I didn’t recommend ‘For The Record’ by David Cameron in my recommended reading list.
However, maybe I should have done as David’s memories of Downing Street includes a memorable shout out to my contribution to the UK’s payments landscape.
“Challenger banks like Monzo grew out of the reforms that made it easier for people to change their current accounts by forcing banks to share data.”
David Cameron, For The Record
I’m sure that Monzo will describe their success to more than just because of the Current Account Switching Service and Cameron’s recollections are, of course, subject to a political lens but the resolve of the incumbent banks to make it easier to switch bank accounts is a significant piece of this decades PayTech legacy.
The UK’s Current Account Switching Service is something I am very proud to have been a part of. Firstly, as a member of the Programme Board and then as the CEO of the firm that operated the service.
Over six million current accounts have been switched since the service went live and more than 40 banks and building societies are now part of the service.
The new decade represents my fifth decade in payments and through each decade I have been involved with significant developments in the payments landscape.
Amongst all this innovation it is seeing the current account switch logo proudly displayed by the UK’s banks and building societies that gives me most pleasure.
Whether or not Cameron’s recollection of the Current Account Switch Service is correct there is much to be proud about a free service that makes switching your current account simple, reliable and stress-free.