300 banks to join MyBank

Thursday 3 April 2014 11:27 CET | News

MyBank, the pan-European e-payments framework, has announced that 300 banks are planning to join the MyBank solution in 2014.

The MyBank initiative is run by EBA Clearing, a provider of pan-European payment infrastructure solutions and owned by 63 banks operating in Europe.

The MyBank solution allows consumers and businesses to transfer money or to allow direct debits from their bank account by using online bank environment. MyBank currently counts 143 live banks. Piraeus Bank, a Greek financial institution, is set to join MyBank in H2 2014. In Italy, Banca Sella plans to connect approximately 3,000 merchants to MyBank on an up to May schedule.

Worldine, the e-payments subsidiary of Atos, Smart2Pay, GestPay and Mollie, is a Payment Service Provider that has tested and certified MyBank. As such, it provides MyBank gateway services to online merchants.

New merchants have started to offer MyBank as a payment/checkout option, like Alpitour and insurer Zurich Connect (insurance company in Italy). Both have opened up to millions of Italian consumers able to use MyBank. Enel joined in December 2013.

The MyBank solution supports both SEPA Credit Transfers (SCT) and e-mandates used for SEPA Direct Debits (SDD). In case of a transfer (SCT) the customer that purchases the goods or services takes the initiative to confirm and complete payment. The SCTs, whether domestic or cross-border payments, can not be reversed.

EBA CLearing processes millions of payments across the 33 SEPA countries on a daily basis.

On 19th February 2014, MyBank announced the successful completion of the MyBank mandate pilot. Now all stakeholders, including merchants, banks and payment service providers are currently testing the technical flows, business processes and user-friendliness of the e-mandate solution to ensure it fulfils the expectations of all stakeholders involved. The MyBank Mandates will showcase in Q4 2014.

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Keywords: MyBank, Europe, banks, partnership, online payments, online banking, e-payments, SEPA
Categories: Payments & Commerce
Countries: World
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