Guaranteed so you can kick back and relax - Current Account Switching performance scorecard
Issue 404 | 1 November 2022
Guaranteed so you can kick back and relax
The Current Account Switch Service (CASS) operated by Pay.UK makes switching your current account simple, reliable and stress-free1 and is backed with a guarantee so you can kick back and relax.
CASS performance scorecard
Every quarter Pay.UK release an update on both the service performance of the Current Account Switching Service it operates and of the participants that subscribe to the service.
This newsletter focusses the service performance by Pay.UK and the CASS participants. You’ll find the latest information on the winners and losers in the race to bank the UK’s population here: Current account winners & losers.
A quick recap on the numbers
Amidst a rapidly changing financial environment, the latest Current Account Switch Service (CASS) dashboard reveals switching volumes increased across the last quarter, rising every month from July (57,204) to August (74,459) and then reaching a 2022 high in September (90,445).
Q3 2022: CASS performance - Ten things you need to know
The CASS insights published by Pay.UK (the operator of the switching service) show us that during Q3 2022:
#1: Most current account switchers are personal accounts
#2: Account switching is on the rise
In the rolling year to Q3 2022, current account switching volumes reached 859,751 an increase of 137,157 compared to the same period the year prior.
#3: Millions of payments are automatically redirected from the ‘old’ bank to the ’new’ bank
Since the service launched in 2013, the system has successfully redirected more than 126.9 million payments seamlessly and transparently from an ‘old’ (and closed) bank account to the ‘new’ bank account. One of the early fears for the CASS service was that payments directed to the ‘old’ bank account would result in ‘lost’ payments, the development of a ‘redirection table’ has proved to be an integral part of ensuring the success of the accounts switching service.
#4: Awareness and confidence is the switching service is high
Keep reading with a 7-day free trial
Subscribe to Payments:Unpacked to keep reading this post and get 7 days of free access to the full post archives.