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.