Deutsche Bank expands FinReachs switching platform offer to Spain

This will enable the bank’s clients to move direct debits to another bank account in less than ten minutes.

Through the service – already available for Deutsche Bank clients in Germany – bank customers can use the account switch service to shift their direct debits, standing orders and incoming payments from one bank to another in just a few minutes and paperless.

The account switch service provided by Germany-based IT provider FinReach – already deployed by more than 150 banks in Germany, including Deutsche Bank, Consors Bank, DKB and numerous savings banks and local cooperative banks – is a digital account switch service operating in Spain, where it entered in 2017 and now is increasing its presence with Deutsche Bank.

FinReach is also cooperating with some banking groups such as the Raiffeisen Banking Group Austria, with over 434 branches and 1.7 million customers.

At present, around 2.5 million bank accounts are switched every year in Germany alone. In the Spanish market, this trend is even greater due to rapidly growing digitalisation and customer orientation.