An association set up by the UK banks in 1985 to manage payment clearing and overseas money transmission in the UK. The Association has four main Interest Groups: the Card Payments Group, the Electronic Commerce Group, and the Liquidity Managers Group. APACS also has four operating companies under its aegis: BACS Payment Schemes Ltd, which is responsible for automated interbank clearing payment and settlement services in the UK; Voca Ltd, which physically processes direct debit and direct credit payments; Cheque and Credit Clearing Co. Ltd, which operates a bulk clearing system for interbank cheques and paper credits; and CHAPS, which provides electronic funds transfer in sterling and euros.
http://www.apacs.org.uk/ Website of APACS
Subjects: Financial Institutions and Services — Accounting.