, analogous to BACS but operating in the US.

mentioned alongside BACS in 1% (51) of relevant job posts