The Current Account Switch Service heralds a new epoch in banking customer service.
Now customers can switch banks free of charge and within seven working days. Customers wishing to switch provider know exactly what will happen and when. The service is guaranteed, reflecting total confidence in the underlying technology.
The Current Account Switch Service was driven by legislative imperative. VocaLink has helped the Government achieve its dual aims of removing the stickiness of current accounts and putting customers in charge of their banking relationship.
Since its launch on 16 September 2013, the account switch service has enabled a 17% year-on-year increase in current account switching and over 1 million payments have been redirected.
By developing the technical infrastructure for the new service, VocaLink has delivered a world first, for there is no comparable service available anywhere.