BACS stands for Bankers Automated Clearing System which is used for sending money electronically from one UK bank to another. It is used for paying salaries, direct debits and other regular payments and it typically takes 3 working days for the transfer to complete.
CHAPS stands for Clearing House Automated Payment System and is a faster way to transfer money than BACS. The transfer is normally completed on the same day. There is however usually a charge for this service which varies depending on which bank you use.
Faster Payments is a new payment system that has been developed by the UK banking industry. The Faster Payments Service enables electronic payments, typically made via the internet or phone, to be processed within a matter of hours. This new service will run alongside the existing BACS scheme.
For most payment systems you will need the Sort Code and Account number of the account that you wish to pay into. Most payments from UK banks are now done by Faster Payments.