Payments and bank holiday processing
Get ahead with your payments admin now and avoid hiccups with salaries or supplier payments around the August bank holiday (27 - 29 August 2022), says Pay.UK, which runs the Bacs Direct Credit and Direct Debit payment systems.
Businesses are reminded that bank holidays are non-payment processing days, which has an impact on when payment files need to be submitted. But those files can be submitted up to 30 days in advance, giving hard-pressed finance teams a chance to cross that one off the worklist well before the holiday weekend.
If the files aren’t submitted ahead of time, payments due to land in employee or supplier accounts ahead of the bank holiday should be submitted on Wednesday 24 August at the latest, to avoid delays to important payments.
And, with the extra non-processing day, if payments are due to arrive in accounts on Tuesday 30 August (the first working day after the bank holiday), then payment files must be submitted by Thursday 25 August.
To help finance teams with their planning, Pay.UK produces handy processing calendars and 2023 is now available, as well as 2022. These contain all non-processing dates together with latest payment submission dates.
- Plan ahead and where possible submit files early – remember that you can do this up to 30 days in advance. The next bank holidays will fall at Christmas and New Year, so think about putting a reminder in your diary to submit your files well ahead of the due date
- Check that files have been submitted with the correct processing dates, taking into account additional bank holidays, and ensure your software reflects Bacs non-processing days
- Remember that Direct Debits due on bank holiday Monday should be collected on the Tuesday (30 August) instead.