The processing cycle is the minimum time it takes between payment instructions being sent to Bacs and the instruction being applied to the destination account.
The processing cycle has 3 stages on 3 consecutive banking days.
When Bacs receives a submission, it is divided into day sections and the structure of the payment information is checked.
Day 1 - Input Day This is when the submission is input into Bacs for full validation. You can retrieve an input report which details any payment instructions that have been rejected, returned or amended.
Day 2 - Processing Day This is when the payment information is processed by the relevant financial institutions.
Day 3 - Entry Day This is when the valid payment instructions are applied to accounts.
