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The UK equivalent to Zelle isn't BACS/Faster Payments, but https://paym.co.uk/ https://paym.co.uk/ As I understand things, the US equivalent to BACS would be A
by andrewaylett 4y ago
The UK equivalent to Zelle isn't BACS/Faster Payments, but https://paym.co.uk/ https://paym.co.uk/
As I understand things, the US equivalent to BACS would be ACH. Which is also sort code and account number, but allows pulling money without further authorisation as well as pushing money. Obviously doing that when you're not supposed to would be very illegal, but unfortunately that's not enough to stop everyone.
- mbesto 4y agoYup, that was my point. The OP thinks "we already have this in the US" and its not nearly the same.
- dndvr 4y agois pulling via ACH basically a direct debit in UK terms?
- andrewaylett 4y agoMinus all the safety precautions that make DD generally safe to use.