Name a Deferred net settlement system in the UK.

Bacs is a deferred net settlement system in the UK that facilitates electronic payments. This system is primarily used for processing low-value transactions, such as direct debits and salary payments. Bacs operates on a batch processing basis, where transactions are collected over a certain period, and net amounts are settled at scheduled intervals, typically on a daily basis. This means that instead of settling each transaction immediately, Bacs allows financial institutions to net out the transactions to reduce the number of fund transfers that need to occur, thereby improving efficiency in the payment system.

In contrast, CHAPS and RTGS are both real-time gross settlement systems. CHAPS is designed for high-value transactions that require immediate settlement, while RTGS involves the real-time settlement of transactions as they occur. DLT, or Distributed Ledger Technology, refers to a broader technology framework rather than a specific payment system used for traditional banking transactions in this context.