Current Account Switch Service eligibility criteria

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.


CriteriaCurrent Account Switch ServicePayment Transfer Service
Carry out business and operate an office within the UK and European Economic AreaYesYes
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)YesYes
Pay the agreed charges for usage of the service and any other transactional based costs that may apply upon requestYesYes
At all times, agree to be bound by the Guide and Rules of the Account Switching ServiceYesYes
Be able to send and receive CHAPS and / or Faster Payments. This may be through an Agency AgreementYesYes
Comply with existing UK regulatory requirements. The Account Switching Service does not guarantee regulatory compliance and this is therefore a matter for each individual participantYesYes
Offer, or be about to launch, current accounts (note: the Payment Transfer Service also supports a wider set of account types and sectors than the Full Switch Service)YesYes
Have a Bacs service user number (SUN) specifically for account switching (participants may not necessarily be a direct participant of the Bacs Scheme)YesYes
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