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The latest Current Account Switch Service discussion paper provides an update on work to consider how the UK’s current account switch journey could evolve in an era of Open Banking.
Enhancing current account switching in the era of Open Banking examines the switch journey today and how the management of data sharing with Open Banking enabled services may affect how the journey might look in the future.
Open Banking means consumers can share the banking and spending data from their current account with third party firms (TPPs) who can provide innovative products and services.
Such services could help consumers to find and fill in mortgage applications or provide budgeting tools that could help avoid unplanned overdrafts and reduce overall interest costs.
CASS is interested in the opportunities from Open Banking, as both initiatives are inextricably connected to a consumer’s current account.
Jo Kenrick, Independent non-executive Chair, Current Account Switch Service
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