ToDDaSO

ToDDaSO is an electronic payments service in the UK for the transfer of retail customer payment arrangements between different bank accounts in UK banks. ToDDaSO is an acronym that stands for "Transfer of Direct Debits and Standing Orders".

The service allows UK retail banks to electronically request the transfer of Direct Debit and Standing Order payments arrangements, on behalf of new customers, wishing to transfer payment arrangements from a previous bank accounts. The scheme is also known as the "Inter Bank Transfer of Direct Debit Instructions" [cite web
title = Direct Debit Glossary
publisher = BACS Payment Schemes Limited
date = 2005
url = http://www.bacs.co.uk/BPSL/directdebit/resources/glossary
accessdate = 2007-03-20 ] service and is governed by BACS (also known as Voca), the UK's automated payments clearing scheme.

ToDDaSO is also commonly referred to in the UK as the "Switching Bank Account Service" [cite web
title = About Voca | History
publisher = Voca Limited
url = http://www.voca.com/Voca/About+us/About+Voca/History/
accessdate = 2007-03-20 ] .

Background

This service was first established in the mid 1990s, and then improved in 2005 as an industry response to criticisms of consumer banking services, contained in Section 4 of Don Cruickshank's "Review of Banking Services in the UK" [cite web
title = Review of Banking Services in the UK
publisher = HM Treasury
url = http://www.hm-treasury.gov.uk/documents/financial_services/banking/bankreview/fin_bank_reviewfinal.cfm
accessdate = 2007-03-20 ] , published by the HM Treasury. This government report highlighted the competitive difficulties faced by retail customers in being able to switch between retail account providers.

External links

* [http://www.bacs.co.uk/BPSL/directdebit/ Direct Debit - Direct Credit]
* [http://www.voca.com/ Voca]
* [http://www.apacs.org.uk/ APACS, the UK Payments Association]

References