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Bank customers in Israel set to benefit from UK switching expertise

28.4.2017

Key people behind the Israeli bank account switching service turned to the experienced team behind the UK’s Current Account Switch Service (CASS) to tap into their knowledge and expertise.

Bacs Payment Schemes Limited (Bacs), the company which owns and manages CASS, hosted representatives from the Israeli Central Bank, the Ministry of Finance, and the Israel Anti-Trust Authorities, as they sought to learn more about the UK’s high profile switching service.

The two day visit gave the Israeli delegation an insight into how CASS was created and implemented, as well as the research that has informed latest developments, and the strategy for building on success moving forwards. Bacs also arranged for the visitors to meet with representatives from Her Majesty’s Treasury, the Payment Systems Regulator, the Financial Conduct Authority, and the Competition and Markets Authority, as well as people from the UK Open Banking team.

Anne Pieckielon, Bacs Director of Product and Strategy leads on CASS for the UK. She said: “​CASS is clearly recognised as a world leading switching service and we were delighted to share our knowledge and experience on how we have made the service such a success since launching almost four years ago.”

​Kfir Battat, from Israel’s Ministry of Finance, said: “The visit to Bacs to talk about CASS exceeded all our expectations and we thank Anne and all her team for the opportunity to learn  more about the UK banking market and in particular CASS. The UK clearly has an excellent switching service and we are very grateful for the two day visit.”​​

 

Notes to Editors:

About Bacs:

Bacs has been maintaining the integrity of payment related services since 1968, with responsibility for the schemes behind the clearing and settlement of UK automated payment methods, Direct Debit and Bacs Direct Credit, as well as the provision of managed services for third parties, such as the Cash ISA Transfer Service, and the development, management and subsequent ownership of the Current Account Switch Service.

More than 120 billion transactions have been debited or credited to British bank accounts via Bacs since its inception; in 2016, nearly 6.25 billion UK payments were made this way, while a new record was also set in September 2016 with the number of transactions processed by Bacs in a single day reaching a high of 109.3 million.

A not-for-profit entity which has maintained carbon neutral status since 2012, Bacs is a membership company limited by Guarantee.

For further information please visit www.bacs.co.uk.

About the Current Account Switch Service:

Key features of the Current Account Switch Service include:

  • The service is free to use
  • The switch will be completed in seven working days – a substantial improvement on the previous process that could take between 18 and 30 working days
  • The customer can choose and agree the switch date with their new current account provider.
  • All payments going out (e.g. Direct Debits) and those coming in (e.g. salary) will be moved from the old account to the new account
  • Payments accidentally made to or requested from the old account will be automatically redirected to the new account for as long as the facility is required
  • The Current Account Switch Guarantee means that the customer will receive a refund of interest and charges on their old and new current accounts if anything goes wrong with the switch.

As of 1 April 2015, the eligibility criteria for businesses, charities and trusts was extended.  SMEs with a turnover of up to £6.5 million, small charities with an annual income of less than £6.5 million, and small trusts with a net asset value of less than £6.5 million can switch their current account provider using the Current Account Switch Service.

The service was previously available for small businesses with a turnover of 2 million euros (or sterling equivalent); and this extension increases the reach of the service to 99% of the UK’s SME market.​