Change of Internal Bank Account - Reconciliation of Payments

Hi,

Due to the UK Banking Reform Act, our bank is having to close our main internal bank account that is used for making BACS and Cheque payments to Suppliers.
A new account is being set up by them under a different sort code and account number and we will be setting that up in Oracle as a new account to then be used as our main payment account.  When the changeover happens they will automatically transfer the balance from the old bank account to the new one and any transactions that take place against the old account will be automatically redirected to the new one.