Account Switching Made Easy

Switching accounts between different banks used to be difficult. The effort for both the end user and the bank was considerable. The transfer of account transactions between different banks often led to complications and disruptions, as the end consumer was generally not aware of all their payment partners. However, as it is mandatory to notify all payment partners when switching an account, this made the switching process more difficult and slower.

The idea behind Kontowechsel24 was to develop an innovative digital platform that enables customers to move their current account simply and easily. An important component was the function of automatically notifying payment partners of new bank details. The new bank was to provide this service to save customers time and free them from tedious steps such as canceling and creating new standing orders or notifying their payment partners. In this way, Kontowechsel24 wanted to counteract empty direct debits in order to save unnecessary costs and work. Last but not least, people wanting to switch accounts should be able to order the transfer of their account directly from online banking.

Thanks to the joint planning and implementation with Arvato Systems, Kontowechsel24 now enables its customers to easily switch their account via a modern platform. The platform is based on Microsoft.NET and individual components from Arvato Systems, which enable direct integration into online banking so that customers can order the account switch directly there. The solution can also be seamlessly integrated into the banks' core systems, enabling automatic customer creation and automatic log-in to the system by employees and customers. Consumers can have all the necessary data for the account switch transferred to the new bank with just a few clicks of the mouse. The system lists all payment partners in full and allows customers to decide for themselves which payment partner to inform. In addition, customers can track the status of the account switch online at any time by checking the switch status via intelligent assistants. In addition to the account switching service for current accounts, the platform also offers a custody account switching service and services to support the EU Payment Accounts Directive.