Changing banks would be easier under a wave of direct debit changes to be provided on a high-speed payment system.

Consumers will be able to more easily cancel regular deductions from their bank account from late 2021 under a plan from New Payments Platform.

Users would get more control over direct debit payments, including the ability to easily track which businesses are making deductions from their account.

New Payments Platform CEO Adrian Lovney tells Ross Greenwood the changes will make things easier on the customer.

“We’ve designed the system to really get ahead of some of those pain points that everyone experiences.

“Because the old system is 30-40 years old this is a brand new digital system that’s been designed to iron out some of those features.”

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Image: Getty/John Lamb