Simpler steps for small businesses opening a business current account

Over the past 18 months, we?ve seen a number of improvements to the UK current account market. It's now easier than ever for people to switch account; banks are sharing credit data with customer consent, to help them access finance and, with the launch of Open Banking last month, the potential for innovation to benefit businesses and empower customers is growing.

Today, complementing these market reforms is an initiative to streamline account opening for businesses. This is supported with the launch of a guideto make the process of opening and switching business current accounts easier than ever. UK Finance has been working with 18 business current account providers to agree a basic set of information that each bank needs from new customers. By standardising the account opening and switching process, we hope to save businesses time and effort and help them get their banking relationships off the best possible start.

As well as ensuring that businesses looking to open an account can be prepped for their first bank meeting, we believe that by simplifying the process this new guide will deliver more choice and competition to the market. Any small business wanting to open or to switch their UK business current account can now search ?Business Account Checklist? on their chosen bank's website to access the guide or visit the UK Finance site here.

Since the Competition and Market Authority published the final report following its investigation into the retail banking market, it has been impressive to see the subsequent measures to improve the market take root. Today's launch not only builds on this progress, but ensures businesses are poised to take advantage of the products and innovation coming to market.

Already this year, we?ve seen the first connections between third party providers and banks, made possible by Open Banking. There is immense potential for businesses looking to get the most out of their finance and banking arrangements. With this new guide, it will be easier than ever for businesses to make sure their bank is working for them.

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