Current Account Switching Service

Current Account Switching Service (CASS) 

It is a new service in the UK that provides for customer switching between bank accounts.  Not exactly the same as telephone number portability but the same business model to facilitate switching from one provider to another.  To some extent it contributes or relates to account aggregation.

Perhaps related or at least a benefactor of easy switching to another bank is Atom Bank in the UK.  While there are many entities in the digital payment transaction sector, Atom is a full fledged digital bank under the Bank of England therefore it can loan debt money from nothing. 

Atom Bank seems to be a retail bank.  Not a big finance bank.  The kind of retail banking business that the big banks have little concern for since the big money is in big finance with risk shifted to wherever it can be shifted to in order to mitigate loss.  All reward no risk business model.

All bank enterprises should be split between retail and wholesale level banking.  Good to see Atom doing this. 

Reinventing US Retail Banking

The US need as CASS system.  Australia is looking at account portability.  India has portability.

Big banks are going to be moving out of their imposing buildings.  Offices in supermarkets.  A great opportunity for brew pubs to move into the vacated bank buildings!

My digital monetary system architecture calls for one master permanent financial account number for every citizen and business entity that transact with digital currency as a medium of exchange.