The new transfer system for managing retail customer account-switching is working well, the head of the Australian Payments Clearing Association, Chris Hamilton, says. Since July 1, customers have had the option of authorising their new financial institution to manage the transfer of direct debit and direct credit arrangements from their old institution on their behalf.Under the new rules, promoted by the Government as a way of increasing competition, the task of transferring direct entry arrangements from one financial provider to another passes from the customer to the financial institution. APCA was given the task of putting a system in place that would co-ordinate changes to the direct entry system required to accommodate the new rules. Hamilton said that enough business was going through the transfer system to show it is working smoothly."I have not heard of any teething problems and I am very happy with the way the financial institutions worked to get it right," he said.Hamilton said use of the system was widespread, although it was too early to tell whether it was a catalyst for a higher level of account switching.