credit transfer

credit transfer A system of making payments by transferring money through a bank. The payer gives instructions naming the receiver and giving the receiver’s sort code and account number. Several receivers may be listed and settled by a single transaction. The popularity of this system in the UK led the banks to introduce a credit-clearing system in 1961 and the Post Office to do so in 1968. The Bankers’ Automated Clearing System (now Bacs) was introduced in 1969 (seeUK Payments Administration). See alsobank giro credit; giro.

• task roles
• task significance
• taxable person
• taxable supply
• taxation
• taxation brackets
• tax avoidance
• tax base
• tax break
• tax burden
• tax clearance
• tax code
• tax-deferred
• tax deposit certificate
• tax-effective
• tax evasion
• tax exile
• tax-free
• tax harmonization
• tax haven
• tax holiday
• tax invoice
• tax loss
• tax month
• tax planning