Bulk Electronic Clearing System
We administer the Bulk Electronic Clearing System (BECS) for recurring electronic debit and credit payment instructions.
This system co-ordinates and facilitates the exchange and settlement of bulk electronic transactions between participants.
Direct entry is used for such payments as internet banking transactions and direct debit and direct credit instructions. It is generally used for smaller day-to-day payments, but is available for payments up to $100 million.
Payments collected from customers' bank accounts are "direct debits" and payments sent to customers' bank accounts are "direct credits".