The innovative Bulk Payment Redirection Service (BPRS), brought to market by Pay.UK’s, Bacs Payment Schemes Limited (Bacs), makes use of the proven payment redirection facility, developed for the hugely successful Current Account Switch Service.
The service represents a step-change in increasing the ease with which organisations too large to use the Current Account Switch Service can move banking providers, reducing the stress and cost traditionally associated with the large-scale migration of accounts.
So, when London Mutual Credit Union Limited (LMCU) - a not-for-profit, member-owned, financial co-operative, operating in the City of Westminster and the London boroughs of Southwark, Lambeth and Camden - wanted to migrate its members’ current accounts from its incumbent banking provider to RBS, it required a mechanism to redirect Bacs and Faster Payments between the old and new account.
Based on a recommendation from RBS, LMCU’s CEO, Lakshman Chandrasekera, contacted Bacs requesting more information on BPRS and how it could be used to assist the migration.
Following information provided by the team at Bacs, LMCU agreed that taking advantage of the BPRS offering was the best solution and should be incorporated into the overarching migration programme.
BPRS’s cost-efficient and proven model made the process of switching almost 9,000 accounts to another banking platform simpler than ever before.
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