Glossary entry (derived from question below)
English term or phrase:
BACS payments
Greek translation:
Πληρωμές μέσω BACS
English term
BACS PAYMENTS
BANK DETAILS FOR BACS PAYMENTS:
Barclays Bank PLC, Business Centre, PO BOX 1385, Arena Court, Sheffield, S9 2WU
4 +7 | Πληρωμές BACS | Isodynamia |
Apr 7, 2006 17:18: Elena Petelos changed "Field (specific)" from "Law (general)" to "Finance (general)"
Proposed translations
Πληρωμές BACS
Throughout the 1960s, all transactions between banks were entirely paper based. However, in 1968 the Inter-Bank Computer Bureau set up a secure, streamlined method of handling payments, which reduced processing time and human errors.
In 1971 the company name was changed to the Bankers Automated Clearing Services. The function of the BACS company was primarily to provide a central clearing function for bulk automated payments.
In 1985 it shortened its name to BACS Limited and expanded its membership to include building societies.
On 1st December 2003, following a review, BACS split into two companies BACS Ltd and BACS Payment Schemes Limited (BPSL).
Each company could then focus on its specialist area...
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Note added at 6 mins (2006-04-07 11:39:43 GMT)
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