Account SwitchKit

With our Account SwitchKit product, you can offer your end-users seamless switching of their direct debits, incoming payments and standing orders through real-time access using Open Banking financial data, ensuring a fast and secure customer transition.

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Fully digital Bank account transfer in about minutes

Safe & easy

Seamlessly switching bank accounts

In many cases, opening a new account involves moving all account details from the old bank to the new one. A process that is not very popular, but a regulatory requirement that is supported by banks. What’s more: The complex process of transferring an existing bank account to another institution poses financial and security risks, which affects the end user experience by utilizing manual methods that are time-consuming and error prone.

About Qwist

We are a leading technology and solution provider for open banking platforms

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Make your end-users happy

With Qwist’s Account SwitchKit product, you can offer your end-users to switch their payment accounts through real-time access using Open Banking, ensuring a fast and secure customer transition: Seamlessly support your customers to switch recurring transactions, direct debits and remaining funds from their old bank account to yours automatically via one single platform.

Increase value from end users, transforming them into active customers

Activate valuable end users from the start while reducing costs. A new end user will become a valuable one, because they will use the new bank account as the main one.

Increase conversion rate

95% of end users switch to at least one payment or close their legacy account. This leads to more cash flow and transactions in the bank system and increases revenue by having more end users using the new bank as the main one.

Reduction back office effort and costs

Actively transitioning end users to the service as an online-only process on the desktop or in your app decreases the cost and effort related to customer support and back office. Duration reduced from 4 hours to less than 10 minutes.

No struggle with regulatory obligations

We take over all regulatory obligations from PSD2 with our own PSD2 license, therefore a fast setup within days is possible. In any case, the offline service is requested by the bank to be totally compliant.

Gaining of insights via marketing analytics

Every switch provides a lot of insights on the financial markets and on market trends, that can provide meaningful insights on the state of the industry.

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How Account Switch Kit works

Reduce time and money spent through simplification and digitalization

Account SwitchKit simplifies and digitizes the entire process, reducing costs and labor while ensuring a streamlined end user experience. It is a fully digital product that enables end users to transfer their bank accounts from one bank to another within minutes, including notifying all payment partners about the new account.

The full stack (front and backend) service allows consumers to switch all their transactions (direct debits, standing orders, and incoming payments) from one account to another, including the notification of the account change to the payment partners, closure of the account and transfer of the remaining funds to the new account.

So, from a user’s perspective, our Account SwitchKit enables a rapid and secure account switch in under 10 minutes, without requiring them to exit the bank’s application.

Account end user creation

The bank can transfer the end user’s personal data to the account switch service in an encrypted web token. Therefore, the end user’s personal data is already pre-filled in the registration step by using our proprietary solution, Magic Link.

Automatic readout of payment account

We offer account readout through our open banking platform, compliant with the PSD2 regulation, and we can read out transactions and categorize them, detecting the payment partners.

Creation of account overview

Creation of an overview of payment partners (direct debits/credits) and standing orders based on the transaction history.

Notification management

At the end users’ request, the account switch service will trigger a notification to the selected payment partner about the change of bank details in various ways (e.g. letter, fax, e-mail).