Current Account Switch Service eligibility criteria
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The table below lists the criteria that a potential participant in the service 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 UK and 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 |