Payment Transfer Service
The Payment Transfer Service provides selected features offered by the Current Account Switch Service but does not automatically transfer all of the end user’s payment arrangements and balance, or close their existing account.
The service is not limited in terms of time, and is not covered by the Current Account Switch Service Guarantee and the payment redirection facility.
The Payment Transfer Service also enables a switch between accounts that sit outside of the scope of the Current Account Switch Service, such as large corporate accounts (where possible and when both service providers agree).
The table below outlines the differences in functionality between the Payment Transfer Service, and the Current Account Switch Service.
If you are a financial institution and would like to become a participant in the Payment Transfer Service, please refer to the Payment Transfer Service eligibility criteria in the first instance, or contact the Pay.UK Onboarding team at access@wearepay.uk for further information.
| Service functionality | Current Account Switch Service | Payment Transfer Service |
| The switch date can be selected in advance and agreed with the new participant | Yes | No |
| All payment arrangements are transferred automatically | Yes, all payment arrangements will be transferred | Yes, it is possible to transfer all payment arrangements, but customers can also choose which payment arrangements they want transferred |
| Transactions will be redirected to ensure all payments attempting to be collected from or being made to an old account will redirect to the new account | For 3 years after the Switch Date, or longer in accordance with clause 1.14 of the Customer Agreement | No |
| Closing balance transfers automatically | Yes | No |
| Old account will close automatically | Yes | No |
| Customers are protected by a service Guarantee | Yes | No |
| The switch will occur in 7 working days | Yes | No, not guaranteed |