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The Bacs Process Explained
A standard Bacs Direct Credit operates on a 3-day cycle. For example, if you want a payment to credit someone’s account on Friday, you must submit it, before the deadline, on Wednesday.
This section explains the process of a Bacs Direct Credit.
Day 1 – The Input Day
The first day of the processing cycle; this is the day on which a payment file is submitted to Bacs for processing. Files can be transmitted to Bacs via specialist software, such as Albany ePAY but they must be received by 22:30 (this window is earlier for users of internet banking tools).
Day 2- The Processing Day
On this day, the payment is processed.
Day 3 – The Entry Day
On this day, the payment is simultaneously credited to the recipient’s accounts and debited from your account.
Bacs payments can be scheduled for up to 31 days in advance of the payment date, and can also be recalled as late as day 2 of the cycle.
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