BECS governs how a range of bulk electronic transaction types are made between its Participants. BECS covers direct debits, automatic payments, bill payments and direct credits.
The BECS rules,
standards and procedures set out how this clearing system works. They include
timeframes for when settlement and interchange occurs, what format the payment
information needs to be in, and how any processing or payment issue between
banks is resolved.
BECS Participants use Settlement Before Interchange
(SBI) to settle transactions and exchange payment information
multiple times throughout each business day.