Bacs

Roles that need it

• Payments Operations Analyst
• General Accountant
• Cash Management Product Manager
• Corporate Treasury Analyst

Skills it belongs to

• Payment systems and messaging (SWIFT, ISO 20022, SEPA, ACH, UPI)
• Order to cash and procure to pay operations

Related concepts

• Automated clearing house (ACH)An automated clearing house (ACH) is a system that exchanges and clears payment orders between banks electronically, mostly retail payments such as credit transfers and direct debits, and settles net positions at set times, usually in central bank money. In Europe, pan-European and national clearing houses process SEPA payments.
• Faster Payments (FPS)The Faster Payment System is the UK's real-time system for sterling credit transfers, available 24 hours a day, launched in 2008 and run by Pay.UK. Most payments reach the payee's account within seconds, and net positions between participants settle in central bank money several times each business day.
• CHAPSCHAPS is the UK's high-value sterling payment system, operated by the Bank of England, which settles payments one by one in central bank money through its real-time gross settlement service. It is used for interbank payments, large corporate payments and house purchases, and moved to ISO 20022 messages in 2023.

Sources

• Pay.UK (external site) accessed 31 Oct 2026

Updated 31 Oct 2026.