Association for Payment Clearing Services


Association for Payment Clearing Services
= APACS
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 Cash Services Group, the Electronic Commerce Group, and the Liquidity Managers Group (formed in 2002 from a merger of the Treasurers Group and the City Markets 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.

Accounting dictionary. 2014.

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  • Association for Payment Clearing Services — Associˌation for ˈPayment ˌClearing ˌServices abbreviation APACS noun FINANCE ORGANIZATIONS an organization in Britain that manages and controls payments made from bank accounts and payments using credit cards see also BACS …   Financial and business terms

  • Association for Payment Clearing Services — APACS 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… …   Big dictionary of business and management

  • Association for Payment Clearing Services — /əˌsəυsieɪʃ(ə)n fə peɪmənt ˌklɪərɪŋ ˌsɜ:vɪsɪz/ noun an organisation which deals with the clearing of payments in the UK. Abbreviation APACS …   Dictionary of banking and finance

  • the Association for Payment Clearing Services — UK US noun ► BANKING, FINANCE APACS(Cf. ↑APACS), the former name for UKPA(Cf. ↑UKPA) …   Financial and business terms

  • Payment card industry — The payment card industry (PCI) denotes the debit, credit, pre paid, e purse, ATM, and POS cards and associated businesses.The term is sometimes more specifically used to refer to the Payment Card Industry Security Standards Council, an… …   Wikipedia

  • clearing house — A centralized and computerized system for settling indebtedness between members. The best known in the UK is the Association for Payment Clearing Services (APACS), which enables the member banks to offset claims against one another for cheques… …   Big dictionary of business and management

  • Clearing House Automated Payments System — ( CHAPS) A computerized clearing system for sterling funds that began operations in 1984. It includes 14 member banks, nearly 450 participating banks, and is one of the clearing companies within the structure of the Association for Payment… …   Financial and business terms

  • clearing house — A centralized and computerized system for settling indebtedness between members. The best known in the UK is the Association for Payment Clearing Services (APACS), which enables the member banks to offset claims against one another for cheques… …   Accounting dictionary

  • Clearing Houses Automated Payment System — CHAPS See: Association for Payment Clearing Services …   Accounting dictionary

  • Clearing Houses Automated Payment System — CHAPS See Association for Payment Clearing Services …   Big dictionary of business and management