Credit transfers
Vendors can be paid from accounts payable by transmitting credit transfer messages to the bank in a format that the bank can interpret. The bank can then take the appropriate action.
United Kingdom specifics
This covers domestic payments to vendors via BACS, and also international payments in Euros to vendors via SEPA.
These are the bank-to-bank payment types:
- Direct Debit
- Bacs Direct Credit – these take 3 days to process.
- Faster Payments - near real-time (up to two hours) payments between bank accounts in the UK, up to a maximum of £250,000 or less.
- CHAPS (Clearing House Automated Payment System - is a British company offering high-value bank-to-bank GBP fund transfers.