Digital account change assistance: Majorel supports customers with a new software solution

Gütersloh, September 9th, 2019

The new EU directive for regulation of payment services and payment service providers PSD 2 (Payment Service Directive 2) will take effect on September 14th. The objective of these new regulations is to make online payment transactions even more secure and to increase customer protection. However, not all customers accept the new procedure. This can lead to problems when changing bank accounts. The new digital account change assistant from Majorel offers these customers the opportunity to electronically request changes to their accounts directly from online banking and simplifies the process via virtual assistance.

“As an account information service provider registered with BaFin (German Federal Financial Supervisory Authority) we are pleased with the implementation of the new PSD 2 directive and look forward to the opportunities offered by an increase in the digitization of payment transactions,” says Thomas Hoffmann, Vice President Banking and Financial Services at Majorel. “Nonetheless, approximately 20 per cent of customers neither accept the automatic account access according to PSD 2 nor the process of changing accounts based on this directive.” The reason for this is the additional step of generating and entering a TAN (transaction number) in order to change an account automatically.

In order to address this, the digital account change assistance from Majorel is integrated directly in online banking. The customer is guided intuitively through the form and can submit the change with just a few mouse clicks. In this way, he authorizes his former bank to provide all the data necessary for an account change to his new bank. Notification of the payment parties, setup and deletion of recurring transactions as well as closing old accounts then occur fully automatically. The customer may also track his change of accounts online. “ Just as with package delivery tracking systems, the customer can then retrace the status of his account change anytime online,” Hoffmann says. In addition, it is possible to integrate a virtual assistant in the system, which can guide the customer in each step of the process.

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