<Tr> <Th> Website </Th> <Td> www.bacs.co.uk </Td> </Tr> <Tr> <Th> Formerly called </Th> <Td> Bankers' Automated Clearing Services </Td> </Tr> <P> Bacs Payment Schemes Limited (Bacs), formerly known as Bankers' Automated Clearing Services, is the organisation with responsibility for the schemes behind the clearing and settlement of UK automated payment methods Direct Debit and Bacs Direct Credit, as well as the provision of managed services for third parties . These include the Cash ISA Transfer Service, Biller Update Service and the development, management and subsequent ownership of the Current Account Switch Service . </P> <P> More than 120 billion transactions have been debited or credited to British bank accounts via Bacs since its inception; in 2016, 6.22 billion UK payments were made this way, while a new record was also set in September 2016 with the number of transactions processed by Bacs in a single day reaching 109.3 million . </P>

What does bacs stand for in banking terms