The MyBank Mandate solution allows e-merchants, public institutions and utility companies across Europe to collect SEPA Direct Debits via an online sign-up. Customers give their consent electronically to being debited instead of using a paper form.
The MyBank solution will enable customers to authorise mandates for SEPA Direct Debits via their online or mobile banking. The testing phase, which has now been completed, is part of the MyBank Mandate Pilot, which brings together participants from banks, service providers and merchants: • 3 financial institutions; • 13 service providers from 5 countries, including large IT vendors for banks, mandate management providers and some of the new SEPA-based e-mandate providers such as AcceptMail, Twikey and Slimpay; • 5 merchants from the telephone, insurance and utility sectors.
The MyBank Mandate solution is expected to be available later in 2014.
MyBank currently counts 51 participants, which make the solution available to over 10 million retail customers for the initiation of SEPA Credit Transfers. MyBank is already available in three countries with participants in France, Luxembourg and Italy. It is foreseen that MyBank will be available across the Eurozone by 2016.
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