PAD compliant Account Switching Solution

On the 18th of September the European Union introduced a new legislation enforcing banks to provide a free account-switching solution to customers. To address the issues arising from the new legislation FinReach has developed a fully compliant electronic workflow that minimizes the effort imposed on the service centre of banks.

Features of PAD compliant Account Switching Kit

  • Data Processing and sorting
  • Transmission of 13 months transaction history
  • Transfer of all direct debits and standing orders
  • Monitoring of legal deadlines
  • Forward of balance and closing of bank account
  • Transparent and comprehensive monthly reporting

Benefits for the bank offering the FinReach Account Switching Solutions

  • Increase the amount of overall switches by +30%
  • Reduce backoffice effort and cost by -60%