Mar 26, 2013
Paris, March 25th 2013 - EBA CLEARING announced today the launch of its pan-European e-authorisation solution for online payments. The solution carries the name MyBank and is geared at facilitating the growth of e-commerce in Europe.
MyBank enables customers to pay for their online shopping via the online banking of their financial service supplier. Ten banking groups, representing a total of 28 individual participating institutions, were part of the first participant group. They will now start to roll out the solution to their retail customers and emerchants across Europe.
“By deploying MyBank, financial institutions across SEPA are supportingtheir customers in further unlocking the European e-commerce market. The solution provides the safe and familiar payment experience that many buyers require to successfully complete their Internet shopping,” said Giorgio Ferrero, Chairman of EBA CLEARING.
“The MyBank solution will as well generate important cost savings for public agencies, utility companies and other billers. It will help them to further automate their billing processes while facilitating their customers’ payment initiation through their online banking,” said Gilbert Lichter, Chief Executive Officer of EBA CLEARING.
The first phase of the roll-out of MyBank will mostly focus on the Italian market. Preparations for the deployment of MyBank-based payment products in other European countries are ongoing: a first bank from France participated in the launch and financial institutions from several other countries are planning to sign up for one of the two additional joining windows in 2013.
As a pan-European e-authorisation solution, MyBank has been designed to support e-payments based on the SEPA instruments. Internet shoppers can initiate SEPA Credit Transfers via their regular online or mobile banking interface without the need to disclose their personal bank account or payment details to any third parties. By the end of this year, MyBank users will also be able to create, modify and cancel e-mandates for SEPA Core Direct Debits.
Re-disseminated by The Asian Banker