APACS stands for the Association for Payment Clearing Services, which was an industry body for banks and building societies in the United Kingdom that provided a forum for the collective development of standards and resources to facilitate payment clearing.
A bank transfer is a method of transferring funds from one bank account to another, either within the same financial institution or between different institutions, through electronic means.
A clearinghouse is an essential financial institution that functions to facilitate the exchange, balancing, and settlement of payments or securities transactions, reducing the complexity and risk associated with such transactions.
A credit transfer is a system that enables the transfer of money from one bank account to another, based on instructions given by the payer, detailing the receiver’s sort code and account number.
EFTPOS is an abbreviation for Electronic Funds Transfer at Point of Sale, referring to a payment system that allows customers to make payments using electronic methods directly at the place of purchase.
EFTPOS is the automatic debiting of a purchase price from a customer's bank or credit-card account through a computer link between the checkout till and the bank or credit-card company, often involving chip-and-PIN systems for secure transactions.
A Giro is a banking arrangement for clearing and settling small payments, commonly used in Europe. It includes systems like the National Girobank in the UK, Bank Giro, and Bancogiro, along with a colloquial use related to social security payments.
Multilateral netting is a method of reducing transaction costs within a corporate group or among multiple parties by centralizing and consolidating intercompany transactions to a single net payment or receipt for each subsidiary.
