Account SwitchKit

Fully digital Bank account transfer in about minutes

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Account SwitchKit

The complex process of transferring an existing bank account to another institution poses financial and security risks and affects the end-user experience by utilizing manual methods that are time-consuming and error-prone

With our Account SwitchKit product, you can offer your end-users to seamlessly switch their payment accounts through real-time access using Open Banking financial data, ensuring a fast and secure customer transition.

Our Portfolio Account Switch product allows your end-users to switch their portfolio account including all their securities such as shares, funds, etc., to you by leveraging our extensive network of connected financial providers.

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.

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


Closing of old account on behalf of end-user

As part of the account switch flow, the end-user can request to close the old bank account at their previous bank. This saves users time and effort and therefore adds additional value for end-users.

Notification management

At the end-user's 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).

Automated transfer of closing balance

The end-user is able to automatically transfer the remaining balance from the “old account” to the “new account” without having to go to their online banking hence simplifying the process.

How it works

Your end-user initiates the account switch process on your website and is then redirected to a fully white-labeled landing page to begin the onboarding flow using our service.

The user selects their old bank and is guided through an account connection process utilizing our in-house financial data product, along with our data categorization and enrichment service. This process divides the account transactions into categories (direct debit, incoming payment, standing order) and identifies the user's payment partners.

Once everything is set up, the end-user arrives at a dedicated dashboard, where they can navigate through various tabs to perform the following actions and send notifications to payment partners:

-Inform them about the switch
-Transfer the account balance
-Close the old bank account

When the end-user completes any of these actions, we engage one of our third-party providers to send notifications to the payment partner, informing them about the account switch.


Increase conversion

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.

Reduced efforts 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.

Licence as a Service

We take over all regulatory obligations from PSD2 with our own PSD2 license, thus a fast setup within hours is possible.

Demo Account SwitchKit

You want to learn what the process and the user flow will look like? Get in touch!

Tech Documentation

Dive deeper and find more information in our API documentation