BACS - Electronic Payment Address

[To Define Financials Basics]

Usage

The BACS (Bankers Automated Clearing System) payment format is used in the United Kingdom for creating a file with instructions to pay supplier invoices in GBP. The file includes one payment instruction per Supplier. The exact file format required can differ between Payment Institutes. However, most banking software includes a mapping utility that enables the standard IFS file format to be imported to the banking software as required. Note that not all of the data fields below may be required by the payment institute. A remittance advice is also produced which can be mailed to the supplier.