The service was designed to make switching current accounts a quicker process for customers, allowing them to make the change in just seven days, as opposed to the previous 18 to 30 days. And it seems many are taking advantage of the new system, with several UK banking companies already reporting a surge in figures.
Price comparison website Moneysupermarket has been one of the first to reap the rewards, recording a 45% increase in the number of visitors to its current account page to find out about switching. The likes of First Direct, Halifax and Santander have also experienced a rise in those looking to change their accounts, and have since ramped up their advertising strategies in this area.
However, it is Nationwide Building Society that has marked the most significant growth, and has revealed a 79% increase in those hoping to switch to the society compared to the week before the service went live.
Phil Smith, Nationwide's head, current accounts, Nationwide, says: "If you are unhappy with the service you are receiving, or the terms of your current account, there has never been a better time to switch."