(PRWEB UK) 11 February 2013
George Osborne has announced a ‘revolution in customer choice’ as bank customers are given the opportunity to switch bank accounts within hours, not days. Credit and debit cards will also be affected and forced to decrease the amount of time it takes to pass money onto businesses.
The move hopes to increase customer service, convenience and competitiveness in the market. Mr Osborne explained, “One of the prices we’re paying for the financial crisis is that our banking sector is now dominated by a few big banks. It verges on an oligopoly. I want new faces on the high street. I want upstart challengers offering new and better services that shake up the established players.” The Chancellor of the Exchequer added, “Every customer of every bank in Britain will be able to switch their bank account from their existing bank to another one in seven days. All they will have to do is sign up to a bank – and the rest will follow. All direct debits, the standing orders, everything will be switched with no hassle.”
A spokesperson for SmartDebit, a UK leading electronic payments processor, specialising in direct debits commented on the move, “It is about time that the major banks caught up with modern technology and made moving banks as easy as possible. As direct debit payment processors, we are delighted to learn of a new system that makes the administration process as simple as possible for our clients. All aspects of the scheme seem positive for both the consumer and businesses.”
SmartDebit is the UK’s leading Direct Debit Bureau, specialising in payment processing services since 1998. A Bacs approved Bureau, scoring ‘Excellent’ in all five categories of the Bacs audit, and ISO 27001 compliant. Providing a complete range of services: Outsourcing; SmartDebit-Admin cloud based portal; SmartDebit-Online payer sign up; SmartDebit-API integrated solution and SmartDebit-Contingency.