Change estate accounts easily and on time

Our account switching tool has recently included a new feature for estate accounts that makes it much easier for banks and savings banks to process estate cases. In an interview, our Product Owner “Account Switching Products”, Andreas Burkart, explains the background.

Andreas, what is account switching assistance?

Basically, this is software for banks and savings banks and supports the processing of Payment Accounts Act-compliant account switching. Our account switching assistance provides support throughout the entire process, takes care of 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 about every step of the process so that the deadline for banks is always met.

What are the special features of the estate account switch process?

Estates are also subject to the deadlines of the Payment Accounts Act. This means that banks and savings banks are obliged to process these cases within the statutory deadlines. If employees in the back office at banks and savings banks do this manually, it involves a great deal of effort, not to mention the susceptibility to errors.

And this is exactly where the Account Switching Assistance software comes in?

Precisely. We now offer advisors and back offices the opportunity to create and automatically process estate cases directly in our solution using 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 win new customers?

Yes, because the advisors do not have to deal with operationally complex processes, but can use this time to take care of the heirs’ concerns. The pilot banks that are already using the new inheritance processing function in account switching assistance have told us that their advisors have been able to provide heirs with a high quality of service.

Can you please briefly outline the process of estate settlement 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 switching service does, significantly reducing the back office workload. 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.

What opportunities are there for financial institutions to find out about this new service?

We have summarised 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 another article to find out how fino’s account switching service makes your everyday life as a bank advisor easier.