The Problem
Switching bank accounts is a pain in the ass.
The Business
A website that automatically handles the switch for every billpay/recurring transaction you have. The consumer could pay to avoid the hassles. I know I would pay. More probably, the acquiring bank could and would pay. True portability would be worth a lot to the acquirer. Less so to the bank losing the business. But you know what they say, “Easy come, easy go.”
Doableness
This is a massive project. You need to build the technology, then build the brand.
My Thoughts
It’s possible that eventually there will be a standardized way of moving bank accounts. There is for cell phone numbers. There is (to a large degree) for brokerage accounts. This service could become that standardized way, or this service could be put out of existence by banks agreeing on a standardized way.
In addition, I’ve just determined there is a competitor. No less than Deluxe, the maker of the checks in your checkbook. (It’s a good thing they are innovating over there. How much longer are paper checks really going to exist?)
But competition is not necessarily a bad thing.
If this could be a bank selector, instead of just a utility for an already decided on switch, there would be more value.