The Payment Transfer Service provides selected features of the Current Account Switch Service, but does not involve the customer closing their existing account, or automatically transferring all of their payment arrangements.
The service is not limited in terms of time, and is not covered by the Current Account Switch Service Guarantee, or payment redirection service. It also enables a switch between account product types other than current accounts (where possible and when both service providers agree).
The below table 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, you should view the eligibility criteria in the first instance, while you can also email email@example.com if you would like more 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|