In the UK, what is the equivalent term for an ACH payment?

The correct term for an ACH payment in the UK is a Bacs payment. Bacs, which stands for Bankers' Automated Clearing Services, is a system used for electronic processing of payments and direct debits between bank accounts. Like ACH (Automated Clearing House) payments in the United States, Bacs payments are primarily used for direct transfers of funds, such as payroll or vendor payments, and they typically take a few days to clear.

Understanding the terminology is essential for professionals in the payments industry, as it helps to clarify the types of transactions performed, the time frames associated with them, and the systems used for processing. Bacs payments are a foundational component of the UK payment landscape, similar to ACH in the US, enabling efficient and reliable electronic fund transfers.