T4 Transfer Service

Consumers like paying bills by Direct Debit and with standing orders. The prospect of changing each one when they move from one bank to another can be off-putting. Today, most banks offer a transfer service for new customers. They offer to contact their existing bank and all the organisations they have Direct Debits and standing orders with, to transfer them to the new bank account.

To make this happen smoothly and efficiently, many banks use the automated service operated by VocaLink on behalf of Bacs Payment Schemes Ltd. ToDDaSO4, the Transfer of Direct Debits and Standing Orders, is the automated service that enables the complex set of messages necessary between banks and businesses.  

The T4 engine that powers the ToDDaSO4 service used by UK banks was launched in 2005. It enables banks to automate the interaction in the customer transfer process.  When a customer is transferring from one T4 enabled bank to another, the process of changing all their Direct Debits and standing orders take less time than when relying on paper correspondence. It can make all the difference between winning a customer and losing them during the account opening process.

Find out more by downloading our T4 product sheet.