What's the difference between BACS, CHAPS (same-day UK payments) and BACS. This is an electronic system to make payments directly from one bank. Bacs is responsible for the schemes behind the clearing and settlement of UK automated payment methods, Direct Debit and Bacs Direct Credit. Hi All I've been asked to make a BACS transfer rather than a bank transfer and I was wondering what the difference was? Thanks Liz.
Bacs bank transfer Video