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.

Criteria Current Account Switch Service Payment Transfer Service
Carry out business and operate an office within the European Economic Area Yes Yes
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) Yes Yes
Pay the agreed charges for usage of the service and any other transactional based costs that may apply upon request Yes Yes
At all times, agree to be bound by the Guide and Rules of the Account Switching Service Yes Yes
Be able to send and receive CHAPS and / or Faster Payments. This may be through an Agency Agreement Yes Yes
Comply with existing UK regulatory requirements. The Account Switching Service does not guarantee regulatory compliance and this is therefore a matter for each individual participant Yes Yes
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) Yes Yes
Have a Bacs service user number (SUN) specifically for account switching (participants may not necessarily be a direct participant of the Bacs Scheme) Yes Yes