the final day; customers use the old account until the agreed switch day, and then use the new account with no loss of service. It is backed by the Current Account Switch Guarantee, which promises to reimburse account holders if they incur fees or charges as a result of the switchover. Other services The Cash ISA Transfer Service, introduced in October 2012, offers a quicker and easier transfer process while reducing paper flow and increasing efficiency. The Biller Update Service was introduced in June 2013. See also CHAPS EFTPOS Payments UK Society for Worldwide Interbank Financial Telecommunication ToDDaSO Clearing (finance) References External links Vocalink "Bacs is the future as Direct Debit rules" The Times article (26 August 2013) "Bacs sets new payments record" FS Tech article (3 August 2015) OFT on money transfers in The Daily Telegraph article Clearing times in BBC News article "Banking hitch delays workers' pay" BBC News (29 March 2007) Official Pay.UK website 1968 establishments in the United Kingdom Banking in the United Kingdom British companies established in 1968 Financial services companies established in 1968 Retail companies established in 1968 Payment clearing systems Retail financial services