Change estate account easily and on time

Our account switching assistance recently included a new feature for estate account switching that massively simplifies the processing of estate cases for banks and savings banks. In an interview, our Product Owner “Account Switching Products”, Andreas Burkart, explains the background.

Andreas, what is account switching assistance?

Basically, this is a software for banks and savings banks that supports the processing of the Payments Account Act (ZKG)-compliant account change. Our account switching assistance supports the entire process, handles all data transmission and prepares everything digitally, clearly and, above all, comprehensibly. The aim is for advisors and the back office to be automatically informed of every process step that has been completed, so that the deadline for banks is always met.

What are the peculiarities of the estate account change?

Estates are also subject to the deadlines of the Payment Accounts Act. This means that banks and savings banks are obliged to settle these cases within the statutory deadlines. If back-office staff at banks and savings banks manage this manually, it involves a great deal of work, not to mention being prone to errors.

And this is exactly where the account switching assistance software supports?

Exactly. We now offer advisors and the back office the option of creating and automatically processing estate cases directly in our solution via a new option. In doing so, we observe all aspects of the Payment Accounts Act and always keep an eye on the deadlines.

Does this mean that this option can also help banks and savings banks to attract new customers?

Yes, because the advisors do not have to deal with operationally complex processes, but can use this time to attend to the concerns of the heirs. The pilot banks that are already using the new estate processing function in account switching assistance have reported to us that this has enabled their advisors to impress heirs with a high quality of service.

Can you please briefly outline the process of estate administration via account switching assistance?

In most cases, the heir receives a new IBAN when an estate is settled. Banks and savings banks are obliged to pass this on to the existing payment partners. This is exactly what our account change assistance takes care of, so that the back-office workload is significantly reduced. We also provide support in transmitting the necessary documents, such as the certificate of inheritance and information about the legal succession, to the third-party bank.

How can financial institutions learn about this new service?

We have summarized all the latest innovations relating to account switching assistance on a website. Interested parties can also book a non-binding product presentation here.

Andreas, thank you very much for the interview!

Andreas Burkart

Product Owner Switching Products: Account switching service, account switching assistance, securities account switching service.

Read in another article how fino’s account switching service makes your everyday life as a bank advisor easier.

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