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What does BACS Cycle Mean?

Posted by Peter Brady on Thu 28th September 2006 at 07:00 AM, Filed in Credit Tips,  Glossary

BACS cycle means the three working day cycle, implemented for a payment instruction to be submitted to BACS for administration including the elapsed time it takes to reach the account destination. The cycle includes the following steps:

• Arrival
• Input
• Processing
• Entry

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