BACS
BACS payments are used to move funds within the United Kingdom. All transfers must be in GBP. BACS payments generally take three business days to process.
For NetSuite users, the Entity Bank Details bundle is required to process BACS payments through the plugin.
Key Terms
Below are some key terms to help you navigate the instructions and setup for BACS payments more easily.
Term | Definition |
|---|---|
International Bank Account Number (IBAN) | A standard international numbering system developed to identify an individual’s account at a financial institution. The structure consists of a two-letter country code, followed by two digits and up to 30 alphanumeric characters. |
SWIFT/BIC Code | A Bank Identifier Code (BIC), also known as a SWIFT code, is an 8-to-11-character alphanumeric code that uniquely identifies financial institutions. Note: If the BIC is unavailable, you must provide the bank's full name and address instead. |
Sort Code | This is a 6-digit numeric code used as a unique identifier for financial institutions. This code is used for banks within the United Kingdom and Ireland. |
Account number | A standard 8-digit identifier for UK domestic accounts. You have the option to provide a complete 14-digit account number which contains both the 6-digit sort code and the 8-digit account number |
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Vendor and Bill Requirements
To prevent payment delays or returns, all payments are required to have the following requirements:
Vendor Record
Full Legal Name: The Entity's full name must be accurately populated on the Vendor record. For BACS payments, names are strictly limited to 18 characters. For CHAPS, names can be up to 140 characters.
Mandatory Address Components: A physical street address is mandatory. It must include at minimum the Town Nameand Country Code to pass bank validation. For BACS, a Country Sub-Division (e.g., County) is also mandated for structured addresses.
Billing Address and Location
Geographic Consistency: The Entity and Bill Billing Addresses must be located in the country of destination and must match the country specified in the Entity Bank Details record.
Domestic Routing: For domestic UK payments, the beneficiary account must be addressed using the bank Sort Code (6 digits) and the Domestic Account Number (8 digits).
Payment Requirements
Payment Context
- Swift BIC Country Code: GB
- Method: Domestic
- Country: United Kingdom
- Currency: GBP
Requirement Information
Provide IBAN (required) and the BIC Code (recommended)
Provide non-IBAN account number and the Sort Code