Understanding Bacs: The Trusted UK Payment System

If you work or bank in the UK, you’ve likely used Bacs, even without realising it.
Bacs stands for Bankers’ Automated Clearing Services, one of the UK’s longest-standing and most trusted systems for moving money between bank accounts.

What is Bacs?

Bacs is a secure banking network used across the UK for two main types of transactions:

✔ Bacs Direct Credit

Used for payments into your account — such as salaries, pensions and benefits.

✔ Bacs Direct Debit

Used for payments out of your account — usually for recurring bills and subscriptions.

Bacs is known for reliability, security, and nationwide acceptance.

Here’s how it benefits you as an iFAST Global Bank customer.

Receive Your Salary with Bacs Direct Credit
Most employers pay salaries through Bacs. You can now receive your salary directly into your iFAST Global Bank account simply by providing your employer with your account number and sort code.

Early Salary Credit – Get Paid One Day Earlier
With our Bacs launch, we’re introducing Early Salary Credit, allowing you to receive salary a day earlier than the usual Bacs payday.

This means more financial flexibility and easier planning.

Automate Your Payments with Bacs Direct Debit
You can also set up Bacs Direct Debit to allow your bills and subscriptions to be paid automatically, securely, and on time without manual transfers.

We’re excited to bring these enhancements to your banking experience.
Thank you for banking with us.

T&Cs Apply.