Majorel launches Digital Account Switching service in Ireland

Gütersloh/Luxembourg, June 15, 2022

With two large Irish banks closing their doors at the end of the year, customer experience service provider Majorel launches its digital account switching service in Ireland to help the banks’ customers transfer their checking accounts. The online account transfer service not only allows bank customers to move their account to a different bank in just a few minutes, but also automatically informs all regular payment partners of the new bank account. A hotline is also available to answer any questions customers may have. Majorel has been successfully delivering its solution to market leaders in the banking sector for more than ten years in several European markets.

The banking sector in Ireland faces some major changes, as two of Ireland’s largest banks – Ulster Bank and KBC Bank Ireland – have announced that they will be terminating their business operations at the end of the year. This will affect around one million private and business customers and thus approximately 20 percent of the Irish population, a majority of whom must now transfer their checking account. The Central Bank of Ireland and consumer organizations fear that the necessary checking account transfer could lead to bottlenecks and long waiting times, with the effect that not every customer will have a new bank account at the end of the year.

This is where Majorel’s solution comes into play: “Majorel’s account switching service makes it possible to switch bank accounts on a large scale, as the transfer occurs entirely digital, which means there’s no upper limit to the number of accounts that can be transferred. It’s also worth mentioning that the checking account transfer requires little effort on the customer’s part, as all of the payment partners are informed of the new bank account details and can automatically incorporate these into their systems,” explains Thomas Hoffmann, Senior Vice President of Majorel, who developed the solution with his team. “We look forward to helping consumers and banks in Ireland transfer accounts at the touch of a button, and have already received very positive feedback in our initial conversations.” The solution is accompanied by a hotline that can answer any questions customers may have about the account transfer process.

With its digital account switching service, Majorel already transfers several million bank accounts annually and works with leading banks in major European markets. As required in Ireland now, Majorel has already helped several banks with mergers and market exits and thus has extensive experience enabling account transfers for hundreds of thousands of customers within just a few months.

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