APACS
Business Banking and Factoring
APACS Factors Business Banking and Factoring
What
is APACS?
The Association for Payment Clearing Services was set up in
1985 as a non-statutory Association of major banks and building
societies and has become the umbrella body at the heart of
the UK payments industry. APACS provides the forum for banks
and building societies to discuss non-competitive issues relating
to money transmission. The governing body is APACS Council.
The
APACS umbrella comprises the following entities:
The
Association for Payment Clearing Services (APACS)
Three
clearing companies which manage the major UK payment clearing
systems and maintain their operational efficiency and financial
integrity.
- Cheque
and Credit Clearing Company which oversees the paper clearing.
- CHAPS
Clearing Company which provides electronic same-day clearings
in sterling and euro:
- BACS
which operates the bulk electronic clearing.
These
clearing companies are responsible for the operation of, and
future developments within, the clearings that they run. Each
has its own Board of Directors.
An
unincorporated clearing group, the Currency Clearings Committee
Interest
groups on major payment subjects:
- Card
Payments Group
- Cash
Services Group
- Liquidity
Managers Group
- Electronic
Commerce Group
A
service company, APACS (Administration) Ltd, which provides
staff, services and facilities to any entity within the APACS
umbrella.
In
addition, APACS forecasts payment trends, conducts market
research and maintains a large body of statistics. The Association
also formulates payments industry standards.
Planning
has also been undertaken to ensure that, when and if HM Government
decides the UK will join EMU, there will be a smooth transition
from sterling to euro.
APACS
provides a single industry voice to the public and to the
media on all non-competitive payment matters.
For
further information on APACS Business Banking and Factoring
visit the APACS website.
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