UK’s retail banks are getting ready to launch the new account switching service that aims to make it easier for customers to switch bank accounts, reported The Financial Times. The new service will be implemented starting Monday September 16.
The initiative was arranged as a result of several customer complaints, and the program will drastically reduce the time it takes for customers to switch to new providers. The service will also allow people to oversee all incoming and outing payments. The UK hopes that the reform will help increase competition in the country’s retail banking sector.
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