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Bank account switching service off to an encouraging start

Payments Council reports an increase in consumer switching levels since the introduction of the Current Account Switch Service last year.

Despite launching only a short time ago, the Current Account Switch Service has prompted a surge in account switching among consumers, a triumph for awareness of the initiative. In a recent poll conducted by the Payments Council, results show an encouraging 60% of the general public were aware of the scheme; mainly thanks to a series of advertisements in the media as well as campaigns from the banks and credit unions themselves.

Similar numbers of people were found to be confident in the new service, which providers hope will inspire take up of the scheme, which promises to:

  • Ease problems associated with switching current accounts
  • Redirect payments to old bank accounts for up to 13 months
  • Transfer responsibility for failed payments to the new account provider, not the individual
  • Quicken the account transfer process – from 30 to 7 days

With account switching on the rise, it is vital that companies ensure their data is accurate, such as that used for Bacs payroll processing or Direct Debit collections. Bank account validation solutions prevent erroneous account data from entering a system – saving costly mistakes associated with using inaccurate information for Bacs Direct Credit payments or Direct Debit collections.

Ensure your payments and collections data is accurate with V-Series bank account validation and verification.