Reports say a new service to facilitate banking consumers to switch banks resulted in an 11 percent increase in such account-switching over the last month, compared with the same period last year.
Thirty-three banks are now a part of the service, which is part of new legislation launched by the Banking Commission in efforts to boost banking competition. The service allows consumers to switch banks within 7 days, as opposed to the current 30-day time frame.
The regulation was aided by Vocalink, which allows consumers’ payments to be redirected to their new accounts following a bank change.
Despite the news, the Payments Council said it is too early to draw conclusions on the effects of the new regulation or to speculate on a long-term trend.
Full content: Computer Weekly
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