What is BANKS AUTOMATED CLEARING SYSTEM (BACS)?

In the UK its the electronic billing system. It lets transactions be automated between firms.

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Related Legal Terms
AUTOMATED CLEARING HOUSE, CLEARINGHOUSE AUTOMATED PAYMENT SYSTEM (CHAPS), CLEARING HOUSE INTERBANK PAYMENTS SYSTEM (CHIPS), AUTOMATED BOND SYSTEM (ABS), MORTGAGE-BACKED SECURITIES CLEARING CORPORATION (MBSCC), MONEY CENTER BANKS, CLEARING MEMBER, BIG BANKS, AUTOMATED ATTENDANT, RESERVE BANKS


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