Banking transactions terms in banking domain
1. SEPA (Simplifying European Payment, IBAN is required for this).
2. SWIFT (International transfer)
3. BACS (A long-established UK Payment system Bacs stands for Banker’s Automated Clearing Services)
4. CHAPS (Clearing House Automated Payment System) - Same day UK payment (People usually use this for 10000+ British Pound transfer).
