The Account Switching Services, which includes the Full Switch Service (also known as the Current Account Switch Service) and the Payment Transfer Service have been designed to make switching from one current account to another simpler and more reliable for everyone. For full details visit Account Switching Service.
If you are a financial institution and would like to become a participant in either the Current Account Switch Service or the Payment Transfer Service and require further details, please submit your interest via our enquiry form.
The table below lists the criteria that a potential participant must be able to meet to be eligible for either the Current Account Switch Service or the Payment Transfer Service.
|Carry out business and operate an office within the European Economic Area||Yes||Yes|
|Have the ability to comply on a continuous basis with the technical and operational service definition (the Account Switching Service Definition), and have a PKI solution in place (from a Bacs direct participant) ||Yes||Yes|
|Pay the agreed charges for usage of the service and any other transactional based costs that may apply upon request ||Yes||Yes|
|At all times, agree to be bound by the Guide and Rules of the Account Switching Service ||Yes||Yes|
|Be able to send and receive CHAPS and / or Faster Payments. This may be through an Agency Agreement||Yes||Yes|
|Comply with existing UK regulatory requirements. The Account Switching Service does not guarantee regulatory compliance and this is therefore a matter for each individual participant ||Yes||Yes|
|Offer, or be about to launch, current accounts (note: the Partial Switch Service also supports a wider set of account types and sectors than the Full Switch Service) ||Yes||Yes|
|Have a Bacs service user number (SUN) specifically for account switching (participants may not necessarily be a direct participant of the Bacs Scheme) ||Yes||Yes|