– Rules governing ACH transactions require a manual switching process. Our dream is to make switching happen with a few mouse clicks and I know we will get there one day. Today, ACH originators (e.g., billers) are required to have a signature from account holders to authorize new payment instructions by NACHA (the organization that governs how ACH transactions are handled).

– Top billers are moving away from paper. Not all billers require signatures on paper forms. The top billers (credit card issuers, wireless providers, etc.) have implemented voice-recording systems and use digital signatures (email verification) in-place of signatures on paper forms. This makes it much easier for consumers.

– Knowing who and how to switch everything is half the battle. Two of the biggest challenges consumers experience when switching banks is to 1) remember all of the electronic transactions going in and out of the account and 2) understand exactly how their electronic payments were originally set-up (because the switching instructions will be different). BankSwitcher solves these problems in less than 10 minutes and provides the easiest/fastest to execute instructions possible. We’ve already called nearly 2,000 billers to capture their specific instructions and forms and we’re adding more every day as more people use BankSwitcher.

– Bank and Credit Union implementations of BankSwitcher will have more automation. We’re offering BankSwitcher to banks and credit unions that want to increase customer acquisition rates and improve the on-boarding experience of their new customers. These implementations will have an automated process to transfer the online billpay information from the old bank to the new one.